Michael Page profit jumps but banking tails off

Recruitment firm Michael Page has seen a jump in revenue and profits in 2011 but said profit growth in the banking sector has slowed in the second half of the year.

Revenue in the first half of 2011 rose 27.6 per cent, or 25.8 per cent using constant exchange rates (CER), to £502.1m from £393.5m in the first half of last year.

Meanwhile pre-tax profit before non-recurring items jumped 37.9 per cent to £45.5m from £33.0m the year before.

The company said: "While the recent turbulence in the financial markets has added an additional element of uncertainty, we expect market conditions in the UK to remain challenging, but anticipate that our UK business will maintain modest growth and continue to gain market share. In Europe, we expect to continue our progress and our outlook for Asia and Latin America remains strong."

Profit tax before non-recurring items jumped 37.9% to £45.5m from £33.0m the year before; last year the company enjoyed a windfall of £17.1m plus related interest of £11.3m from a Value Added Tax refund.