Recruiter Michael Page issues profit warning

City A.M. Reporter
Recruiter Michael Page this morning warned that full-year profit would be below expectations, as challenging economic conditions and market confidence weighed on results.

In an interim management statement, the global agency said third quarter profit for the group was 8.3 per cent below the second quarter, and 11.3 per cent down year on year.

Profits from Europe, the Middle East and Africa, its largest region at 39 per cent of the group, fell 16 per cent year on year.

Its American and UK businesses, representing 14 per cent and 23 per cent of the group’s revenue respectively, reported profit drops of 18.9 per cent and 10.9 per cent year on year.

Chief executive Steve Ingham said today that the third quarter was a “challenging” one.

He added: “We do anticipate another challenging fourth quarter, with economic conditions and market confidence likely to remain poor for the foreseeable future.

“Reflecting these challenging conditions, we expect our full year operating profit to be slightly below current analyst expectations.”