Michael Page recruits 42% rise in profits
Recruitment firm Michael Page signalled the boom times are back in the City as banks are fighting each other to land top talent.
Kick-start: Michael Page says recruitment is back on track at UK banks
The London-based jobs agency said a boom in the number of takeovers and mergers had kick-started recruitment at the country's leading banks.
Chief executive Steve Ingham added that this had caused salaries in some sectors to rise by 5%.
'When you get a whole load of people hiring in the same part of the City there is a fight for the best people,' he said.
'Naturally, as you come out of a downturn, there are people frustrated with where they ended up and we are starting to see churn, which is creating vacancies.'
The firm, which has benefited from diversifying overseas, posted a 42% rise in half-year pre-tax profits to £61.4m, on sales of £393.5m.
Page makes 70% of its earnings abroad, reporting strong performance in Brazil, Mexico and Argentina.
It maintained its dividend at 2.88p a share but the stock fell 4p to 369p after Ingham warned the emergency Budget may threaten future business.
The shares are still well below the 400p bid from rival Adecco in 2008 that it dismissed as 'materially undervaluing the company'.
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