Michael Page says confidence worsening across all sectors
Insurance and financial services recruitment firm Michael Page International has warned that turmoil in the financial sector had cut jobs more rapidly than expected and its fourth quarter profits would be worse than expected..
“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,” the company said.
“With weak market conditions and slowing activity, the Group's cost base and headcount continue to be managed down. Year end headcount is now likely to be around 5,100. The Group now estimates that its full year profits before tax will be around the bottom of the range of current analyst forecasts (Source: Bloomberg £136m) for 2008.”
The Group will issue its fourth quarter and 2008 full year trading update on 8 January 2009.
