Michael Page International PLC
05 October 2006
5 October 2006
2006 - Q3 TRADING UPDATE
Michael Page International plc, the specialist recruitment consultancy, reports
quarterly Group gross profit for the third quarter of £89.0m. This represents
an increase of 28.7% over the £69.2m recorded in the third quarter of 2005.
In the UK, third quarter gross profit was £40.9m, an increase of 21% over the
£33.9m recorded in the third quarter of 2005. We continue to achieve good
growth across all disciplines and UK regions.
In Europe, Middle East and Africa (EMEA), third quarter gross profit was £30.2m,
an increase of 46% over the £20.6m recorded in the third quarter of 2005.
During the third quarter we continued to progress our strategy of organic
expansion, opening offices in Russia, United Arab Emirates and South Africa, all
of which recorded their first gross profit. In October we will open an office in
the Republic of Ireland.
In Asia Pacific, third quarter gross profit was £12.1m, an increase of 10% over
the £11.0m recorded in the third quarter of 2005. In Australia third quarter
gross profit was relatively flat, as anticipated. The management and operational
changes in the region are now complete and have been positively received,
although they are unlikely to have any significant impact on the remainder of
the year.
In the Americas, third quarter gross profit was £5.9m, an increase of 60% over
the £3.7m recorded in the third quarter of 2005. In North America we continued
to add disciplines, launching our fourth - Engineering - during the third
quarter. In Latin America we opened our fourth office in Campinas, Brazil.
During the third quarter, the Group repurchased a further 6.1m shares at an
average price of 326p, at a cost of £19.9m. In the year to date the Group has
repurchased 17.45m shares at an average price of 340p, at a cost of £59.3m.
The Group will announce its fourth quarter and full year trading update on 8th
January 2007.
Commenting on the third quarter trading, Steve Ingham, Chief Executive said:
"During the third quarter, we have continued to deliver strong growth in gross
profit and to make investments for the future. All the countries where we have
commenced operations this year generated gross profits in the third quarter.
Our trading performance in the third quarter demonstrates both the power of our
business in our established markets and our ability to roll this out
successfully and profitably into new geographies and disciplines."
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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