International growth boosts Michael Page

11th Apr 2011 07:04

Soaring international revenues helped recruitment group Michael Page post a sharp rise in profits in the first quarter, though growth was more subdued in the UK amid continuing difficult economic conditions.Total gross profit was up by 30% from the same period the previous year at £127.3m.Gross profits in the Europe, Middle East and Africa division, which accounts for nearly half of earnings were up by 26.1%, with all main markets seeing strong growth.UK profits, which make up a quarter of earnings, climbed by 9.4%. Market conditions remained tough, with a slow but steady improvement in the private sector, held back by a difficult public sector, the company said.The Asia Pacific and Americas divisions both saw profits rise by more than 60%."We have now had four quarters of broadly similar gross profit growth, at constant currency and we expect tougher comparative periods to affect growth rates going forward," the company said. "However, the outlook in Asia and Latin America remains positive, and Europe continues to improve, all of which gives us confidence that we are well positioned to exceed our 2010 profit performance."Michael Page's peers Hays and Robert Walters updated on first quarter trading last week. Both companies also reported strong growth outside the UK.RG