MPI10 Oct 2011 08:22
Commenting on the third quarter trading, Steve Ingham, Chief Executive said:
"We are pleased with our third quarter performance, with gross profit increasing by 26.5% against a backdrop of increasing levels of macroeconomic uncertainty. As expected, our gross profit growth rates, whilst strong, have slowed as markets have become more challenging.
"In Continental Europe, whilst gross profit growth rates were strong, they weakened in the third quarter. In the UK, with challenging market conditions and a restrained public sector, gross profits were flat. Gross profit from Latin America grew 60%* and in North America gross profit grew 24%*. Gross profit grew 42%* in Asia, with a particularly strong performance from our business in China. In Australasia gross profit grew 28%* with strength in the commodities sector.
"Finance and Accounting grew 17.5%* in the third quarter, within which are our Banking businesses that account for approximately 10% of the Group's gross profit, and operate primarily in London, New York, Tokyo, Hong Kong and Singapore, and which grew 10%*, against a growth rate of 28%* achieved in Q2.
"We continued to invest selectively in developing our business, opening an office in San Francisco, a third office in India in Bandra, Mumbai and three Page Personnel offices in Geneva, Mexico City and Campinas, Brazil. Group headcount increased by 229 (4.5%) to 5,350, with the additions mainly into Asia and our graduate intake in the UK. This takes our investment in new countries and offices this year to 3 and 15, respectively.
"The Group is in a strong position, both financially and as a result of our successful strategy of diversification, both by geography and business discipline. Markets have weakened and become more uncertain reducing our short term visibility. However, while mindful of the uncertainty in so many of the world's economies, we continue to invest where there are opportunities for longer term growth."
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