Michael Page first-half profits up 22 pct
Michael Page, the staffing group that has rejected a bid approach from Swiss rival Adecco, reported a 22 percent increase in first-half pretax profit on Monday despite weakening trading conditions in some markets.
First Great Western to invest £29 mln in service improvementsThe group, which has 166 offices in 28 countries and generates nearly 70 percent of gross profit outside the UK, said the performance reflected its strategy of diversifying, both geographically and by discipline.
Chief Executive Steve Ingham said an increasingly difficult economic environment in some markets had been balanced by others that remained strong.
"We remain very optimistic about the growth prospects for Michael Page," he said.
Michael Page, which specialises in the professional staffing market, said revenues increased by 26 percent during the period to 500 million pounds.
The group said growth rates had slowed as conditions in some of its markets deteriorated during the first half.
On Friday, Michael Page rejected an offer of 400 pence per share or 1.3 billion pounds from Adecco, the world's biggest staffing agency.
Adecco on Monday reiterated its preference for a friendly takeover of the group but said it was keeping all options open, thereby not ruling out the possibility of a hostile offer.
Michael Page is paying an interim dividend of 2.88 pence, up 20 percent.
(Reporting by Matthew Scuffham; Editing by Quentin Bryar, Paul Bolding)
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