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| Michael Page shares hit after warning on profits | Michael Page shares hit after warning on profits |
| (about 11 hours later) | |
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| Recruitment firm Michael Page International has said lower confidence in the jobs market means it will miss analysts' profit forecasts this year. | Recruitment firm Michael Page International has said lower confidence in the jobs market means it will miss analysts' profit forecasts this year. |
| Shares in the firm opened down 13% but recovered, closing down 5.2%. | Shares in the firm opened down 13% but recovered, closing down 5.2%. |
| The firm said increased uncertainty was affecting most areas of the business and slowing profit growth. | The firm said increased uncertainty was affecting most areas of the business and slowing profit growth. |
| As a result, the firm said profits for 2011 would be "marginally below" the bottom end of market forecasts of between £86.5m to £114.2m. | As a result, the firm said profits for 2011 would be "marginally below" the bottom end of market forecasts of between £86.5m to £114.2m. |
| "Since our statement in October, markets have continued to weaken as the eurozone crisis and the lowering of GDP forecasts worldwide have reduced client and customer confidence," the firm said. | "Since our statement in October, markets have continued to weaken as the eurozone crisis and the lowering of GDP forecasts worldwide have reduced client and customer confidence," the firm said. |
| Profits for the first six months of the year were £45.5m, down 26% on a year earlier. | Profits for the first six months of the year were £45.5m, down 26% on a year earlier. |
| In August, the firm warned that job losses in the banking sector, which accounts for about 10% of its business, were affecting profits. | In August, the firm warned that job losses in the banking sector, which accounts for about 10% of its business, were affecting profits. |