Global recruitment company Michael Page has reported a 45% reduction in Q2 profits.

Recruitment firm Michael Page International has announced its Q2 and first half of 2009 financial results, which reveal gross profits down 45% and employee numbers down 429 people (10%).

The professional services recruitment firm operates in 28 countries. Its biggest market is in Europe, Middle East and Africa representing 44% of company profit, followed by the UK (36%), Asia Pacific (11%), and the Americas (9%).

In the UK, gross profit fell 42% in the second quarter with its marketing, sales and retail sector services falling 51%. Company headcount within the country was reduced by 158 people, while the company globally lost 1,830 people over the whole year – more than a third of its employees.

Steve Ingham, Michael Page’s Chief Executive, said: “While market conditions generally continued to weaken during the second quarter, the rate of decline in the UK, our largest country, has slowed and gross profit in the second quarter was at a level similar to that of the first quarter.

“We anticipate a challenging third quarter as we enter into the seasonally quieter summer period, both in Continental Europe, which was later into the downturn, and in the UK.”

The reduction in headcount has enabled the company to remain profitable in the first half of the year, and is confident that it will continue to gain market share in the future.

Listed by the Sunday Times newspaper as one of the best companies to work for, and as the number one executive recruitment firm in New York, its current share price stands at 235.00p.