Michael Page International released better than expected figures last week, in its first financial statement since the company floated in March.

Shares in Page leapt 5.5% as the company announced pre-tax profits had risen to £38.3m, from £34.6m, for the six months to 30 June. Operating profits at the recruitment giant were slightly down by 1% to £42.1m, in line with what the company had predicted.

Page said lower revenues were the result of weakening demand in its permanent recruitment markets, including the UK, Europe, Asia Pacific and the US. The company was also unsure about what the remainder of the year would have in store.

Michael Page chairman Lord Wakeham said: ‘The uncertain economic outlook in most of the markets and segments in which we operate makes it difficult to forecast business levels into the second half of 2001.’

The news comes as the company continues to receive heavy press coverage about the Financial Services Authority (FSA) investigation into its flotation. The FSA’s investigation is understood to be concentrating on whether Page made accurate projections about its business at the time of its float, and whether it acted quickly enough to inform investors of a change in its commercial circumstances.

Under the UK’s listing rules, companies must take all reasonable care to ensure that any statement or forecast is not misleading, false or deceptive. They must also inform investors without delay of any change in their financial position or performance.

The FSA has limited power to punish companies who break listing rules, although this position is set to change later in the year.

Terry Benson, chief executive of Michael Page, refused to discuss any investigation by the FSA, but did say that he was confident about the contents of the prospectus. Credit Suisse First Boston, advisers on the float, have also declined to comment.