Michael Page International - one of the UK's largest recruitment consultants and one of the leading recruiters for the accountancy profession - has issued a stark warning ahead of the release of annual results.

Profits for the recruiter are expected to fall for the first time in five years, according to timesonline.co.uk

Pre-tax profits for this year are expected to be £136m - the equivalent of an 8% loss on last years figures.

Michael Page also confirmed plans to cut staff numbers quicker than originally planned. In October, the company said it would reduce staff numbers to 5,452, however, it said the final headcount for the year-end would total 5,100.

Further Reading:

HMRC cuts 3400 jobs, close 90 tax, VAT offices

BDO Stoy Hayward to cut 250 jobs