Michael Page reports on tough trading environment

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.

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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".

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