Michael Page profit rise fuelled by full-time jobs

British recruitment company Michael Page International posted a 32 per cent jump in second-quarter gross profit, driven largely by a rise in permanent placements in the period.

Michael Page, which finds jobs for people in the financial, accounting and legal services sectors, said it expected 2011 profit to be broadly in line with current market estimates of £111.7m.

"While our second-quarter gross profit was ahead of our expectations, we continue to invest significantly in developing our business both by geography and discipline," the company said in a statement.

For the quarter ended June, group gross profit was £147.8m, compared with £111.7m last year. Gross profit from permanent placements grew 35 per cent to £118.6m.

Last week, rival Hays reported an 11 per cent rise in fourth-quarter net fees as growth at its international division helped offset weakness at its UK business, which was hit by continued tough public sector conditions.

Michael Page shares which gained 38 per cent over the past year.