Business
Annual Report and Accounts
Annual Report and Accounts.
About this update from Pagegroup Plc
[{"type":"text","content":"\n RNS Number : 3976Q Michael Page International PLC 09 April 2009 \n \nMichael Page International plc\n\n\n\n\n2008 Annual Report / Notice of AGM / Proxy Form\n\n\nCopies of the above documentation will be submitted to the UK Listing Authority on Friday 17th April 2009 and will be available for inspection shortly after at the UK Listing Authority's Document Viewing Facility, which is situated at:\n\nFinancial Services Authority\n25 The North Colonnade\nCanary Wharf\nLondon\nE14 5HS\n\nTel no: 020 7066 1000\n\nAttached to this announcement is the additional information for the purposes of compliance with the Disclosure and Transparency Rules including certain additional notes and a responsibility statement.\n\n \n\nFull Year Results for the year ended 31 December 2008\n\nMichael Page International plc (\"Michael Page\"), the specialist professional recruitment company, announces its full year results for the year ended 31 December 2008.\n\n\n\n\n\n\n\n\n2008\n£m\n\n\n2007\n£m\n\n\nChange\n\n\nChange CER*\n\n\n\n\nRevenue\n\n\n972.8\n\n\n831.6\n\n\n+17%\n\n\n+8%\n\n\n\n\nGross profit\n\n\n552.7\n\n\n478.1\n\n\n+16%\n\n\n+6%\n\n\n\n\nOperating profit\n\n\n140.5\n\n\n149.4\n\n\n- 6%\n\n\n-16%\n\n\n\n\nProfit before tax\n\n\n140.1\n\n\n147.4\n\n\n- 5%\n\n\n\n\n\n\n\nBasic earnings per share (pence)\n\n\n30.3\n\n\n31.1\n\n\n- 3%\n\n\n\n\n\n\n\nDiluted earnings per share (pence)\n\n\n29.9\n\n\n30.6\n\n\n-2%\n\n\n\n\n\n\n\nDividend (pence)\n\n\n8.0\n\n\n8.0\n\n\n-\n\n\n\n\n\n\n\n*Constant exchange rates\n\n2008 Highlights\n\n\n\nRecord levels of revenue and gross profit \n\n\nGross profit from permanent placements grew 14%\n\n\nGross profit from temporary placements grew 20%\n\n\nTemporary placements gross margin maintained at 24.2%\n\n\n68% of gross profit generated from outside the UK\n\n\nEMEA, the Group's largest region, grew gross profit by 32% \n\n\n51% of gross profit generated from non-Finance and Accounting disciplines\n\n\nCash generated from operations up 25% to £185.2m (2007: £148.7m)\n\n\nNet cash at the year end of £94.3m (2007: £10.3m)\n\n\n\nCurrent Trading\n\n\n\nFurther deterioration in market conditions\n\n\nGross profit down 30% (down 38% at constant currency) in first two months\n\n\nContinuous actions to reduce costs\n\n\nGroup headcount a...