Page sees upturn in City jobs

SIGNS of a slight recovery in the struggling City jobs market emerged today as recruitment firm Michael Page reported that its revenues were beginning to improve.

The group, whose shares have climbed 89% in the past five months on suggestions of an upturn, said the end to the second quarter had been 'slightly better than anticipated'.

Revenue from its temporary and permanent work placements in the three months to the end of June were 5% ahead of the previous three months. First-half revenue was £87.8m, down from £100.9m a year ago.

Chief executive Terry Benson called the performance 'encouraging' but stopped short of saying the worst was over. He added that he was still 'cautious' about the coming months.

'We are continuing to manage the business on the basis that market conditions will remain challenging but stable for the remainder of this year,' he said.

First-half pre-tax profits came in at £11.6m, 36% below the £18m seen last year but still ahead of the gloomier forecasts in the Square Mile.

Revenue in the finance and accounting sector in the UK was down 19% while marketing and sales suffered a 14% decline. The interim dividend is unchanged at 1.1p.