City File: Michael Page

IF THE recession really is over, employment agencies will be among the first to benefit. They lead the economic cycle, because new companies tend to be wary of taking on full-time staff and start by employing temps.

Michele Delmain at BZW is aware of the phenomenon. She has just increased her estimate for this year's profits at Michael Page, the financial, accounting and marketing recruitment specialists, by 10 per cent to pounds 2.5m, and next year's by 20 per cent to pounds 3m. At 41 1/2 p, the shares have a great deal of upside.