Michael Page Q2 2007 Financial Update

Michael Page International, one of the world's professional recruitment consultancies, reports record quarterly Group gross profit for the second quarter of $247.5m, an increase of 38.4% over the $178.8m recorded in the second quarter of 2006. Gross profit in the first half of 2007 was $463.2m, an increase of 36.0% over the $340.8m recorded in the first half of 2006. At constant exchange rates, the second quarter growth rate was 40.4% and the first half of 2007 was 38.7%. Group headcount at June 30 was 4,323.

ìWe are very proud of the phenomenal growth of Michael Page International this past quarter and first half of 2007î, said Alexis de Bretteville, CEO, the Americas, ìOur strategy of local service backed by global resources has helped Michael Page International grow to be a top contender in the realm of recruitment consultancies worldwide.î

In the Americas, second quarter gross profit was $20.2m, an increase of 95.1% (103.2%) over the $10.4m recorded in the second quarter of 2006. First half gross profit was $35.0m, an increase of 75.9% (87.8%) over the $19.8m recorded in the first half of 2006. In the first half of 2007 we opened offices in Atlanta and Hartford.

In the UK, second quarter gross profit was $98.4m, an increase of 21.4% over the $81.0m recorded in the second quarter of 2006. The UK business continued to grow at a consistent rate throughout the first half of 2007 with good levels of activity continuing across all disciplines and all regions of the UK. In Europe, Middle East and Africa (EMEA), second quarter gross profit was $99.7m, an increase of 55.3% over the $64.1m recorded in the second quarter of 2006. The rapid expansion of the businesses in EMEA continued throughout the first half of 2007. In Asia Pacific, second quarter gross profit was $30.2m, an increase of 25.9% over the $24.0m recorded in the second quarter of 2006, with gross profits reaching a record level in the second quarter of 2007.

ìWe have built on our first quarter growth rate with an increase in growth rates in all regions in the second quarterî, said Steve Ingham, Chief Executive. ìThe investments we made in the Americas are now generating returns with growth rates in the second quarter exceeding 100% in local currency. Our first half performance is testament to the strength of the Michael Page brand, our team based business model and the caliber of our valued employees. We have added over 1,000 people to the Group over the past 12 months and the opportunities for continuing their development and the growth of the business for the longer term are considerable. There is clearly a continuing strong demand for talent throughout the globe and with a shortage of suitably qualified people, the sourcing of candidates on an international basis is a key differentiator for Michael Page.î


Michael Page International is an industry leader specializing in the placement of candidates in permanent, contract and temporary positions with clients around the world. Michael Page International employs over 4,000 employees in 133 offices across 23 countries, including the UK, Continental Europe, Asia-Pacific and the Americas.

Note: Foreign currencies have been translated to US dollars at constant rates of exchange for constant currency illustrative purposes.