Michael Page International plc (MPI.L, MPGPF.PK) reported first quarter group gross profit of 136.0 million pounds, up 6.9% from 127.3 million pounds last year. At constant exchange rates, the growth was 7.7%.
Group gross profit from permanent recruitment in the quarter grew 6% to 106.9 million pounds from 100.9 million pounds a year ago. Group gross profit from temporary recruitment was 29.1 million pounds, an increase of 10.3% from the prior year.
The perm/temp gross profit ratio in the first quarter was unchanged at 79:21.
Commenting on first quarter trading, Steve Ingham, Chief Executive said,
"...We achieved strong rates of growth in EMEA, especially in Germany and France; Southern Europe remained weak. In the UK, with the exclusion of banking, we continued to achieve modest year-on-year growth in spite of a very challenging and highly competitive market. Across the Americas we grew, most notably in Latin America. As in the UK and North America, the weakness in the banking sector also reduced our growth rates in Asia. In mainland China, where banking is a less significant part of our business, we grew 49%* and have 205 employees. In Australasia, gross profit grew 14%*, benefitting from the strong commodities sector..."
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