Michael Page Reports Sequential Growth In All Geographies
09 April 2010 - 4:48PM
Dow Jones News
The U.K.'s second largest recruiter, Michael Page International
PLC (MPI.LN), Friday said it would improve its performance
significantly after reporting sequential growth in all of its
geographic regions in the first quarter.
Chief Executive Steve Ingham said, "while we believe the outlook
for the U.K., Continental Europe and North America is less certain,
we are now experiencing an improvement in almost all markets."
First-quarter gross profit rose 7.9% on the fourth quarter, to
GBP97.8 million, gaining 2.9% on an annual basis. Gross profit from
permanent placings, which makes up 77% of the group, rose 13% on
the same period last year--gross profit from temporary placings
fell 20.3%.
European recruiters have been hard hit by the credit crunch and
subsequent economic downturn as companies have contracted and
reduced staff or stopped hiring. Although markets largely
stabilized in the second half of last year, candidate confidence,
which drives business, remains low because of concerns about the
economy, unemployment and a double dip recession.
But both Michael Page, and rival recruiter Hays PLC (HAS.LN),
which reported another fall in net fees on Thursday, said that
markets have largely stabilized and that they have started to hire
new staff. Michael Page said its headcount increased 3.1% to 3,659
at March 31.
Michael Page shares closed Thursday at 424 pence giving the
company market capitalization of GBP1.32 billion. They've risen
11.7% since the start of the year on hopes that the improving
economic environment will translate into recruitment markets.
-By Anita Likus, Dow Jones Newswires; +44 20 7842 9407;
anita.likus@dowjones.com
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