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Trading statements

Michael Page's Q1 gross profit rises 4.9%

12 April 2016 10:44

Michael Page has hiked its Q1 gross profit 4.9% in reported terms to GBP142.4m, from GBP135.7m. EMEA gross profit rose 14.1% to GBP61.7m, while UK's was flat at GBP36.5m.

Asia Pacific gross profit growth was up 0.5% to GBP25.9m, while that for the Americas was down 5.3% to GBP18.3m.

CEO Steve Ingham said:

"The Group delivered gross profit growth of 3.6% in constant currencies, despite the timing of Easter and the challenging market conditions in several of our larger markets, including Greater China, the UK and Brazil.

"However, we saw particularly good performances in the US, and Continental Europe, which now accounts for over 40% of the Group.

"Current market conditions remain stronger at lower salary levels and in temporary roles. This was reflected by the strong growth of 9% in our Page Personnel business, where temporary recruitment represents 41% of gross profit.

"Our Michael Page business, where temporary recruitment represents only 17%, grew 2%. Overall, temporary recruitment grew by 10.6%, compared to 1.6% in permanent.

"Despite the challenges in a number of our larger markets, the unpredictable nature of the current cycle and our limited visibility, we will continue to focus on driving profitable growth, whilst remaining able to respond quickly to any changes in market conditions."

At 10:44am: (LON:MPI) Michael Page International PLC share price was -2.8p at 414p

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