Michael Page to top forecasts after ending year on high

11 April 2012

Recruiter Michael Page expects its 2010 figures to be marginally ahead of forecasts after a 32% jump in fourth-quarter gross profit thanks to strong trading in Asia Pacific and Europe, the Middle East and Africa.

The firm, which finds people jobs in the financial, accounting and legal service sectors, said its gross profit for the fourth quarter was at £119.8 million, taking the full-year figure up 26% to £442 million.

Trading was boosted by an almost 70% jump in fourth quarter gross profit in Asia Pacific, which accounts for 17% of the group. Europe, Middle East and Africa, 44% of the group, was up 25%.

And the UK, which has struggled in recent years and which accounts for 26% of the group, was up 16%. The Americas were up by 62%.

"I am delighted to report another strong quarter of organic growth in year-on-year gross profit, up 32%, with all regions improving," said chief executive Steve Ingham.

"Most of this growth came from permanent recruitment, up 40%, with temporary recruitment growth rates also improving, now up 10%."

Michael Page said it expected its 2010 operating profit from trading activities to be marginally ahead of a Reuters consensus of £70.1 million.

Rival City recruiters Hays and Robert Walters both reported a jump in net fees fuelled by strong growth overseas in the first days of the new year.

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