Michael Page profit up 30%; tough periods ahead
By Barbara Kollmeyer
Published: Apr 11, 2011 2:55 a.m. ET
BarbaraKollmeyer
Markets reporter
MADRID (MarketWatch) -- Recruiter Michael Page International PLC uk:mpi on Monday reported a 30% rise in first-quarter group gross profit to £127.3 million ($208 million) against a profit of £97.9 million in the year-ago period. In an interim management statement, the company said growth was driven by a 35% rise in growth in permanent placements, while temporary placements growth was 14%. It said gross profit in Latin America grew 83% and Brazil is now its third-largest country business, while Asia gross profit rose 97%, with a particularly strong performance from China. The company said it expects tougher comparitive periods to affect growth rates going forward and also said its cost base is increasing. It said the outlook for Asia and Latin America remains positive, and Europe continues to improve, and is "well-positioned" to exceed its 2010 profit performance.