UK banks hold back Michael Page

Parts of the banking sector held back accounting recruiter Michael Page in
the UK in the fourth quarter of 2007, while global profits surged ahead, the
group said today.

Profits soared by 37% worldwide for the full year, the group said, but UK
growth lagged behind other parts of the world.

Full year gross profits were £478.1m, an increase of 37.1% on the previous
year, but UK earnings growth for the year was just 19.4%. In the fourth quarter,
global profits grew by 37.6%, while UK profits grew by 15.6%.

‘During the fourth quarter, save for some weakness in specific banking
sectors, the UK business continued to experience good levels of activity across
all other disciplines and industry sectors,’ the group said in a statement.

Further Reading:

Michael Page’s fourth quarter statement

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