Michael Page sees profits at lower end of forecasts

Recruitment company Michael Page International said full-year profit would be toward the bottom end of forecasts, adding the European economic crisis had hit demand from its customers.

"Since our interim management statement in October, markets have continued to weaken as the euro zone crisis and the lowering of GDP forecasts worldwide have reduced client and candidate confidence levels," the company said.

Michael Page said analyst forecasts for its 2011 pretax profits ranged from £86.5-£114.2m. It made a £100.6m profit last year.

Companies around the world have been hit by the global economic slowdown, with recruitment company Robert Walters having also issued a cautious outlook on its prospects in October.