Global recruiter Michael Page International has seen profits rise despite “challenging” markets, according to a Q3 interim management statement.

The statement reveals:

·        Group Q3 gross profit of £142.7m up 26.5% (21.8%*) on the £112.8m in Q3 2010

·        EMEA (41% of Group) Q3 gross profit of £58.3m up 30.8% (23.2%*) against the £44.6m in Q3 2010

·        UK (23% of Group) Q3 gross profit of £33.1m up 0.3% against £33.0m in Q3 2010

·        Asia Pacific (21% of Group) Q3 gross profit of £29.2m up 44.0% (+35.2%*) against the £20.3m in Q3 2010

·        Americas (15% of Group) Q3 gross profit of £22.1m up 48.3% (+46.9%*) against the £14.9m in Q3 2010

·        Q3 Permanent gross profit (79% of Group) of £112.6m up 28.4% (+23.7%*) against the £87.7m in Q3 2010

·        Q3 Temporary gross profit (21% of Group) of £30.1m up 20.0% (+15.0%*) against the £25.1m in Q3 2010

·        Group headcount at 30 September 2011 of 5,350 up 229 (+4.5%) on 30 June 2011

·        Net cash at 30 September 2011 in the region of £45m (£23.6m at 30 June 2011)

* Denotes where overseas results denominated in foreign currencies have been translated at constant rates of exchange for constant currency illustrative purposes.

The group has also announced that Sir Adrian Montague will retire as chairman of the board on 31 December 2011, with Robin Buchanan, who joined the board as an independent non-executive director in August, succeeding him as chairman.

Chief executive Steve Ingham says: “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, while 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.

“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 three and 15, respectively.”