Michael Page International PLC
3 May 2001
3 May 2001
MICHAEL PAGE INTERNATIONAL
First quarter 2001 revenues up 28%
Michael Page International plc ('MPI'), the professional recruitment
consultancy, reports strong revenue growth and operating profits in line with
management's expectations for the three months ending 31 March 2001. These
results are in line with the trading statement made in the MPI prospectus,
published on 5 March 2001.
MPI is making this quarterly announcement because its former parent, Spherion
Corporation today announces its first quarter results for the period ended 31
March 2001 which disclose the first quarter figures of MPI prepared under US
GAAP. MPI expects to publish interim results for the six months to June 2001
in September under its normal twice yearly reporting cycle.
The first quarter results of MPI under UK GAAP and excluding the discontinued
Spherion bonuses are turnover £123.7m (Q1 2000: £97.2m), gross profit £68.7m
(Q1 2000: £53.7m) and operating profit £21.9m (Q1 2000: £19.5m). This
represents strong growth of 27.3% and 28.1% in turnover and gross profit
respectively. As a result of additional expenditure in the second half of
2000 through investment in new offices and hiring of additional consultants,
together with their associated infrastructure costs, operating profits in the
first quarter grew by 12.1% in line with management's expectations.
Contacts:
Michael Page International plc
Terry Benson Chief Executive 020 7269 2205
Stephen Puckett Group Finance Director 020 7269 2205
Financial Dynamics
Richard Mountain/David Yates 020 7269 7186
The financial information included in this release, which does not constitute
statutory financial statements of the group, has been prepared on a basis that
is consistent with the preparation of financial information for inclusion in
the prospectus of Michael Page International plc dated 5 March 2001.
Notes to editors:
Michael Page International plc floated on the London Stock Exchange in March
2001. It is one of the world's leading professional recruitment
consultancies, specialising in the placement of candidates in permanent,
contract and temporary positions with clients around the world. The Group has
operations in the UK, Continental Europe, Asia-Pacific and the Americas and
focuses primarily on the areas of finance (including banking), accounting,
marketing, sales and legal. As at 31 December 2000, the Group operated
through 91 offices in 14 countries and employed 2,666 persons worldwide. In
the year ended 31 December 2000, Michael Page reported revenues of £239.7
million and a normalised operating profit of £82.5 million.
(Ends)
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