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4 Dec 2008 07:00
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4Β December 2008
2008 TRADING UPDATE
Michael Page International plc, the specialistΒ recruitment consultancy, reported at the beginning of October that market conditions had become increasingly challenging asΒ theΒ turmoil in the financial sectorΒ hadΒ eroded confidence more generallyΒ in the widerΒ economy.
This loss of confidence is now more marked and has spread rapidly in November to virtually every industry sector and geographic market in which the Group operates. Consequently, the cautionary behaviour of clients and candidates has increased further, significantly reducing activity levels and shortening the Group's earnings visibility.
With weak market conditions andΒ slowing activity,Β theΒ Group'sΒ cost base and headcount continue to be managed down.Β Year end headcount is now likely to beΒ around 5,100.Β The Group now estimates that its full yearΒ profits before taxΒ will beΒ aroundΒ theΒ bottom of the rangeΒ of currentΒ analystΒ forecastsΒ (Source: Bloomberg Β£136m)Β for 2008.
The Group will issue its fourth quarter and 2008 full year trading update on 8 January 2009.
Β
Financial Dynamics Richard Mountain 0207 269 7186
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