More on Michael Page
Michael Page: Q2 trading statement
Michael Page maintained its strong growth with gross profit up 28%. As before high growth in the two largest operations, the UK (19%) and continental Europe (46%), meant that they contributed most of the growth.
The higher growth rates in the US had little impact because it is still a very small (albeit promising) operation generating just 6% of gross profit.
The very high growth in continental Europe means that that business is close to catching up with the UK in size - generating £31m of gross profit (36%) compared to 39.4 (45%). This, combined with its current high growth means that it is a very promising driver of future profit growth.
At 344p the share price has fallen a little since we last looked at the company but Michael Page is still far from cheap on a prospective PE of 17× and a 1.5% yield. However it does have the growth to justify the rating.
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