Michael Page profit up in jobs market boost
WHITE collar recruitment firm Michael Page International has reported a strong rise in second quarter profit – fuelled boosted by demand for permanent staff outside Europe and in the financial sector.
Michael Page, which places people in legal, financial and sales jobs, said it made a gross profit of £111.5m in the second quarter of this year, a 14 per cent increase on profits in the previous quarter.
“The improvement in our performance has been driven by greater permanent recruitment activity as confidence levels improve, leading to higher rates of job churn,” chief executive Steve Ingham said in a trading statement.
Geographically, the Asia Pacific and Americas regions performed strongest, increasing year-on-year second quarter earnings 85.2 per cent and 87.9 per cent, respectively.
“We are benefiting from our investment in diversifying the group internationally, with over 70 per cent of our gross profit now derived from areas outside of the UK,” Ingham added.
Michael Page said gross profits from placing people in permanent jobs, which accounts for 79 percent of the group’s business, was up 51.5 per cent in the second quarter, compared with the same period in 2009. Temporary placements dropped 8.3 per cent compared with last year.
Michael Page said that in Europe, Middle East and Africa “market conditions remain uncertain”. Shares in the group were up 3.9 per cent in early morning trading.