Business
Q3 2008 TRADING UPDATE
Q3 2008 TRADING UPDATE.
About this update from Pagegroup Plc
[{"type":"text","content":"\n RNS Number : 2168F Michael Page International PLC 07 October 2008 \n \n\n\n7 October 2008\n\nQ3 2008 TRADING UPDATE\n\n\nFinancial Highlights\n\n\nGroup Q3 gross profit up 14.6% (3.9%*) at £141.4m\n\n\nEMEA gross profit (45.1% of Group) up 31.8% (12.5%*) to £63.7m\n\n\nUK gross profit (31.8% of Group) 8.3% lower at £44.9m\n\n\nAsia-Pacific gross profit (13.0% of Group) up 19.1% (6.2%*) to £18.4m\n\n\nAmericas gross profit (10.1% of Group) up 34.9% (17.1%*) to £14.3m\n\n\n\nOperating Highlights\n\n\nDiversification strategy delivering Group growth despite UK slowing\n\n\n68% of Q3 gross profit generated outside the UK\n\n\nContinued year-on-year growth in three out of four regions\n\n\nPermanent gross profit growth of 13.5% (2.2%*)\n\n\nTemporary gross profit growth of 18.5% (10.0%*)\n\n\nGroup headcount decreased by 84 in Q3 to 5,452\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 third quarter trading, Steve Ingham, Chief Executive said:\n\n\"Market conditions through the third quarter became increasingly challenging. The unprecedented turmoil in the financial sector during September has eroded confidence in the wider economy. This has reduced activity levels and increased the cautionary candidate and client behaviour we started to encounter in the first half of 2008, further reducing our visibility. As anticipated, our businesses have reacted quickly by reducing headcount through natural attrition where activity levels are slowing, such as the UK and North America\n\n\"While the outlook is likely to become more challenging in some of our markets, our discipline and geographic diversity is underpinning the resilience of our overall business and we will continue to increase this diversity by cautiously investing in existing and new markets.\"\n\n\n Enquiries:\n\n\n\n\n\nMichael Pag...