An interim management statement from recruiter Michale Page has seen gross profit rates fall to 26.5% in Q3 2011.

A trading statement says: “As markets weaken and become more unpredictable, our short-term visibility reduces, particularly in respect of permanent placements.

“We now anticipate that our full-year pre-tax profits for 2011 will be marginally below the bottom end of the current range of analyst forecasts (£86.5m to £114.2m).”