Michael Page reports 49% plunge in H1 profits

Britain's second-largest recruitment consultancy Michael Page International has reported a monstrous 49 percent plunge in profits for the first half of the year, indicating that a devastating year for the company is far from over!

Citing poor market conditions during the six months to June 30, Michael Page said that its profits for the 2009 first half fell to £43.2 million, as against the 2008 first-half profit figures of £84.1 million. In the UK alone, profits fell dramatically - to £6.1 million from £28.4 million!

In apparently its worst figures reported during Michael Page's eight-year-existence period, the recruiter's revenue during the first six months of the year tumbled by 27 per cent to £364.7 million.

Over the last year, Michael Page has slashed its workforce by almost one-third to 3,700; with the UK layoffs affecting 420 employees or 26 percent of the headcount, which now stands at 1,220. The company said the downturn affected its business in the UK, and across Europe, Middle East, and Africa.

Saying that the worst appears to be over, Michael page CEO, Steve Ingham, remarked: "The rate of decline in the UK and the Asia-Pacific region has slowed. We remain confident that, with our strong balance sheet, leading brand and experienced management team, we can continue to gain market share and be well positioned for growth when economic conditions improve."