Page looks abroad to halt profits dip

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The Independent Online

The recruitment specialist Michael Page is pinning its hopes on emerging markets growth after a fall in profits.

Michael Page has opened offices in Cape Town and in Rio de Janeiro to complement previous openings in Taipei, Suzhou, Bogota and Casablanca. The group now has 16 offices in Asia and 20 in Latin America, producing 21 per cent of its profits.

Overall, the company's pre-tax profits fell 33.8 per cent to £57m last year, with revenues in its European business falling 4.3 per cent to £403.2m.

Steve Ingham, chief executive, said: "It is our clear priority that we continue to manage the cost base to reflect market conditions and, at the same time, invest to create a platform for greater growth when markets improve. Although we anticipate another challenging year in 2013, we expect to see improvement in some markets as the year progresses."

The shares rose 11.5p to 448.9p.