Page profit hit by City cutbacks

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The Independent Online

The banking sector is still axing staff rather than hiring them, and that is hitting recruiter Michael Page.

It said profit fell 38 per cent to £28m in the six months to July – traditionally its better part of the year.

Over the last half year in the UK, Page's fees revenues fell 10 per cent to £146m, and gross profit slipped 6.5 per cent to £61.7m.

But the recruitment sector was not entirely gloomy, as Harvey Nash, the IT job-filler said it expects to post a 6 per cent rise in gross profit to about £41m in the six months to August.