Michael Page on track to meet expectations
Recruitment consultancy group Michael Page said it was on track to meet annual expectations, after strong demand across the board boosted its first quarter gross profit.
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In the first three months of the year, gross profits rose 10.9% to £135.6m, as the company said its operation in the UK and in the Asia Pacific region grew at a steady pace compared to the fourth quarter.
Operations in North and South America grew 7% year-on-year but have since suffered a slowdown due to worsening conditions in Brazil, while 23 countries in the Latin America region reported growth of over 10%.
The FTSE 250 group, which raised its total headcount to 5,680, added headwinds from currency translations would lower first quarter profits by approximately £5m.
“We expect to see similar trends in market conditions prevailing across our major regions,” said group chief executive Steve Ingham.
“Sterling remains strong and this continues to impact our results.”
Michael Page shares were down 0.41% to 546.25p at 08:25 on Tuesday.