Michael Page International PLC
06 July 2006
6 July 2006
Q2 AND FIRST HALF TRADING UPDATE 2006
RECORD QUARTERLY RESULT
Michael Page International plc, the specialist recruitment consultancy, reports
record quarterly Group gross profit for the second quarter of £87.4m, despite
Easter falling in the period. This represents an increase of 28% over the
£68.2m recorded in the second quarter of 2005 and a sequential increase of 10%
over the £79.1m recorded in the first quarter of 2006. Gross profit in the
first half of 2006 is therefore £166.5m, an increase of 30% over the £128.1m
recorded in the first half of 2005.
In the U.K., second quarter gross profit was £39.4m, an increase of 19% over the
£33.2m recorded in the second quarter of 2005. First half gross profit is
therefore £76.0m, an increase of 21% over the £62.9m recorded in the first half
of 2005. The U.K. saw no evidence of any slowdown and produced excellent
performances from all of the specialist businesses.
In Continental Europe, second quarter gross profit was £31.1m, an increase of
46% over the £21.4m recorded in the second quarter of 2005. First half gross
profit is therefore £59.2m, an increase of 46% over the £40.7m recorded in the
first half of 2005. Our business in France continued to strengthen achieving
gross profit growth of 25%. Across the remainder of Continental Europe we
achieved gross profit growth in excess of 60%. There remain tremendous
opportunities for continuing the growth in Continental Europe as we expand
existing offices and specialist businesses, as well as open new offices.
In Asia Pacific, second quarter gross profit was £11.7m, an increase of 12% over
the £10.5m recorded in the second quarter of 2005. First half gross profit is
therefore £21.6m, an increase of 15% over the £18.8m recorded in the first half
of 2005. While activity levels in Australia were lower than anticipated, the
rest of the region has performed very strongly, particularly Hong Kong and
Singapore.
In the Americas, second quarter gross profit was £5.1m, an increase of 59% over
the £3.2m recorded in the second quarter of 2005. First half gross profit is
therefore £9.7m, an increase of 70% over the £5.7m recorded in the first half of
2005. New offices and specialist businesses have come on stream during the
quarter and we opened in Mexico City, thus continuing our strategy of organic
growth.
During the second quarter, the Group repurchased a further 8.5m shares at an
average price of 357p. In the first half the Group has repurchased 11.35m shares
at an average price of 347p.
In the first half 20.4m new shares were issued following the exercise of share
options by employees.
The Group will announce its interim results on 14th August 2006.
Commenting on the second quarter trading, Steve Ingham, Chief Executive said:
"In the second quarter we achieved a record result with excellent performances
around the world. This was particularly pleasing as Easter fell in the second
quarter this year.
"There remain tremendous opportunities for continuing our growth as we expand
existing offices and specialist businesses, and open new offices. We are well
placed to make further good progress in the second half."
Enquiries:
Michael Page International plc
Steve Ingham Chief Executive 01932 264144
Stephen Puckett Finance Director 01932 264144
Financial Dynamics
Richard Mountain/David Yates 020 7269 7121
This information is provided by RNS
The company news service from the London Stock Exchange
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