Michael Page International Plc (MPI.L, MPGPF.PK) issued interim management statement for the third quarter of 2011.
For the third quarter, the company reported Group gross profit of 142.7 million pounds, up from 112.8 million pounds reported a year ago.
The company noted that its headcount increased by 229 during the quarter to 5,350 at the end of September 2011.
Net cash at the end of September 2011 was in the region of 45 million pounds versus 23.6 million pounds at June 30, 2011.
Steve Ingham, chief executive, commented, "We are pleased with our third quarter performance, with gross profit increasing by 26.5% against a backdrop of increasing levels of macroeconomic uncertainty. As expected, our gross profit growth rates, whilst strong, have slowed as markets have become more challenging. In Continental Europe, whilst gross profit growth rates were strong, they weakened in the third quarter. In the UK, with challenging market conditions and a restrained public sector, gross profits were flat."
In a separate release, Michael Page announced that Adrian Montague will retire as chairman of the Board on December 31, 2011 following the completion of a planned succession process. Robin Buchanan, who joined the Board as an independent non-executive director in August, will succeed Montague as chairman.
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