Michael Page warns of tough months ahead as first-half profits fall

 
Suzie Neuwirth

RECRUITMENT firm Michael Page today announced a 4.3 per cent fall in first-half profits to £262m and warned of a challenging third quarter.

The British company said that second quarter profits were up 6.6 per cent on the first quarter, although this was two per cent down year-on-year.

Michael Page has slashed 144 staff since the start of the year as part of its previously indicated plans to cut costs.

“During the quarter we saw good performances in a number of regions, most notably in North America,” said chief executive Steve Ingham.

“Our offices in Japan, Mexico, Spain and the Middle East also performed particularly well, as did some smaller and newer businesses in Europe, Latin America and Asia. In Australia, our business experienced a challenging quarter.

“Activity levels remained strong throughout the quarter, but with difficult conditions likely to continue in several markets, we expect Q3 will be another challenging quarter.”

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