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.
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.”