News Column

Page sees jump in profit despite strong sterling

August 14, 2014


SPECIALIST recruitment group Michael Page International reported "solid performances" from all four of its geographic regions in its six monthly update yesterday.

If current trends continued, the business said it should perform to forecast for the full year. The FTSE-250 group reported revenue up 1.8 per cent to 512.2m and pre-tax profit 11.1 per cent higher at 35.6m for the six months ending 30 June.

Page said, however, that the strong pound had hit its headline results, knocking 33m off revenue and cut-ting operating profit by 3m. At a constant currency exchange rates, revenue grew by 8.3 per cent and operating profit was 21.4 per cent higher.

Steve Ingham, chief executive, said: "While adverse [foreign exchange] continues to impact our results at reported rates, the underlying business environment is gradually improving in a number of our key markets."

He said he expected the recruit-ment markets to "remain challenging" in Brazil and France, while he expected stabilisation in Australia, which has been suffering as a result of the end of the commodities boom.

The interim dividend, payable on 3 October, was raised by 5.2 per cent to 3.42p.

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Source: City A.M. (UK)

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