Michael Page International PLC
3 October 2001
Embargoed until 7.00 am
3 October 2001
Michael Page International
Third Quarter Trading Update
Michael Page International plc ('MPI'), the professional recruitment
consultancy, announces third quarter revenue (gross profit) of £58.7m, 5.2%
below the £61.9m for the equivalent period last year.
The slowing in demand experienced at the end of the first half of 2001 has
continued into the third quarter with increasing weakness now evident in the
UK and Continental Europe, particularly in France. While market conditions
remain difficult and earnings visibility is short, Michael Page currently
expects the outcome for the current year to be at the lower end of the range
of analyst estimates.
The group's revenues will continue to be affected by changes in business
confidence and rates of economic growth, however the diverse geographic and
discipline mix of the group's revenues provide a degree of resilience to
difficult market conditions. The outlook for next year continues to be very
difficult to predict at this stage.
The group will continue to balance further progress in the development of its
leading positions in the professional recruitment market against underlying
conditions, with continued focus on control of costs.
Contacts:
Michael Page International plc
Terry Benson Chief Executive 020 7269 2205
Stephen Puckett Finance Director 020 7269 2205
Financial Dynamics
David Yates/Richard Mountain 020 7269 7273
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)
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.