Michael Page International Posts Q3 Decline

October 8, 2009 – Michael Page International plc has recorded a gross profit of £82.2m for the third quarter of 2009, a decrease of 41.8 percent against Q3 2008. Group Q3 gross profit was £82.2m, a decrease of 41.8 percent compared to the same period a year ago. In EMEA (43 percent of Group), gross profit was £35.7m, a fall of 44.0 percent compared to a year ago. U.K. (33 percent of Group) Q3 gross profit was £27.3m, a decrease of 39.4 percent the prior year. Asia Pacific (13 percent of Group) recorded £10.8m, a drop of 41.4 percent compared to last year. Americas (10 percent of Group) fell 40.4 percent with profits of £8.5m. Third quarter permanent (71 percent of Group) dropped by 46.2 percent while temporary (29 percent of Group) decreased by 26.8 percent against Q3 2008. “We had anticipated that the seasonally quieter third quarter would be challenging, particularly in Continental Europe, which was generally later into the downturn. However, as the third quarter progressed, market conditions in an increasing number of the countries in which we operate began to show signs of stabilization and, with our lower cost base, we have recorded an operating profit in the quarter,” said Steve Ingham, CEO. In both the last quarter of 2008 and the first quarter of 2009, gross profit fell sequentially by £23m as every region experienced rapidly declining market conditions. In the second quarter of 2009, the sequential fall was £11m.