Michael Page International (PageGroup) has announced its third quarter results, confirming business was strongest in the UK, where gross profit climbed 12.5%. Additionally, The Group saw 10.2% gross profit growth and a good contributions from all four regions with double-digit growth in EMEA and the UK, however FX lowered gross profit by c.£7m (c.£18m YTD). There was growth in Asia Pacific and Americas, but the Group saw tough markets in Brazil and Australia. The Group confirmed net cash of c.£130m pre interim and special dividends of £61.3m, paid on 2nd October.
Steve Ingham, chief executive officer, said,
“The Group delivered a fifth consecutive quarter of double-digit growth, up 10.2% in constant currencies. Foreign exchange volatility has been a feature all year and it continued to impact our results, reducing third quarter growth to 4.8% in reported rates.
“Market and trading conditions across and within our regions were mixed. EMEA recorded its best quarter for almost four years, with particularly strong performances from France, Germany and Southern Europe. The UK delivered another quarter of solid growth. Greater China improved sequentially, despite ongoing economic concerns for the region, and the United States continues to grow strongly and now represents the Group’s fourth largest country by gross profit. Elsewhere, trading conditions in Brazil continued to deteriorate and Australia remained challenging.