Revenue at professional recruiter Michael Page International was up 0.1% in the first half of 2012 compared with the same period in 2011, while gross profit fell, albeit by just 0.5%.

Revenues, reaching £502.6m, actually represented a healthier growth of 2.6% when expressed at constant currency. Under the same constant exchange rates method, the downturn in gross profit equated to 2.2% growth.

Operating profits and profit before tax both dropped significantly, by 38% and 37.9% respectively, with both standing at £28.2m.

Chief executive Steve Ingham says: “It is a clear priority that we continue to manage the cost base to reflect market conditions, while investing to create a platform for greater growth when markets improve. We believe strongly that we have the balance right.  The business remains profitable throughout all our major markets, apart from new start-ups.”

He also points to the group’s continued overseas expansion, with offices in Bogota, Colombia; Cape Town, South Africa; Casablanca, Morocco; Rio de Janeiro, Brazil; Taipei, Taiwan and Suzhou, China opened in the period.