Headhunter Michael Page tops target

HEADHUNTER Michael Page expects to beat a profits target for the first time since relisting two years ago, a lift that may finally signal a revival for the City jobs market.

The shares, a bellwether for the Square Mile's fortunes, rose 7 1/2p to a 16-month high of 171 1/2p after it set its sights above analysts' annual pre-tax profit forecasts of £20.6m.

Revenue across the business in the third quarter to 30 September matched the £45m seen in the previous three months, despite tough trading. Chief executive Terry Benson said he was wary of a pre-Christmas market downturn, but added: 'Our businesses in the UK, Asia-Pacific and the Americas have performed well in recent weeks.'

Paul Jones, sector analyst at Numis Securities, said: 'Since the relisting, it's been a catalogue of disappointment. Make no mistake, this is not the rubber-stamping of a full recovery but there is light at the end of the tunnel.'