Despite the uncertain macroeconomic environment, Michael Page International, the specialist professional recruitment company, has reported solid earnings for FY 2011. The group's revenue rose by 22.4 per cent to £1,019.1 million and full year gross profit rose by 25.2 per cent to £553.8m from £442.2 million in 2010.
With the strong balance sheet, the group aims to increase cash returns to shareholders with a continued long-term approach in delivering shareholder value by making important investments in the future.The group's net assets were £180.6 million at the end of 31 December 2011 (2010: £177.4m). The growth in net assets comprises profit after tax for the year of £56.9 million, credits relating to share schemes of £12.7 million, cash received from the exercise of share options of £1.6 million, offset by tax on share schemes of £5.8million, adverse currency movements of £3.4 million, share repurchases for cancellation of £30.3m and dividends paid of £28.5m.
While commenting on the results, Steve Ingham, Chief Executive said: "We are delighted with our performance in 2011, with improved profits being generated from a broad and diverse set of geographies and business streams. The strength of our results reflects our ability to launch organically and grow businesses around the world, whilst maintaining a strong balance sheet. This ensures we are consistent in our strategy of always maintaining our business platform during economic downturns and retaining our most experienced and talented people. While increasing returns to shareholders, we continued to have a long-term vision for the business and, therefore, made significant investments. During 2011 and the start of this year, we have opened 22 new offices including Pudong, Suzhou, Houston, San Francisco, and Cologne as well as new country operations such as Malaysia, India, Qatar and Colombia, all of which have had a successful start."