Shares in Michael Page were down on the FTSE 250 in morning trading despite the recruitment firm reporting a rise in revenue and pre-tax profit in the full year ended 31 December 2010.
Group revenue increased 16.1 per cent in the period to £832.3 million, while pre-tax profit before non-recurring items rose 242.7 per cent to £72.2 million. After non-recurring items pre-tax profit jumped 377.8 per cent to £100.7 million.
The group said that it would be raising its total dividend 12.5 per cent to 9.0 pence per share.
During the year Michael Page said it had repurchased £76.8 million worth of shares but added that it still had net cash of £80.5 million, down from £137.2 million at the end of the previous year.
Steve Ingham, Chief Executive of Michael Page, said, "The Group was well positioned to benefit from the economic recovery during 2010 and our profitability has improved significantly. We have maintained a strong balance sheet and, while increasing the returns to shareholders, we have also continued to take a long-term approach by making significant investments in the future of the business, opening in Chile, India, Malaysia and Qatar.
"Since the start of 2011 we have seen strong growth in our EMEA region, Australia and North America and steady growth in our UK business where market conditions remain tough but stable. We continue to achieve our highest rates of growth in our Asian and Latin American regions where we have market leading positions.
"We are well positioned to continue our growth in 2011 and to pursue opportunities to invest in the development of our business over the long-term."
By 09:10 shares in Michael Page were down 0.84 per cent on the FTSE 250 to 531.00 pence per share.