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Michael Page revenue up 26.3%

August 18 2008

Revenue rose 26.3% at London-based professional staffing firm Michael Page International PLC to GBP500.0 million (US$997.8 million) in the first half of this year.

The company said revenue in its Americas division rose 49.4% to GBP34.5 million (US$68.9 million). However, revenue increased 40.3% on a constant currency basis. The division includes both North and South America.

"In North America, despite the weak market conditions, due to our small market presence we have continued to grow, albeit at a slower rate," the company reported.

Half-year net income for the entire company rose 24.2% to GBP58.9 million (US$117.4 million).

More than 50% of Michael Page's revenue comes from finance and accounting staffing.

Michael Page is currently a possible takeover target by Adecco SA, the world's largest staffing firm. Last week Michael Page said it ended discussions, but Adecco said it was still weighing an offer.

Today, Adecco said it's seeking to negotiate an offer, but hasn't ruled out a hostile offer for Michael Page.

Michael Page International PLC
For the first half of 2008, ended June 30, 2008, compared with the same period in 2007.
Revenue: GBP500.0 million (US$997.8 million), +26.3%
Net income: GBP58.9 million (US$117.4 million), +24.2%

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