RECRUITMENT firm Michael Page International said UK profits were marginally lower after a downturn in banking-related sectors.
The group generates a third of its business from the UK, where half-year operating profits decreased by 0.7% to £28.4 million. Outside of banking the company said it continued to experience strong levels of activity, although it noted a greater degree of caution among clients and job candidates.
Michael Page said moves to diversify the business meant it was better placed than in the previous economic downturns of the early 1990s and 2000s. This was highlighted by strong growth in Asia Pacific, helping the group report total operating profits up 22% to £84.9 million in the six months to June 30.
The company is currently the subject of £1.3 billion takeover interest from bigger European rival Adecco, which said today it was considering its options after the rejection of an earlier proposal by Michael Page.