MPI11 Apr 2011 09:08
Commenting on the first quarter trading, Steve Ingham, Chief Executive said:
"We are pleased with our performance in the first quarter of 2011, with gross profit increasing by 30%. The growth continued to be largely driven by permanent placements, where gross profits were up by 35%, and we also noted a pick-up in gross profits from temporary placements, growing by 14%.
"Gross profit from Latin America grew by 83% and Brazil is now our third largest country business. In Asia, gross profit growth in the first quarter was up 97%, with a particularly strong performance from our business in China.
"As a result of our success and as we continue to invest in developing our business, our cost base is increasing. We have added to our business platform with new discipline rollouts and start ups, as well as opening new businesses in Qatar, Malaysia and India. Group headcount increased by 354 (7.9%) to 4,852 and we would expect this number to increase further during the second quarter.
"We have now had four quarters of broadly similar gross profit growth, at constant currency and we expect tougher comparative periods to affect growth rates going forward. However, the outlook in Asia and Latin America remains positive, and Europe continues to improve, all of which gives us confidence that we are well positioned to exceed our 2010 profit performance."