US, Europe drive Michael Page Q1 gross profits
Recruitment firm Michael Page said first quarter gross profit grew 3.6% to £142.4m in constant currencies, despite the timing of Easter and the challenging market conditions in several of its larger markets, including Greater China, the UK and Brazil.
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The company saw particularly good performances in the US, and Continental Europe, which now account for over 40% of the group. However, challenging conditions in the Middle East, as a result of ongoing political instability and the depressed oil price, resulted in a drop in gross profit of 28%.
"Current market conditions remain stronger at lower salary levels and in temporary roles. This was reflected by the strong growth of 9% in our Page Personnel business, where temporary recruitment represents 41% of gross profit,” the company said.
“Our Michael Page business, where temporary recruitment represents only 17%, grew 2%. Overall, temporary recruitment grew by 10.6%, compared to 1.6% in permanent."