PageGroup Q1 Gross Profit Rises; Says Comfortable With Market View For FY Profit

(RTTNews) - PageGroup plc (PAGE.L), a specialist professional recruitment company, reported Wednesday that its first-quarter gross profit increased 10.3 percent to 187.7 million pounds from 170.2 million pounds last year. Gross profit increased 12.3 percent on a constant currency basis.

Gross profit increased in all regions, especially EMEA, except UK, which saw a 7.1 percent drop. In UK, confidence continued to be impacted by uncertainty, the company said.

Permanent gross profit increased 11.3 percent and temporary gross profit increased 7.2 percent.

The company noted that timing of Easter impacted first quarter results, while full impact was in second quarter last year.

Steve Ingham, Chief Executive Officer said, "Our Large, High Potential markets grew collectively 21%, following continued significant investment in our fee earner headcount. Germany delivered a record quarter with growth of 28%. There was another strong quarter of growth in Greater China, up 17% and South East Asia up 19%. The US grew 17% and Latin America 26%."

Looking ahead, the company said it will continue to focus on driving profitable growth, while being able to respond quickly to any changes in market conditions.

At this early stage of the year, the company said it is comfortable with current market consensus for full year operating profit of 132 million pounds.