Michael Page warns outlook uncertain Michael Page International, the recruitment agency, on Wednesday said that growth in Asia Pacific and Latin America should continue to support it in spite of hiring freezes at investment banks and fresh volatility in financial markets. However, the UK-headquartered group's shares fell steeply in early morning trading as analysts fretted about the outlook for the global economy. Michael Page reported gross profit of £136m for the first quarter of 2012, up 7 per cent year-on-year. Steve Ingham, chief executive, said this represented a partial stabilisation of the slowdown in profit growth the group had endured in the second half of 2011 as the eurozone crisis unfolded. "The first quarter of this year has seen some stability come back into the market," he said. Mr Ingham said Michael Page would be hit if yesterday's stock market jitters continued for a period of weeks or months and therefore damaged companies" willingness to hire. However, he said the feedback he was getting back from his managers in Asia Pacific and Latin America remained upbeat. Our instinct is that at the moment it [the outlook for Michael Page globally] is not too bad. It doesn't seem to be getting worse. It seems to be steadily improving. In the first quarter the UK remained weak, with gross profit falling 4 per cent. This was offset by growth in Asia Pacific, Latin America, Germany and France. Investment bank hiring freezes meant that Michael Page's banking arm suffered a 12 per cent decline in first-quarter gross profit. Henry Carver, an analyst at Peel Hunt, said the first-quarter trading update was largely in line with expectations but recommended that investors take profits because of economic uncertainty. Analysts at Panmure Gordon, another broker, also recommended selling the shares, saying: "Visibility remains limited and macro pressure suggests to us little prospect for market improvements in 2012." Shares in Michael Page fell 5.9 per cent to 427p in early morning trading in London on Wednesday. In early 2012 they had strengthened from a low of 313.1p in December 2011 before losing some of their gains in March.