Page profit hit by City cutbacks

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.