INTERNATIONAL recruitment company Page Group had £33m knocked off its 2014 gross profit by adverse currency movements, according to the firm’s financial results released yesterday.
Without accounting for exchange rate changes, Page Group saw a 10 per cent increase in gross profit in 2014 compared with 2013. But this was reduced to 3.3 per cent due to currency movements.
Gross profit generated in the UK rose 11.5 per cent year-on-year. It was a weak euro that hit the total gross profit figure. Gross profit climbed 8.6 per cent in Europe, the Middle East and Africa – which together make up 40 per cent of the firm’s business – but was taken down to 2.1 per cent when adjusted for foreign exchange movements.
“The underlying business environment is more positive in some of our key markets, with improving momentum in the second half. However, adverse foreign exchange impacted gross profit by £33m and operating profit by £6m in 2014,” said chief executive Steve Ingham.
“Page Group has made good progress against its strategic objectives in 2014. With two new countries launched, and additional disciplines rolled out in both the Michael Page and Page Personnel brands, the business continued to grow its market presence in core target areas.