Michael Page profits drop by half as firms cut back on recruitment

Profits at recruitment firm Michael Page have dropped by half after companies have cut back on hiring during the recession.

The firm’s pre-tax profit fell to £43.2m in the first six months of the year, down 49% from a year ago, the BBC has reported. It said it had lowered its headcount by one-third to 3,702 employees in June.

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Revenue at the international firm fell 33% to £364.7m.

In a statement, the firm said: “Market conditions remain weak and we are experiencing similar behaviour from our clients, candidates and competitors as we witnessed in previous economic slowdowns.”