PAUL JONES PANMURE GORDON
First quarter results from Michael Page show some decent progress at the gross level, though give us little clarity on how the year is likely to pan out. Visibility remains limited and macro pressure suggests to us little prospect for market improvements in 2012.
CAROLINE DE LA SOUJEOLE SEYMOUR PIERCE
We make no changes to our full year 2012 earnings numbers: net fee interest of £580.2m and adjusted profits before tax of £75.4m, in line with consensus expectations of £575.5m and £77.8m. We continue to believe that the rating is demanding against the peer group.
ROBERT MORTON INVESTEC
The group has had a satisfactory start to the year, considering the uncertain background which has clearly impacted on candidate and company confidence. Given that it is still reasonably early in the trading year, we are not changing our forecasts for the time being.