Michael Page International PLC
28 June 2001
28 June 2001
MICHAEL PAGE INTERNATIONAL
TRADING STATEMENT
Michael Page International plc ('MPI'), the professional recruitment
consultancy, reports a slowing of revenue growth for the three months ending
30 June 2001.
In the first quarter of 2001 MPI reported growth in turnover and gross profit,
over the first quarter of 2000, of 27.3% and 28.1% respectvely. The slowdown
experienced in demand in financial services, IT and telecoms plus a general
weakness in the USA and Australian economies has, in recent weeks, become
evident across the majority of business sectors and is impacting all the main
geographic markets in which MPI operates. MPI's latest estimates are that
second quarter year on year growth in turnover and gross profit have slowed to
approximately 11% and 8% respectively and as a result the first half turnover
and gross profit growth will be approximately 19% and 17% respectively.
As a consequence of slowing revenue growth and the increased cost base
incurred
in the second half of 2000 through investment in new offices and hiring of
additional consultants, together with their associated infrastructure costs,
MPI now expects operating profits for the half year to be at a similar level
to the £42.5m achieved in 2000.
MPI also reports that the Tokyo office opened in June in accordance with its
plan.
Contacts:
Michael Page International plc
Terry Benson Chief Executive 020 7269 2205
Stephen Puckett Group Finance Director 01753 849333
Financial Dynamics
David Yates/Richard Mountain 020 7831 3113
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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