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Page Group North America gross profit rises 18%

October 13, 2015

Michael Page International Plc, a London-based professional staffing firm, reported third-quarter gross profit in its North America unit rose 18% year over year on a constant currency basis. The firm cited a record quarter for the US, with strong performance from the company’s New York office. North American gross profit represents 8% of the company’s total gross profit.

Third-quarter gross profit for Michael Page’s Americas segment — which also includes Latin America — was £19.5 million (US$29.6 million), up 5.5% in constant currency compared with the same quarter of the previous year.

Michael Page has operations around the world. The company, as a whole, reported third-quarter gross profit up 10.2% on a constant currency basis to £132.9 million (US$201.5 million).

“Foreign exchange volatility has been a feature all year and it continued to impact our results, reducing third quarter growth to 4.8% in reported rates,” said CEO Steve Ingham.

Market and trading conditions across and within Michael Page’s regions were mixed.

“EMEA recorded its best quarter for almost four years, with particularly strong performances from France, Germany and Southern Europe,” Ingham said. “The UK delivered another quarter of solid growth. Greater China improved sequentially, despite ongoing economic concerns for the region, and the United States continues to grow strongly and now represents the group’s fourth largest country by gross profit. Elsewhere, trading conditions in Brazil continued to deteriorate and Australia remained challenging.”

Michael Page also announced Robin Buchanan intends to step down from his position as non-executive chairman and leave the board when his successor is appointed. The board will now undertake a process to select that person. Buchanan will remain as non-executive chairman while his successor is being identified.