Professional recruitment company Michael Page has reported a healthy set of financial results for the year to December 31, with pre-tax profits nearly doubled.

The firm, which floated in 2001, saw pre-tax profit increase to £40m, while turnover rose to £433.7m from £372.6m.

Chief executive Terry Benson said: “The investments in our businesses over the course of the economic cycle positioned us well to take advantage of the better conditions that prevailed during 2004, resulting in substantial increases in revenue, profits and dividends.

“The short term outlook is encouraging. Market conditions in the UK, Asia Pacific and the Americas are favourable and in Continental Europe market conditions are improving, although they remain uncertain.”

The company’s shares fell 5.5p to 189.25p yesterday.