Michael Page International Plc reports 10% gross profit and continued growth in all four areas, after a Q2 trading update released this morning.
Commenting, Steve Ingham, Chief Executive Officer said:
“The 10.6% increase in the Group’s gross profit reflects continued year-on-year growth in all four regions with the UK and Americas showing improved growth rates from Q1. Our five high potential markets of Germany, Greater China, South East Asia, the US and Latin America are now performing at a record level.
“In reported rates, Q2 gross profit was up 6.0% to GBP145.3m. As previously highlighted, foreign exchange movements continued in Q2 lowering our reported figure by 4.6 percentage points, equivalent to GBP6.2m of gross profit. This has also impacted our first half reported operating profit by GBP2m.
“We are pleased with our performance in Q2 and the outlook is positive for all our regions in the second half. We remain focused on productivity and ensuring that our conversion continues to improve at a steady rate. Excluding the effects of foreign exchange movements during the second quarter, forecast to reduce full year operating profit by an additional GBP4m (GBP2m in Q1, GBP6m in total), the Board’s expectations for the full year results remain unchanged.”
Michael Page are currently trading down 2.35%, at 542.50 pence per share.