Recruiter Michael Page sees profit soar by a third

City A.M. Reporter
White collar recruiter Michael Page said third quarter profit rose more than a third, boosted mainly by the Americas and Asia, and that temporary job placements had grown for the first time this year.

Michael Page, which places people in jobs in finance, accounting and consultancy, said group gross profit for the third quarter was up 37 percent to £112.7m against the same period last year.

Gross profit in its Asia Pacific business, which represents 18 per cent of the firm, was up 88 percent to £20.3M on last year.

The company said that while permanent job placements mainly supported the profit increase, it had also seen a year-on-year growth in temporary recruitment for the first time this year.

Chief Executive Steve Ingham said the results reflected the company's growth into overseas markets but there remained uncertainty over markets and the health of the economy.

"It is the nature of our business that visibility is short and there remains uncertainty over future levels of business confidence and economic activity," he said in a statement.