19 August 2008 | Paul Snell
Global recruitment firm Michael Page International has registered record profits, thanks in part to the strong performance of its procurement and supply chain division.
In interim results for the first half of the year the company recorded a gross profit of £292.7 million and an operating profit of £84.9 million - up 22 per cent compared with the same period in 2007.
Steve Ingham, chief executive, said the difficult economic conditions in some markets, such as financial services, were balanced by the recruiter's actions in other sectors.
He told an investor conference: "We've seen strong growth in the other 50 per cent [of our UK business], shown best of all by engineering and manufacturing, supply chain and procurement and property and construction, which in the UK has grown at 39 per cent."
Gross profit in this division was £41.78 million in the first six months of 2008, compared with £25.22 million the year before.
The launch of procurement and supply chain recruitment in North America last year also gave the firm a boost, with operating profit up just over 50 per cent compared with 2007.
Last Friday Michael Page rejected a takeover bid of 400 pence per share from rival recruiter Adecco, describing the bid as "unattractive" and the company as "undervalued".