6th Apr 2006 07:00
Michael Page International PLC06 April 2006 6 April 2006 2006 FIRST QUARTER TRADING UPDATE AND APPOINTMENT OF CHIEF EXECUTIVE 2006 FIRST QUARTER TRADING UPDATE Michael Page International plc, the specialist recruitment consultancy, reportsfirst quarter gross profits of £79.1m, an increase of 31.9% over the £59.9mrecorded in the first quarter of 2005. In the UK, first quarter gross profits were £36.6m, 22.9% up on the firstquarter of 2005 (£29.8m), with growth across all disciplines and sectors. In Continental Europe, first quarter gross profits were £28.0m, 45.3% up on thefirst quarter of 2005 (£19.3m). In France, the region's largest business, thequarterly growth rate continued to strengthen, driven largely by permanentplacement activity. In Asia Pacific, first quarter gross profits were £9.8m, 17.7% up on the firstquarter of 2005 (£8.4m). As anticipated the growth rate in Australia wasimpacted by the loss of momentum following the implementation of a new IT systemin 2005. However, as envisaged, activity levels in the Australian business haveimproved throughout the first quarter. In The Americas, first quarter gross profits were £4.6m, 83.7% up on the firstquarter of 2005 (£2.5m). In the first quarter the Group repurchased and cancelled 2.85m shares at anaverage price per share of 316p. Also during the first quarter 9.1m new shareswere issued following the exercise of share options by employees. Commenting on the first quarter trading, Steve Ingham, Chief Executive, said: "Our first quarter performance this year has been outstanding. The internalissues in Australia are now largely behind us and our investment plans areprogressing well. Whilst mindful of the fact that in 2005 Easter fell in March,I am delighted with our growth rates around the world." APPOINTMENT OF CHIEF EXECUTIVE The Company announced on 16 December 2005 that Terry Benson would stand down asChief Executive at the AGM in May 2006 and would be succeeded by Steve Ingham.The handover of responsibilities to Steve Ingham has progressed smoothly duringthe first quarter and he has now been appointed Chief Executive with immediateeffect. Terry Benson has today resigned as a director of Michael PageInternational plc and will retire from the Group at the end of April 2006. Commenting on the appointment of Steve Ingham as Chief Executive, Sir AdrianMontague, Chairman said: "The handover of the Chief Executive's responsibilities has been smoothlyaccomplished and it has been collectively agreed that the handover should now beformally concluded by appointing Steve Ingham as Chief Executive. We all wishTerry well in his retirement." Enquiries: Michael Page International plcSteve Ingham Chief Executive 01932 264144 Stephen Puckett Finance Director 01932 264144 Financial DynamicsDavid Yates/Susanne Walker 0207 269 7291 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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