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Page Group North America gross profit rises 11%

April 14, 2015

Michael Page International Plc, a London-based professional staffing firm, reported first-quarter gross profit in its North America unit rose 10.6% on a constant currency basis year over year.

Canada gross profit rose 35%, with a record quarter from the Montreal office. The US grew 7% in constant currency with growth in New York operations offset by a difficult oil and gas market in Houston.

First-quarter gross profit for Michael Page’s Americas segment — which also includes Latin America — was £19.3 million (US$28.6 million), up 7.1% in constant currency compared with the same period in the previous year. Latin America rose 35% in constant currency and Brazil fell 14%, according to the company.

The company has operations around the world. Total first-quarter gross profit rose 10.9% on a constant currency basis to £135.6 million (US$201.1 million), or £140.4 million in constant currency.

 “The 10.9% increase in the group’s gross profit in constant currencies for the first quarter reflects continued year-on-year growth in all four regions,” said CEO Steve Ingham. “Our three largest regions of EMEA, UK and Asia Pacific all saw stable growth rates compared to those in the fourth quarter. The Americas grew 7% year-on-year, but this growth rate moderated sequentially due to demanding comparatives in the US and worsening conditions in Brazil. However, Latin America excluding Brazil saw improving growth rates in all other countries, particularly Mexico, Colombia and Argentina. In total, 23 countries achieved growth of over 10%.”