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.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

Email(Required)

OptOut

From time to time, we will send you emails about selected products, events and services from Personnel Today - but you can choose to opt-out at any time. If you do not wish to receive these emails, please tick this box.

Name

This field is for validation purposes and should be left unchanged.

Δ

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.”