Business
2009 First Quarter Trading Up
2009 First Quarter Trading Up.
About this update from Pagegroup Plc
[{"type":"text","content":"\n RNS Number : 2329Q Michael Page International PLC 07 April 2009 \n \n\n\n7 April 2009\n\n2009 FIRST QUARTER TRADING UPDATE\n\nFINANCIAL HIGHLIGHTS\n\n\nGroup Q1 gross profit of £95.0m (2008: £140.3m) a decrease of 32.3% (39.7%*)\n\n\nEMEA gross profit (50% of Group) of £47.7m (2008: £65.2m) a decrease of 26.8% (39.1%*)\n\n\nUK gross profit (30% of Group) of £28.9m (2008: £47.1m) a decrease of 38.7% \n\n\nAsia-Pacific gross profit (10% of Group) of £9.4m (2008: £16.4m) a decrease of 42.3% (49.1%*)\n\n\nAmericas gross profit (9% of Group) of £9.0m (2008: £11.6m) a decrease of 22.6% (33.6%*) \n\n\nPermanent gross profit (70% of Group) lower by 39.3% (46.5%*)\n\n\nTemporary gross profit (30% of Group) lower by 7.0% (15.3%*)\n\n\nGroup headcount decreased by 809 (16%) in Q1 to 4,134\n\n\n\n* Denotes where overseas results denominated in foreign currencies have been translated at constant rates of exchange for constant currency illustrative purposes.\n\nCommenting on first quarter trading, Steve Ingham, Chief Executive said:\n\n\"As anticipated, the Group generated a higher gross profit in March than in either of the first two months of the quarter, resulting in a first quarter operating profit in the region of £3m. However, market conditions continued to weaken during the first quarter of 2009, with the impact of the financial crisis now evident in virtually every market and discipline in which we operate, albeit to varying degrees.\n\n\"We continue to reduce our cost base to reflect the lower levels of activity. While we anticipate that our overall cost base and headcount will reduce in the second quarter, in a few markets and disciplines which were the first to slow, we are not planning further headcount reductions.\n \n\n\"We remain confident that, with our strong balance sheet, leading brand and experienced management team, we can maintain our market presence and continue to gain market share.\"\n\n\nEnquiries:\n\n\n\n\n\nMichael Page International plc\n\n\n01932 264144\n\n\n\n\nSteve Ingham, Chief Executiv...