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Date: Tuesday 07 Oct 2008

LONDON (ShareCast) - Michael Page saw third quarter profit rise 14.6% to £141.4m, but the recruitment firm warned it will axe more staff during the final quarter of the year if market conditions continue to deteriorate.

The group, which last month rejected a bid from Swiss Human Resources giant Adecco, said gross profit fell 8% in the UK, but improved by 19% and 35% in Asia-Pacific and the Americas respectively. At constant rates of exchange, group gross profit was up just 3.9%.

“Market conditions through the third quarter became increasingly challenging,” admitted chief executive Steve Ingham. ”The unprecedented turmoil in the financial sector during September has eroded confidence in the wider economy.”

“This has reduced activity levels and increased the cautionary candidate and client behaviour we started to encounter in the first half of 2008, further reducing our visibility. As anticipated, our businesses have reacted quickly by reducing headcount through natural attrition where activity levels are slowing, such as the UK and North America.”

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