Michael Page posts 33% surge in gross profits

Michael Page has
reported first quarter gross profits of £105.4m, an increase of 33.2% compared
with the £79.2m recorded in the first quarter of 2006. The recruitment
consultant said a continuing lack of good quality candidates and high levels of
client demand are the main drivers of its success.

Chief executive Steve Ingham, said: ‘In all countries, without exception, we
are currently experiencing strong levels of client activity against a backdrop
of an increasingly common theme of a shortage of good quality candidates.
Through the combination of our website, our biggest source of candidates, an
internationally respected brand and a global database of candidates, we believe
we can leverage our competitive advantage. As a result the outlook for Michael
Page continues to be very encouraging.’

In the UK, first quarter gross profits were £44.1m, 20.4% up on the first
quarter of 2006 (£36.6m), bolstered by the opening of an office in Leicester.
All specialist disciplines continued to demonstrate strong growth rates.

Ingham added: ‘We have continued our strategy of organic growth … by
opening new offices and rolling out disciplines. As envisaged we increased our
headcount as many teams around the world reached capacity and reacted by adding
new fee earners. At the end of March, with EMEA well ahead of plan, we have
approximately 4,100 staff.’

Further reading:

Michael Page boosted by accountancy

Michael Page racks up £93m Q4 profits 

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