Revenue fell 26% to £716.7m from £972.8m, down 32% in constant currency terms.

Gross profit was down 36% at £351.7m, compared to £552.7m in 2008. Diluted earnings per share were 3.8p, down 87% from 29.9p.

The group said headcount at end-December 2009 was 3,549, down by 1,394 since the start of the year, largely through natural attrition.

The company had a strong balance sheet with net cash of £137.2m at period end (2008: £94.3m).

Michael Page said in general, market conditions have stabilised, with some geographies showing signs of improvement.

Steve Ingham, CEO, said: '2009 was an extreme test of the Group's strategy and I am delighted that the business responded well to the challenge. We maintained our market presence across our network of offices, disciplines and countries, invested modestly in new businesses and maintained our track record of being profitable in every quarter.

'We are encouraged by the 10% sequential growth in Group gross profits we recorded in the fourth quarter of 2009, with three of our four regions recording quarter on quarter improvement. We are now seeing a recovery in several markets and geographies and whilst the strength of this recovery is uncertain, we believe that, with a strong balance sheet position and spare capacity in the business, we are well positioned to improve significantly our performance in 2010.'

Story provided by Business Financial Newswire