Business
FIRST QUARTER 2011 INTERIM MANAGEMENT STATEMENT
FIRST QUARTER 2011 INTERIM MANAGEMENT STATEMENT.
About this update from Pagegroup Plc
[{"type":"text","content":"\n \nRNS Number : 6116E Michael Page International PLC 11 April 2011 \n \n\n \n \n11 April 2011\n \nFIRST QUARTER 2011 INTERIM MANAGEMENT STATEMENT\n \n \nFinancial Summary\n· Group Q1 gross profit of £127.3m up 30.0% (29.3%*) on the £97.9m in Q1 2010\n· EMEA (44% of Group) Q1 gross profit of £56.2m up 26.1% (28.2%*) against the £44.6m in Q1 2010\n· UK (25% of Group) Q1 gross profit of £31.7m up 9.4% against £28.9m in Q1 2010\n· Asia Pacific (17% of Group) Q1 gross profit of £21.4m up 62.6% (+54.0%*) against the £13.2m in Q1 2010\n· Americas (14% of Group) Q1 gross profit of £18.0m up 60.7% (+56.0%*) against the £11.2m in Q1 2010\n· Q1 Permanent gross profit (79% of Group) of £101.1m up 34.9% (+33.9%*) against the £75.0m in Q1 2010\n· Q1 Temporary gross profit (21% of Group) of £26.2m up 14.3% (+14.2%*) against the £22.9m in Q1 2010\n· Group headcount at 31 March 2011 of 4,852 up 354 (7.9%) on 31 December 2010\n· Net cash at 31 March 2011 in the region of £75m (£80.5m at 31 December 2010)\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 the first quarter trading, Steve Ingham, Chief Executive said:\n \n\"We are pleased with our performance in the first quarter of 2011, with gross profit increasing by 30%. The growth continued to be largely driven by permanent placements, where gross profits were up by 35%, and we also noted a pick-up in gross profits from temporary placements, growing by 14%.\n \n\"Gross profit from Latin America grew by 83% and Brazil is now our third largest country business. In Asia, gross profit growth in the first quarter was up 97%, with a particularly strong performance from our business in China.\n \n\"As a result of our success and as we continue to invest in developing our business, our cost base is increasing. We have added to our business pl...