By Jason Theodorou
Recruitment company Michael Page has argued that the UK economy could be emerging from recession, after seeing a significant rise in profits after a strong performance in overseas markets.
Interim results show that a pre-tax profit has risen to £61.4 million in the six months to June 30, an increase from £43.2 million over the same period in 2009. Sales reached £393.5 million, which is a year on year increase of 8%.
Operating profits in the UK surged by 58.5% to £9.6 million, with the biggest gain seen in Asia and America. UK sales grew by 3.6% to £142.8 million, in the six months leading to June 30. All job roles showed an improvement.
At least 71% of gross profit came from outside the UK, with 53% of profit coming from non-finance and accounting roles.
Steve Ingham, chief executive of Michael Page, said: "The increase in permanent jobs does show a level of confidence in the market. For someone to hire a permanent position, it does show they are reasonably confident about the outlook”.
"It is the nature of our business that visibility is short and the general level of business confidence and economic activity may be threatened by fiscal consolidation in the UK and Europe, however we remain quick to react to changing market conditions."
Mr Ingham said that the UK market was robust despite the pressures of overseas competition.