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UK — Michael Page Q3 gross profits fall by 41.8%

07 October 2009

Michael Page International plc (MPI:LSE), the specialist recruitment consultancy, reports a decrease of 41.8% in third quarter group gross profits from 141.3 million Pounds in the third quarter of 2008 to 82.2 million Pounds in the same period this year. Operating profit from trading activities was in the region of 5 million Pounds.

In the UK, which accounts for 33% of gross profit, Q3 2009 gross profit was down by -39.4% from 45 million Pounds in 2008 to 27.3 million Pounds.

In the EMEA region, which accounts for 44% of group gross profit, Q3 2009 gross profit was down by 49% from 63.6 million Pounds in 2008 to 35.7 million Pounds.

Q3 2009 gross profits were down by 42% in France, 58% in The Netherlands, 54% in Germany, 45% in Italy and 47% in Spain.

Commenting on the third quarter trading, Steve Ingham, Chief Executive said, "market conditions in an increasing number of the countries in which we operate … show signs of stabilisation …permanent recruitment is being impacted more than temporary placements, but is expected to recover faster when economic conditions improve… in most markets and disciplines we are not planning further headcount reductions and some teams are making selective hiring decisions to continue to increase our market share."

In early trading Michael Page's shares were unchanged at 330.20 Pence.



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