Page gross profit up, conditions challenging

Michael Page International PLC said third-quarter gross profit rose 14.6% to GBP141.4 million (US$257.0 million), or 3.9% in constant currency. But the London-based professional staffing firm said market conditions are becoming more challenging.

Michael Page's gross profit for its United Kingdom operations fell. And its North American business declined 7%, although the company includes North America in its overall Americas segment. Michael Page's total Americas gross profit rose 34.9% to GBP14.3 million (US$26.0 million).

"Market conditions through the third quarter became increasingly challenging," said Chief Executive Steve Ingham. "The unprecedented turmoil in the financial sector during September has eroded confidence in the wider economy. This has reduced activity levels and increased the cautionary candidate and client behavior we started to encounter in the first half of 2008."

Ingham said the company cut its headcount in several areas, including the U.K. and North America.

In August, Michael Page rejected an overture to buy the company from Adecco SA.

Randstad taking settlement to court

Randstad Holding NV said Monday it and the Dutch Shareholders Association have submitted a petition with a Dutch court for a settlement with former shareholders of Vedior. The euro4.5 million (US$6.15 million) settlement will go to former Vedior shareholders who sold their shares between 9 a.m. and 11:34 a.m. on Nov. 30, 2007. Shares in Vedior surged that day prior to the announcement that Randstad was in talks to buy Vedior, and prompted Dutch authorities to temporarily halt their trading.

Randstad ultimately acquired Vedior in May. Randstad ranked as the third-largest staffing firm in the world prior to the acquisition, Vedior ranked No. 4.

Office openings

Stephen James Associates, part of the Allegis Group, opened a new office in Palm Beach Gardens FL to serve Palm Beach and Martin counties in Florida. Stephen James is a professional recruiting firm specializing in accounting and finance, banking, human resources and sales and marketing positions.

Southern Home Medical Equipment Inc. (OTCBB: SHOM.OB) said it struck a deal with Effective Staffing Solutions LLC to develop a market for its Encore Medical Staffing division in Anderson SC.

Contact:

Max De Paola
Michael Page International
203.905.5253