Michael Page expects ‘another challenging quarter’

Recruitment firm Michael Page today said it expects challenging conditions to continue as it reported a dip in quarterly profits.

The group, which has shed 144 jobs since the start of the year in a bid to reduce costs, reported gross profits of £135.2 million for the three months to 30 June, an increase of 6.6 per cent compared with the first quarter but 2 per cent lower than the same period last year.

Chief executive Steve Ingham described the figures as “robust”, and said the firm’s operations in the US had enjoyed strong year-on-year profit growth of 30 per cent. Profits in the UK, which accounts for almost a quarter of the group’s total, were broadly flat at £31.2m.

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

Michael Page is due to publish its first-half results on 13 August.