Business
Q2 and First Half 2009 Tradin
Q2 and First Half 2009 Tradin.
About this update from Pagegroup Plc
[{"type":"text","content":"\n RNS Number : 2127V Michael Page International PLC 07 July 2009 \n \n\n\n\n7 July 2009\n\nQ2 AND FIRST HALF 2009 TRADING UPDATE\n\n\nFinancial Summary\n\n\nGroup Q2 gross profit of £83.8m (2008: £152.4m) a decrease of 45.0% (48.9%*)\n\n\nEMEA Q2 gross profit (44% of Group) of £38.2m (2008: £70.2m) a decrease of 45.7% (51.5%*)\n\n\nUK Q2 gross profit (36% of Group) of £28.1m (2008: £48.5m) a decrease of 42.0% \n\n\nAsia Pacific Q2 gross profit (11% of Group) of £9.7m (2008: £19.6m) a decrease of 50.4% (56.1%*)\n\n\nAmericas Q2 gross profit (9% of Group) of £7.8m (2008: £14.1m) a decrease of 44.5% (50.1%*) \n\n\nQ2 Permanent gross profit (69% of Group) lower by 51.6% (55.4%*)\n\n\nQ2 Temporary gross profit (31% of Group) lower by 20.3% (25.0%*)\n\n\nGroup headcount decreased by 429 (10.4%) in Q2 to 3,705 at 30 June 2009, 33.1% lower than the peak at 30 June 2008\n\n\nNet cash at 30 June 2009 in the region of £95m\n\n\nQ2 operating profit from trading activities, similar to Q1, in the region of £3m\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 the second quarter trading, Steve Ingham, Chief Executive said:\n\n\"While market conditions generally continued to weaken during the second quarter, the rate of decline in the UK, our largest country, has slowed and gross profit in the second quarter was at a level similar to that of the first quarter. We anticipate a challenging third quarter as we enter into the seasonally quieter summer period, both in Continental Europe, which was later into the downturn, and in the UK.\n\n\"We continue to adjust our headcount in response to market conditions, retaining our more experienced and stronger people. In the last twelve months we have reduced headcount by a third, largely by natural attrition, and this lower cost base has enabled us to remain profitable in the first half of 2009.We remain confident that, with our strong balance sheet, leading b...