Recruitment firm Michael Page International has reported a good set of results, although non-recurring items resulted in a fall in pre-tax profit and earnings per share (EPS).
Revenue leapt 22.4% (20.3% at constant exchange rates) from £832.3m to £1,019.1m, while profit before tax fell 14.4% to £86.1m (2010: £100.7m), although before non-recurring items, profits rose 19% from £72.2m to £86.1m.
Basic EPS dropped 13.4% from 21.6p to 18.7p after non-recurring items, but gained almost 24% to 18.7p (2010: 15.1p) before they were taken into account.
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Chief Executive Steve Ingham said: "While mindful of the current macroeconomic outlook, we are in a good position to continue our investment plan. We now have 1,020 consultants, 42 offices, across 11 countries, in the territories of Asia, Latin America and Germany, which generated 26% of our gross profit and grew by 52% in 2011. These, amongst others, provide us with numerous long-term growth opportunities.
"As the second half of last year progressed, trading became more challenging as general business confidence fell. All regions in which we operate were impacted, with growth rates slowing, but remaining positive. In the first two months of 2012, with the exception of financial services, we have seen no significant further slowing, and in a number of geographies activity levels have remained strong, increasing group gross profits by approximately 10%."
The total dividend for the year was increased by 11% per share, from 9p to 10p.
In the Americas, revenue grew by 38.5% to £106.9m (2010: £77.2m) and gross profit grew by 43.3% to £80.9m (2010: £56.4m), while in the Asia Pacific region revenue was 38.0% higher at £166.1m (2010: £120.3m) and gross profit was 43.1% higher at £103.4m (2010: £72.2m).
The UK contributed 24% (2010: 28%) of the group's gross profit in 2011, with revenue up by 7.4% to £324.9m (2010: £302.6m) and gross profit grew by 4.1% to £130.0m (2010: £124.9m).
Cash at the end of the year fell from £80.5m to £58.2m.
NR
