Pagegroup hit by Australian mining slump
PAGEGROUP yesterday flagged more “challenging market conditions” after eurozone uncertainty and a downturn in Australia’s mining industry hit half-year profit.
The white collar recruiter cut 144 jobs from its 5,000-strong workforce as it posted an 11.9 per cent drop in operating profit to £32.1million on revenue down 0.9 per cent at £503.2million.
A downturn in the mining and commodities sector dented profits from Australia by 20 per cent.
Page’s North American businesses, particularly in the US, performed “extremely well” as profits grew 23 per cent. UK profits rose 11.2 per cent.
Chief executive Steve Ingham noted “signs of improvement” during the second quarter and said Page remains on course to meet annual operating profit forecasts.