Business
Q3 2007 Trading Update
Q3 2007 Trading Update.
About this update from Pagegroup Plc
[{"type":"text","content":"\n Michael Page International PLC\n04 October 2007\n\n\n\n4 October 2007\n Q3 2007 TRADING UPDATE\n\nMichael Page International plc, the specialist recruitment consultancy, reports\na record quarterly Group gross profit of £123.4m for the third quarter, an\nincrease of 38.5% over the £89.1m recorded in the third quarter of 2006. At\nconstant exchange rates, the third quarter growth rate was 39.5%. Group\nheadcount at 30 September was 4,777.\n\nIn the UK, third quarter gross profit was £49.0m, an increase of 19.9% over the\n£40.8m recorded in the third quarter of 2006. The UK business continues to\nexperience good levels of activity across all disciplines and regions of the UK.\nHeadcount at 30 September was 1,732.\n\nIn Europe, Middle East and Africa (EMEA), third quarter gross profit was £48.4m,\nan increase of 59.7% (60.9%*) over the £30.3m recorded in the third quarter of\n2006. In France, our largest business in the region representing 32% of EMEA\ngross profits, we benefited from increased headcount with the growth rate\nincreasing to 41%*. The remaining EMEA countries grew at a combined rate of \n72%*. Headcount at 30 September was 1,967.\n\nIn Asia Pacific, third quarter gross profit was £15.5m, an increase of 27.8%\n(29.5%*) over the £12.1m recorded in the third quarter of 2006. In Australia,\nthe success of the restructuring is now more evident with the growth in third\nquarter gross profits increasing to 26%*. In Asia, the businesses continued to\nperform strongly achieving growth in the third quarter of 34%*. Headcount at 30\nSeptember was 584.\n\nIn the Americas, third quarter gross profit was £10.6m, an increase of 81.1%\n(85.5%*) over the £5.9m recorded in the third quarter of 2006. Headcount at 30\nSeptember was 494.\n\nDuring the third quarter, the Group repurchased and cancelled a further 3.2m\nshares at a cost of £15.0m, at an average price of 476p. In the year to date the\nGroup has repurchased and cancelled 11.5m shares at a cost of £59.7m, at an\naverage price of 519p.\n\nCommenting on the third quarter trading, Steve Ingham, Chief Executive said:\n\n\"For the second consecutive quarter we have achieved year on year growth in\ngross profits of some 40%, in constant currencies.\n\n\"We are particularly pleased with the performance of our French business where\nthe growth rate, which has increased ...