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Date: Tuesday 07 Oct 2008

LONDON (ShareCast) - The reluctance of British firms to hire in the face of an ever-worsening economic crisis sent third quarter UK gross profit down 8.3% at recruiter Michael Page.

Group gross profit rose 14.6% to £141.4m, but the country’s second largest recruitment company said profit at its UK business, which accounts for almost a third of profits, fell to at £44.9m. It rose 3.9% during the first half.

The company, which last month rejected a 400p per share bid from Swiss human resources giant Adecco, said market conditions became “increasingly challenging” through the third quarter.

Road and infrastructure support group Mouchel has reported a 20% hike in profit before tax and one-off items and full year underlying revenue growth at the top end of its 10-15% target.

Profit for the year ended 31 July before tax and an exceptional net pension gain of £18.2m in 2007 rose to £38.8m from £32.4m a year earlier on revenue up 46% to £656.7m. Organic revenue grew 14%.

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