Page signals good times in City

GOOD times are rolling again in the City, according to recruitment specialist Michael Page International, with chief executive Terry Benson today reporting a significant upturn in activity in recent months.

'Corporate finance activity has picked up and there are more initial public offerings in the pipeline. All this activity needs more people and all the big firms are hiring,' he said.

But the upturn came too late to prevent a 28% drop in group profits last year, to £23.5m, although Benson said that figure was ahead of expectations. Turnover was 2.8% lower at £372.6m and the dividend total is held at 3.4p.

While the UK is improving, Page expects conditions to remain challenging in continental Europe. Group first-quarter revenues should be similar to the fourth quarter's £45.7m.