Asia-Pacific growth puts weight behind profits increase at Michael Page

recruiter Michael Page posted a 30 per cent jump in first-quarter gross profit, boosted by growth in the Asia-Pacific region, and said it was well placed to exceed last year’s profit.

The FTSE-250 company, which finds jobs for people in the financial, accounting and legal services sectors, said its operating profit to the end of March, 2011 was £127.3m compared with £97.9m for the same period in 2010.

“Within a recruitment sector that we like anyway, we regard Michael Page as a very well-managed business with strong recovery prospects and reiterate our ‘buy’ recommendation,” Investec analysts wrote in a note.

Asia-Pacific and Latin America, where permanent placings make up the majority of its business, continued to lead the growth charge, rising 62 per cent year-on-year. The Europe, Middle East and Africa region, which represents 44 per cent of group profit, was up 26 per cent. In the UK, profit was up nine per cent, with private sector growth countered by a fall in the public sector.

The company has offices in Leeds and Sheffield.