HENRY CARVER PEEL HUNT
The results were slightly below expectations, but management expects profits for 2012 to be “broadly in line”...But the outlook remains highly uncertain, and we note that key regions such as France and Brazil have got tougher. We are leaving 2012 forecasts unchanged, but downgrade 2013 by 25 per cent.
PAUL JONES PANMURE GORDON
The update does little to indicate whether pressure on recruitment markets will alleviate in the short term. While the result for the second quarter is ahead of the first and admirable given the macro backdrop, the lack of visibility...leaves us still negative regarding short-term trading for Page...
DAVID O’BRIEN SHORE CAPITAL
We think the 6.6 per cent year-on-year decline in net fee income (NFI) represents a disappointing outcome relative to both our and consensus expectations (£145.5m and £145.0m, respectively)...With no immediate signs of positive earnings momentum we continue to believe the share rating is exposed.