Global recruiter Michael Page International expects ‘modest growth’ as the group has recorded increased revenues in its unaudited half-year results for the period ended 30 June 2011.

The group’s results reveal:

*Constant Exchange Rates      † Non-recurring items (related to VAT refund of £17.1m and related interest of £11.3m, both net of fees)

Michael Page chief executive, Steve Ingham, says: “We delivered a strong performance in the first half of 2011 with gross profit up 31% to £275.1m. Operating profit before non-recurring items grew by 40% to £45.4m as we continue to make significant investments for the longer-term growth and prosperity of the group.

“In the first six months, our banking business grew strongly. However, following the recently announced hiring freezes in the last few weeks, gross profit growth in this sector, which accounts for roughly 10% of group gross profit, has slowed. With the exception of banking, trading in July has been broadly consistent with recent trends.

“While the recent turbulence in the financial markets has added an additional element of uncertainty, we expect market conditions in the UK to remain challenging, but anticipate that our UK business will maintain modest growth and continue to gain marketshare. In Europe, we expect to continue our progress and our outlook for Asia and Latin America remains strong.

“We remain mindful of the macroeconomic risks and uncertainties, however, we are continuing to invest significantly in developing our faster growing markets, as well as exploring opportunities for new openings.”