Profits are down almost 50% at recruitment firm Michael Page as the number of job vacancies shrinks.

Job firm Michael Page International has announced its profits almost halved in the six months to 30 June 2009, due to a fall in corporate recruitment drives.

In the company’s half-year results published today (17 August), Michael Page reported a pre-tax profit of £43.2 million, down 49% from the same period last year.

Overall revenue fell by 33% to £364.7m and earnings per share fell from 18p to 8.7p.

The recruitment market has faced harsh times since the beginning of the recession with companies cutting back on hiring. The number of job vacancies in the UK recently dropped to 427,000, the lowest it has been since comparable figures began in 2001.

The firm said: “Market conditions remain weak and we are experiencing similar behaviour from our clients, candidates and competitors as we witnessed in previous economic slowdowns.

“Likewise, permanent recruitment is being impacted more than temporary placements, but is expected to recover faster when economic conditions improve.”

As part of cost-cutting measures at the firm, Michael Page has already reduced its headcount by 1,242.

Steve Ingham, Chief Executive of Michael Page, said: “We anticipate a challenging third quarter as we enter into the seasonally quieter summer period, both in Continental Europe, which was later into downturn, and in the UK.”