Analyst Views | How did you take the figures from Michael page?

 
Marion Dakers

PAUL JONES PANMURE GORDON
An update from Michael Page is towards the top end of expectations, and suggests some progress over quarter one despite what remains a challenging macro backdrop. Yet what indications there are for quarter three suggest little change in this outlook. Sell.

GUY HEWETT ESPIRITO SANTO
Michael Page’s second quarter trading update details a continued decline in net fees on last year but the rate of descent has slowed from quarter one with the majority of regions showing an improvement. We do not expect to change our full year forecasts. Neutral.

DAVID O’BRIEN SHORE CAPITAL
The trading update for quarter two was at the top end of the consensus forecast range. The Asia Pacific region was dragged down, as anticipated by the strong decline in the group’s Australian business. We are upgrading to “buy” from “hold”, reflecting the start of a recovery across parts of North America and the UK.