Lunchtime Links: Michael Page's results don't paint a pretty picture for the UK or financial recruitment

Michael Page's first half results have been keenly anticipated, with the UK's second largest recruiter generally considered a good barometer of the market. On the face of it, the firm didn't disappoint - profits are up 42% year on year and it's added 310 staff to June 2010.

Unfortunately, from a City point of view, most of this growth was both a) outside of the UK and b) within sectors aside from finance and accounting.

"We are benefiting from our investment in diversifying the group internationally, with over 70% of our gross profit in the first half derived from areas outside of the UK and more than 50% of our gross profit generated from non-finance and accounting disciplines," said Steve Ingham, chief executive of Michael Page.

Revenues within its finance and accounting division have risen just 2% compared to the first half of last year, while other areas of the business have seen digit growth. In the UK, revenues are up just 4% year-on-year and headcount has remained broadly flat, after the recruiter pared back job numbers in 2009.

Instead, this year Michael Page has been expanding internationally, with the launch of new ventures in Hong Kong, Mexico, Russia, Singapore and the US. Ingham says the prospects for long-term growth are strong in developing recruitment markets, such as Asia and Latin America.

"We are particularly optimistic about the opportunities available to us in these regions, where we will continue to invest in additional headcount," he said.

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And is also paying generous bonuses (Telegraph)