Michael Page profits dive in jobs bloodbath

Michael Page International issued its second profit warning in under a year yesterday as a jobs bloodbath in almost all of its markets and industries hit business.

The white-collar recruiter admitted that its offices across the world – apart from in Asia – saw third-quarter revenues shrink compared with a year ago. In the UK, which makes up almost a quarter of Page's business, profit was down 10.9 per cent in the three months to October to £29.5m. Profit in Europe, Middle East and Africa – about 40 per cent of the group – fell 16 per cent to £49m.

All sectors declined. However, profits in finance and accounting were down 17 per cent, thanks to the ongoing banking crisis.