Michael Page H1 profits underpinned by growth in the Americas, Asia Pacific

(Sharecast News) - Recruiter Michael Page reaffirmed its full-year guidance on Thursday as it posted a rise in first-half pre-tax profit amid continued growth in the Americas and Asia Pacific. In the six months to the end of June, pre-tax profit surged to £6.5m from £0.2m in the same period a year earlier, while revenue nudged up 0.1% to £799.5m. Operating profit rose to £9.7m from £2.1m.

The company, formerly PageGroup, highlighted ongoing challenging market conditions in the core business. However, it pointed to continued good growth in Asia Pacific and the Americas, as well as a return to growth in Southern Europe in the second quarter.

Michael Page said it continues to expects full-year operating profit in line with company-compiled consensus of around £28m.

Chief executive Nicholas Kirk said: "The group delivered a resilient performance in H1 despite ongoing challenging market conditions.

"Whilst we have seen improvement and signs of a normalisation in trading in a number of our markets, there remains a high degree of uncertainty in the outlook for the rest of the year. We have a highly diversified and adaptable business model, a strong balance sheet and a cost base that is under continuous review."

At 1028 BST, the shares were down 2.6% at 182.90p.

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