Business
First Quarter 2016 Trading Update
First Quarter 2016 Trading Update.
About this update from Pagegroup Plc
[{"type":"text","content":"\n \nRNS Number : 8543U Michael Page International PLC 12 April 2016 \n\n \n \n12 April 2016\nFIRST QUARTER 2016 TRADING UPDATE\n \nHighlights (in constant currencies)\n\n· 3.6% Group gross profit growth; despite timing of Easter and challenging trading conditions in a number of markets\n· Strongest growth in EMEA +10.3%; Benelux +32%; Southern Europe +20%\n· UK flat overall; Page Personnel +9%\n· Asia Pacific -2.0%; Asia -1%; Australasia -3% \n· North America +9% against strong comparatives \n· LatAm (ex Brazil) +11%; Brazil -31%\n· Strong balance sheet with net cash of £89m\n \nQ1 GROSS PROFIT ANALYSIS\n\n\n\n\n\n\n\n\n\n\nReported (£m)\n\n\nConstant\n\n\n\n\nYear-on-year \n\n\n% of Group \n\n\nQ1 2016\n\n\nQ1 2015\n\n\n%\n\n\n%\n\n\n\n\nEMEA \n\n\n43%\n\n\n61.7\n\n\n54.1\n\n\n+14.1%\n\n\n+10.3%\n\n\n\n\nUK \n\n\n26%\n\n\n36.5\n\n\n36.5\n\n\n+0.0%\n\n\n+0.0%\n\n\n\n\nAsia Pacific\n\n\n18%\n\n\n25.9\n\n\n25.8\n\n\n+0.5%\n\n\n-2.0%\n\n\n\n\nAmericas\n\n\n13%\n\n\n18.3\n\n\n19.3\n\n\n-5.3%\n\n\n-0.6%\n\n\n\n\nTotal\n\n\n100%\n\n\n142.4\n\n\n135.7\n\n\n+4.9%\n\n\n+3.6%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPermanent \n\n\n76%\n\n\n107.9\n\n\n105.1\n\n\n+2.7%\n\n\n+1.6%\n\n\n\n\nTemporary\n\n\n24%\n\n\n34.5\n\n\n30.6\n\n\n+12.8%\n\n\n+10.6%\n\n\n\n\n\nCommenting, Steve Ingham, Chief Executive Officer said:\n\"The Group delivered gross profit growth of 3.6% in constant currencies, despite the timing of Easter and the challenging market conditions in several of our larger markets, including Greater China, the UK and Brazil. However, we saw particularly good performances in the US, and Continental Europe, which now accounts for over 40% of the Group.\n\"Current market conditions remain stronger at lower salary levels and in temporary roles. This was reflected by the strong growth of 9% in our Page Personnel business, where temporary recruitment represents 41% of gross profit. Our Michael Page business, where temporary recruitment represents only 17%, grew 2%. Overall, temporary recruitment grew by 10.6%, compared to 1.6% in permanent. \n\"Despite the challenges in a number of our larger markets, the unpredictable nature of the current cycle and our limited visibility, ...