At a Glance
Looking at 2008 as a whole, Michael Page delivered a good set of results. However, it was a year of two halves with a strong first half being followed by a progressively weaker second half as the economic environment deteriorated.
Our strategy of diversifying by both specialist discipline and geography has increased our resilience and our balance sheet has never been stronger. We believe the Group is well positioned to benefit when market conditions improve and we remain confident in the longer term prospects of the Group.
Financial Highlights Q1 2009
- Group Q1 gross profit of £95.0m (2008: £140.3m) a decrease of 32.3% (39.7%*)
- EMEA gross profit (50% of Group) of £47.7m (2008: £65.2m) a decrease of 26.8% (39.1%*)
- UK gross profit (30% of Group) of £28.9m (2008: £47.1m) a decrease of 38.7%
- Asia-Pacific gross profit (10% of Group) of £9.4m (2008: £16.4m) a decrease
of 42.3% (49.1%*) - Americas gross profit (9% of Group) of £9.0m (2008: £11.6m) a decrease of 22.6% (33.6%*)
- Permanent gross profit (70% of Group) lower by 39.3% (46.5%*)
- Temporary gross profit (30% of Group) lower by 7.0% (15.3%*)
- Group headcount decreased by 809 (16%) in Q1 to 4,134
* Denotes where overseas results denominated in foreign currencies have been translated at constant rates of exchange for constant currency illustrative purposes.
