Michael Page Q1 Gross Profit Edges Down; Expects To Meet FY Market View

(RTTNews) - Recruitment firm Michael Page International Plc. (MPGPF.PK, MPI.L) reported Tuesday that its first-quarter gross profit edged down 0.2 percent to 126.6 million pounds from last year's 126.8 million pounds, reflecting the impact of foreign exchange movements, particularly in Japan, Australia and Brazil.

At constant exchange rates, total gross profit grew 6.8 percent with increase in all regions.

In the quarter, EMEA region's gross profit increased 1.3 percent on a reported basis, and 5.6 percent at constant rates. UK profit grew 8.1 percent, while Asia Pacific's profit fell 11.8 percent on a reported basis, but grew 1.2 percent at constant rates.

Americas recorded a 1.5 percent drop in gross profit, while it climbed 15.6 percent at constant rates.

In the quarter, permanent and temporary gross profits declined slightly from last year.

Looking ahead, Chief Executive Officer Steve Ingham said, "....the positive momentum we are seeing in some of the leading indicators in a number of our markets means we would expect to meet current market expectations of full year gross profit."

According to the company, the market consensus is 538.5 million pounds.