Michael Page International PLC
06 April 2006
6 April 2006
2006 FIRST QUARTER TRADING UPDATE
AND
APPOINTMENT OF CHIEF EXECUTIVE
2006 FIRST QUARTER TRADING UPDATE
Michael Page International plc, the specialist recruitment consultancy, reports
first quarter gross profits of £79.1m, an increase of 31.9% over the £59.9m
recorded in the first quarter of 2005.
In the UK, first quarter gross profits were £36.6m, 22.9% up on the first
quarter of 2005 (£29.8m), with growth across all disciplines and sectors.
In Continental Europe, first quarter gross profits were £28.0m, 45.3% up on the
first quarter of 2005 (£19.3m). In France, the region's largest business, the
quarterly growth rate continued to strengthen, driven largely by permanent
placement activity.
In Asia Pacific, first quarter gross profits were £9.8m, 17.7% up on the first
quarter of 2005 (£8.4m). As anticipated the growth rate in Australia was
impacted by the loss of momentum following the implementation of a new IT system
in 2005. However, as envisaged, activity levels in the Australian business have
improved throughout the first quarter.
In The Americas, first quarter gross profits were £4.6m, 83.7% up on the first
quarter of 2005 (£2.5m).
In the first quarter the Group repurchased and cancelled 2.85m shares at an
average price per share of 316p. Also during the first quarter 9.1m new shares
were issued following the exercise of share options by employees.
Commenting on the first quarter trading, Steve Ingham, Chief Executive, said:
"Our first quarter performance this year has been outstanding. The internal
issues in Australia are now largely behind us and our investment plans are
progressing well. Whilst mindful of the fact that in 2005 Easter fell in March,
I am delighted with our growth rates around the world."
APPOINTMENT OF CHIEF EXECUTIVE
The Company announced on 16 December 2005 that Terry Benson would stand down as
Chief Executive at the AGM in May 2006 and would be succeeded by Steve Ingham.
The handover of responsibilities to Steve Ingham has progressed smoothly during
the first quarter and he has now been appointed Chief Executive with immediate
effect. Terry Benson has today resigned as a director of Michael Page
International plc and will retire from the Group at the end of April 2006.
Commenting on the appointment of Steve Ingham as Chief Executive, Sir Adrian
Montague, Chairman said:
"The handover of the Chief Executive's responsibilities has been smoothly
accomplished and it has been collectively agreed that the handover should now be
formally concluded by appointing Steve Ingham as Chief Executive. We all wish
Terry well in his retirement."
Enquiries:
Michael Page International plc
Steve Ingham Chief Executive 01932 264144
Stephen Puckett Finance Director 01932 264144
Financial Dynamics
David Yates/Susanne Walker 0207 269 7291
This information is provided by RNS
The company news service from the London Stock Exchange
*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.