Michael Page, UK's second-biggest recruitment agency has registered a 49 per cent fall in profits to £43.2 million for the first six-month of the current year.

Michael Page's revenue plunged 27 per cent to settle at £364.7 million.

Michael Page showed a profit worth £43.2 million for the first half of 2009, down from £84.1 million for the same period in 2008.

The agency has trimmed down its workforce by 26 per cent to 1,220 in the England.

However, Michael Page is sure enough that Britain's economy has started showing signs of stabilization.

In England alone profits slipped to £6.1 million as compared with £28.4 million a year earlier.

However, Michael Page kept its interim dividend at 2.8p. Shares of the agency closed at 329.5p, up 9.3p.