In keeping with the ‘get out of the UK’ theme echoing through peers’ results (see Robert Walters profits in Asia/Pacific), international recruitment firm Michael Page also saw business in overseas markets grow faster than in the UK. Group revenues for the year to 31st Dec. grew by nearly 15% (at constant exchange rate - CER) to £832m, with gross profit – the key measure for recruitment firms – up 24% to £442m. The biggest boost was to operating margins, which more than trebled to 10.7%.
UK revenues grew by 10% (to £302m), revenues in other geographies grew by 17 % (as reported). Although Michael Page is a small player in IT recruitment, revenues in their Legal, IT, HR & Secretarial division grew by 24% (CER) to £157m. According to CEO Steve Ingham, UK market conditions remain ‘tough but stable’. Sounds familiar.