Michael Page Q2 profit up 26%

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Date: Monday 07 Jul 2008

LONDON (ShareCast) - High growth in mainland Europe, Latin American and Asian markets helped recruitment firm Michael Page post a 26% rise in second quarter profit despite a weaker performance in the UK and US.

The company said it was confident that the recruitment sector is continuing to grow.

Gross profit for the group as a whole rose to a record £152.4m. UK gross profit, which makes up around 32% of the group's total, rose 1.2% to £48.5m.

The group's slowdown in UK Finance and Accounting recruitment continues, as the effects of the credit crisis show, with gross profit in that particular area down by 8% in the second quarter and down 5% in the first half of 2008.

Europe, Middle East and Africa profit rose by 45% to £70.3m. The company opened operations in Austria and Turkey during the period.

Americas gross profit was up 41.6% to £14.1m, with a strong performances in Brazil, Mexico and Argentina outweighing slower growth in North America, where market conditions are weak.

Asia-Pacific gross profit increased 33.2% to £19.6m.

"We have achieved growth in all our countries, including those where conditions would be considered tough and despite the significant reduction in activity in the financial services sector," said Michael Page in Monday's company statement.

It added that despite concerns about the current global economic outlook, it remains confident of future growth as it focuses on emerging markets in China, Russia and the United Arab Emirates.











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