LONDON Oct 14 British recruitment group Michael
Page International expects another challenging quarter
ahead and nudged its full-year guidance lower on Monday.
The company said that total gross profit rose 0.4 percent
year on year to 127 million pounds ($202 million) in its third
quarter, with good performances in the United States, Japan,
Mexico and the Middle East.
However, its businesses in Australia, France and Germany
"We expect Q4 to be another challenging quarter, with
difficult conditions likely to continue in some markets, but
with gradual improvements in others," CEO Steve Ingham said.
It expects full-year operating profit to be around 68
million pounds. The consensus for operating profit for this year
was 70.5 million pounds in a Thomson Reuters poll of 16
The recruitment sector has slowed in the past 12 months as a
deteriorating outlook for the global economy and weakness in the
banking sector led to companies delaying hiring and workers
being more cautious about changing jobs.
However, receruiters say that the picture is improving in
Britain. Michael Page said that gross profit rose 5 percent year
on year in its UK business, in line with an upbeat statement
from rival Hays last week, which said that net fees in
Britain rose 8 percent in the quarter with a pick-up in its
Michael Page also said that it had appointed Kelvin Stagg as
acting chief financial officer after Andrew Bracey's surprise
resignation on Friday. Stagg was the group's finance controller
and company secretary.
The company did not comment on the reason for Bracey's
Shares in Michael Page were down 5.4 percent at 0720 GMT,
underperforming the wider market.