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Recruiter Michael Page warns of tough market in China, Hong Kong

A backdrop is seen at a career fair in London September 11, 2013. REUTERS/Luke MacGregor

By Li-mei Hoang

LONDON (Reuters) - British staff recruitment firm Michael Page (MPI.L) warned trading conditions had worsened in China and Hong Kong as multinational clients held back hiring decisions in the first two months of its financial year.

The company, which mainly finds candidates to fill permanent positions, said on Thursday trading so far in the first quarter had followed a similar pattern to its fourth quarter but China had worsened particularly in Hong Kong and Shanghai.

Slower economic growth in China and financial market uncertainty had impacted companies' hiring decisions, Chief Executive Steve Ingham said, particularly in big cities where the bulk of the company's multinational clients are based.

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In the first two months of the year, profit in China was down by "small single digit" compared with the same time last year, Ingham told Reuters.

Ingham said multinational clients held back hiring decisions as they were concerned about slowing growth in China, but demand from local companies in cities such as Beijing, Guangzhou and Suzhou was still strong.

The company posted a 15 percent rise in full-year profit of 91 million pounds ($129 million), in line with expectations, which was helped by strong performances in Britain, China and the United States.

China, which includes Hong Kong, posted growth of 11 percent for the full year ended Dec. 31, down from 22 percent in 2014.

Michael Page shares were down around 1 percent at 392.6 pence at 0843 GMT.

The company said foreign exchange headwinds continued to impact its results, with gross profit reduced by 26 million pounds and operating profit by 4 million pounds.

($1 = 0.7047 pounds)

(Editing by Alexander Smith and Susan Thomas)