8th Jan 2008 07:00
Michael Page International PLC08 January 2008 8 January 2008 2007 FOURTH QUARTER TRADING AND FULL YEAR GROSS PROFIT UPDATE Michael Page International plc, the specialist recruitment consultancy, reportsa record quarterly Group gross profit of £128.2m for the fourth quarter, anincrease of 37.6% (33.9%*) over the £93.1m recorded in the fourth quarter of2006. Full year gross profit was a record £478.1m, an increase of 37.1% (37.6%*) over the £348.8m reported in 2006. Group headcount at 31 December was 5,052. In our largest region, Europe, Middle East and Africa (EMEA), fourth quartergross profit was £57.7m, an increase of 55.9% (48.7%*) over the £37.0m recordedin the fourth quarter of 2006. Full year gross profit was £196.5m, an increaseof 55.2% (55.0%*) over the £126.6m reported in 2006. In France, our largestbusiness in the region representing 33% of EMEA gross profits, we again grewstrongly with a fourth quarter growth rate of 35%*. The remaining EMEAcountries grew at a combined rate of 57%*. Headcount at 31 December was 2,078. In the UK, fourth quarter gross profit was £45.0m, an increase of 15.6% over the£38.9m recorded in the fourth quarter of 2006. Full year gross profit was£186.0m, an increase of 19.4% over the £155.8m reported in 2006. During thefourth quarter, save for some weakness in specific banking sectors, the UKbusiness continued to experience good levels of activity across all otherdisciplines and industry sectors. Headcount at 31 December was 1,799. In Asia Pacific, fourth quarter gross profit was £14.8m, an increase of 30.6%(26.1%*) over the £11.3m recorded in the fourth quarter of 2006. Full year grossprofit was £57.2m, an increase of 27.3% (29.6%*) over the £45.0m reported in2006. In Australia, fourth quarter gross profit again grew at 26%*. In Asia,our businesses also grew in the fourth quarter at 26%*, despite some weakness inspecific banking sectors. Headcount at 31 December was 632. In the Americas, fourth quarter gross profit was £10.7m, an increase of 81.6%(77.5%*) over the £5.9m recorded in the fourth quarter of 2006. Full year grossprofit was £38.4m, an increase of 78.9% (84.4%*) over the £21.5m reported in2006. In December we opened in Buenos Aires, Argentina our third country inLatin America. Headcount at 31 December was 543. During the fourth quarter, the Group repurchased and held in Trust a further3.5m shares at a cost of £14.9m, at an average price of 423p. In the year, theGroup has repurchased and cancelled or held in Trust a total of 15.1m (4.5%)shares at a cost of £74.4m, at an average price of 494p. Commenting on the fourth quarter trading, Steve Ingham, Chief Executive said: "2007 has been a record year for the Group, with gross profit increasing by 37%,compared to 30% in 2006. These results are testament to our organic growthstrategy of increasing the diversification of our business both geographicallyand by discipline. 61% of our 2007 gross profit has been generated outside theUK, with EMEA now our largest region, representing 41% of Group gross profit. "We have further increased our headcount by 275 (5.8%) during the fourthquarter, with the Group, for the first time, exceeding 5,000 employees whooperate from 149 offices in 25 countries. This compares to 2,666 employeesoperating from 91 offices in 14 countries at the end of 2000. "We continue to experience strong demand for talent around the globe and whilemindful of the uncertainties surrounding the current global economic outlook,with numerous opportunities to grow our existing and new businesses, we areconfident in the prospects for Michael Page." * Denotes where overseas results denominated in foreign currencies have beentranslated at constant rates of exchange for constant currency illustrativepurposes. The company will host a presentation and conference call for analysts andinvestors at 9.00am today. The presentation can be viewed by following the link: http://w.on24.com/r.htm?e=101095&s=1&k=03A817B77EFA8C326A89668A72272586 The dial-in details for the conference call are as follows: Dial-In: +44 (0)20 7162 0125Conference ID: 779600 Please quote 'Michael Page Quarter 4 Trading Update' to gain access to the call. The presentation and recording of the call will be available on the company'swebsite later today at http://investors.michaelpage.co.uk/ir/mpi/ir.jsp?page=presentations The Group will announce its full year results on 4 March 2008 and its firstquarter trading update on 7 April 2008. Enquiries: Michael Page International plcSteve Ingham Chief Executive 01932 264144Stephen Puckett Finance Director 01932 264144Financial DynamicsRichard Mountain Managing Director 020 7269 7121 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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