Michael Page, the FTSE 250 recruitment firm, said it had seen a tough first half and expects more of the same in the third quarter.
The company reported a profit of £273.9m for the first half of the year, 0.4% below the same period in 2011.
Profits from the UK and the Americas dragged the company down, falling 9.2% and 16% respectively in the second quarter.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
However, in the Asia Pacific region the firm saw profits rise 12.5% compared to the second quarter of 2011.
In the second quarter Michael Page reported a 7.6% drop in profits from permanent placements, which make up 79% of group, to £109.5m.
Profits from temporary placements dropped 2.7% to £28.5m.
The company was keen to point out second quarter results were against a tough comparator, with the same period of 2011 having been its second highest quarter on record, with a growth rate of 32%.
However, Chief Executive Steve Ingham warned the firm expects a challenging third quarter "as we enter the seasonally quieter summer period in Continental Europe and the UK, against tough comparables and an ongoing backdrop of economic uncertainty".
-
Paying the grandkids’ school fees could generate a shock IHT billPrivate school fees have soared as a result of the government’s VAT policy, meaning more grandparents are helping out – but what are the tax implications?
-
Number of savings deals hits record high – as interest rates slump to two-year lowSavers have more choice than ever when it comes to choosing a savings account or cash ISA. But, the interest rates on offer continue to fall. What’s next for the savings market?
