5th Oct 2006 07:00
Michael Page International PLC05 October 2006 5 October 2006 2006 - Q3 TRADING UPDATE Michael Page International plc, the specialist recruitment consultancy, reportsquarterly Group gross profit for the third quarter of £89.0m. This representsan increase of 28.7% over the £69.2m recorded in the third quarter of 2005. In the UK, third quarter gross profit was £40.9m, an increase of 21% over the£33.9m recorded in the third quarter of 2005. We continue to achieve goodgrowth across all disciplines and UK regions. In Europe, Middle East and Africa (EMEA), third quarter gross profit was £30.2m,an increase of 46% over the £20.6m recorded in the third quarter of 2005.During the third quarter we continued to progress our strategy of organicexpansion, opening offices in Russia, United Arab Emirates and South Africa, allof which recorded their first gross profit. In October we will open an office inthe Republic of Ireland. In Asia Pacific, third quarter gross profit was £12.1m, an increase of 10% overthe £11.0m recorded in the third quarter of 2005. In Australia third quartergross profit was relatively flat, as anticipated. The management and operationalchanges in the region are now complete and have been positively received,although they are unlikely to have any significant impact on the remainder ofthe year. In the Americas, third quarter gross profit was £5.9m, an increase of 60% overthe £3.7m recorded in the third quarter of 2005. In North America we continuedto add disciplines, launching our fourth - Engineering - during the thirdquarter. In Latin America we opened our fourth office in Campinas, Brazil. During the third quarter, the Group repurchased a further 6.1m shares at anaverage price of 326p, at a cost of £19.9m. In the year to date the Group hasrepurchased 17.45m shares at an average price of 340p, at a cost of £59.3m. The Group will announce its fourth quarter and full year trading update on 8thJanuary 2007. Commenting on the third quarter trading, Steve Ingham, Chief Executive said: "During the third quarter, we have continued to deliver strong growth in grossprofit and to make investments for the future. All the countries where we havecommenced operations this year generated gross profits in the third quarter. Our trading performance in the third quarter demonstrates both the power of ourbusiness in our established markets and our ability to roll this outsuccessfully and profitably into new geographies and disciplines." Enquiries: Michael Page International plc Steve Ingham Chief Executive 01932 264144Stephen Puckett Finance Director 01932 264144 Financial Dynamics Richard Mountain/David Yates 020 7269 7121 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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