Currency markets hamper Michael Page

Fluctuations in currency markets are expected to hinder the international recruitment firm’s year-end results on Tuesday 13 January. 

People at a jobs fair
Source: Bloomberg

The full-year outlook for the firm suggests the adjusted earnings per share will climb from $0.151 up to $0.165. Sales will also be fractionally higher, increasing from $1.006 billion up to $1.029 billion, and this in turn should see the company’s pretax profit rise from $64.057 million to $77.444 million.

European employment levels have continued to creep lower with the eurozone hovering around the 11.5% level while the UK’s unemployment levels are now down to 6%. The employment arena is of course slightly different around Europe, with the UK seeing increases in temporary employment as opposed to permanent contracts.

Last year saw volatility in the currency markets negatively affect the company, because of its global exposure, and early indications suggest that 2015 will be similar. The last set of quarterly figures from Michael Page triggered a 8.65% collapse in the share price, a gap that has subsequently been filled as the share price has broken through the 100-day moving average and edges towards overbought levels just below the 420p level.

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