International specialist recruitment firm PageGroup (MPI: LSE) reported group gross profit for the first quarter ending 31 March 2019 of £208.8 million, an increase of 11.7% in constant currency (cc) when compared to last year.

All four regions reported gross profit growth during the first quarter.

In constant currency, Michael Page grew 9.9%, with Page Personnel growing faster, up 15.6% in the quarter.

Gross profit for the first quarter by region was broken down as follows.

In the EMEA region, both Michael Page and Page Personnel reported growth of 10% and 12% (cc), respectively. All regional figures below are in constant currency.

In Q1, France grew 8% while Germany delivered a record quarter up 23%.  Italy grew 18%, and Spain was up 9%. Benelux grew 11%, with the Netherlands up 12%. The Middle East and Africa grew 12%, with continued strong growth in the UAE, up 25%.

Greater China, one of the group’s large, high potential markets grew 9%, marginally below its Q4 growth rate of 12%, due to the continuing impact of trade tariff uncertainty, particularly in Mainland China. This has also led to reduced confidence in Hong Kong. South East Asia, another of the large, high Potential markets, grew 11%, with continued strong growth in Singapore, up 13%. Japan grew 34%. India delivered another record quarter, up 49%. Australia grew 13%, with a record performance from the Page Personnel brand.

The UK grew 1.7%, its third consecutive quarter of marginal growth, despite continued Brexit related uncertainty impacting candidate and client confidence. Page Personnel, which represents a quarter of the UK, grew 10%. Michael Page, which is focused on more senior opportunities and was impacted by the uncertainty to a greater extent, declined 1%.

The Americas continued to be the fastest growing region and grew 21.4% to £32.1 million. The US delivered a record quarter, up 24%. Latin America grew 22%, another record quarter for the region. The Brazilian market increased 20%, its sixth consecutive quarter of double-digit growth. Mexico, the largest country in the region, grew 33%, a record quarter. Elsewhere, the other four countries in the region increased 15% collectively, with record performances from Argentina, Colombia and Peru.

Gross profit broken down by recruitment type was as follows for the first quarter.

Permanent recruitment made up 76% of group gross profit while temporary staffing made up 24%.

Gross Profit by discipline was as follows for Q1.

Kelvin Stagg, Chief Financial Officer, commented, “We will continue to focus on driving profitable growth while continuing our strategic investments towards our vision of 10,000 headcount, £1 billion of gross profit and £200 million – £250 million of operating profit. We are pleased with the group’s performance in Q1 and, at this early stage in the year, expect 2019 operating profit to be in line with consensus (company consensus for 2019: £160.4 million).”

As of last trade, Pagegroup traded at £505.50, up 2.49% on the day and 19.17% above the 52 week low of £424.20 set on 15 January 2019. Based on its current share price the company has a market value of £1.62 billion.