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View All NewsPageGroup gross profit rises 3.6% in constant currency
International specialist recruitment firm Michael Page International plc reported gross profit rose 3.6% in constant currency to £142.4 million (US$204.9 million) in its fiscal first quarter ended March 31.
| (£ millions) | Q1 2016 | Q1 2015 | % change | Constant currency % | Q1 2016 (US$millions) |
| Gross profit | £142.4 | £135.7 | 4.9% | 3.6% | $205.0 |
Gross profit rose across all regions except the Americas, where gross profit decreased 0.6% in constant currency.
However, North America gross profit rose 9% in constant currency. US gross profit alone rose 12% in constant currency. The company noted another strong result from its New York office, though global stock market volatility caused a slower start to the year in its financial services business.
Revenue by geography
| (£ millions) | Q1 2016 | Q1 2015 | % change | Constant currency % | Q1 2016 (US$millions) |
| Europe, Middle East and Africa | £61.7 | £54.1 | 14.1% | 10.3% | $88.8 |
| United Kingdom | £36.5 | £36.5 | 0.0% | -- | $52.5 |
| Asia Pacific | £25.9 | £25.8 | 0.5% | -2.0% | $37.3 |
| Americas | £18.3 | £19.3 | -5.3% | -0.6% | $26.3 |
Quote
“Current market conditions remain stronger at lower salary levels and in temporary roles,” said CEO Steve Ingham. “This was reflected by the strong growth of 9% in our Page Personnel business, where temporary recruitment represents 41% of gross profit. Our Michael Page business, where temporary recruitment represents only 17%, grew 2%. Overall, temporary recruitment grew by 10.6%, compared to 1.6% in permanent.”
Revenue by segment
| (£ millions) | Q1 2016 | Q1 2015 | % change | Constant currency % | Q1 2016 (US$millions) |
| Finance and accounting | £56.7 | £53.9 | 5.2% | 4.0% | $81.6 |
| Legal, technology, HR, secretarial and other | £31.3 | £27.8 | 12.6% | 10.9% | $45.0 |
| Engineering, property & construction, procurement & supply chain | £26.9 | £26.5 | 1.2% | -0.2% | $38.7 |
| Marketing, sales and retail | £27.5 | £27.5 | 0.2% | -0.8% | $39.6 |
Share price and market cap
Shares in Michael Page International plc closed up 0.36% to £418.30, and the company had a market cap of £1.29 billion, according to Yahoo!