The recruitment industry is continuing its recent revival after two leading companies revealed positive financial outlooks.

Recruitment firm Michael Page posted a 24.3% rise in first-quarter revenue to £59.8m.

Further good news came with a report from the NTC Research/ Deloitte permanent placement index.

The index, which measured recruitment consultancies’ staff placements, saw an increase in March to 55 from a near two-year low of 54.5 in February.

NTC said permanent staff pay growth accelerated last month, with the permanent salary sub-index rising to 58.7 from 57.9.

“The scarcity of suitable candidates, due to the tight labour market and ongoing skill shortages, contributed to a further round of sharp pay inflation,” the report said.