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Michael Page up 7.9% in 1H10

August 17 2010
Michael Page International Plc, a U.K.-based professional staffing and direct hire firm, grew its revenue by 7.9% to £393.5 million (USD$590.3 million) for the six months ended June 30. At constant exchange rates, the Group's revenue increased by 6.3%. The company's gross profit was up by 17.2%, or by 15.1% at constant exchange rates.

The company reported increased improvement in direct hire and sequential growth experienced in temporary staffing. The gross margin on temporary placements in the first half of 2010 was down to 20.7% due to pricing pressure, but is starting to show stabilization now, the company said. 

In the Americas, representing 12% of the company's gross profit, revenue increased by 39.9% to £35.8 million (USD$53.7 million) and gross profit increased by 54.5%. In constant currency, revenue increased by 29.8% and gross profit by 40.2%. While market conditions remained challenging in North America, the level of recruitment activity is improving, the company said. Gross profit in North America grew by 29% in the first half of the year.


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