British recruitment firm Michael Page said on Tuesday it expected full-year operating profit to be lower than forecast, as it invests in new staff to try to significantly boost its business in 2015.

Shares in the company fell to an 18-month low of 360 pence earlier in the day. They were down 10.6 percent at 372 pence by 0935 GMT, the biggest loser on the FTSE 250 index as the market reacted with disappointment to the statement.

Chief Executive Steve Ingham told Reuters that he expected operating profit to be around 3-4 percent lower than analyst expectations of 82 million pounds ($131.63 million) due to a staff increase in its key markets of China, Germany, Latin America, the United States and South East Asia.

"We added 210 fee earners in the third quarter, that is three times the number of fee earners that we added in the second quarter, and as a result of that investment we have modestly reduced our expectations for the year in terms of operating profit," he said.

Citi analysts, who have a "neutral" rating on Michael Page stock, said they cut their forecasts on the company's full year operating profit to 78 million pounds from 82 million, "largely due to higher staff costs and FX headwinds".

The downbeat statement from Michael Page contrast with a more upbeat announcement from rival Hays last week. Hays said it had placed more than 20 percent more permanent staff in Britain in the last quarter than the year before, the fastest growth for eight years.

Michael Page was also cautious about the outlook on the "fragile" confidence in Europe, Middle East and Africa and slowing growth rates in Asia despite both regions reporting underlying growth rates of just over 11 percent in the third quarter.

"At the moment, in the business we are not feeling anything," said Ingham. "Our growth has improved in Q3 from Q2 and we are very carefully watching the leading key performance indicators in our business which are job flow, candidate flow and the number of interviews that we are getting with those jobs," he added.

Britain, which represents 27 percent of gross profits, saw a 13.7 percent rise, whilst the Americas rose by 9.6 percent to 20 million pounds despite seeing continued weakness in Brazil.

Overall, the group posted an 11.6 percent rise in third quarter profits, on a like for like basis, to 132.9 million pounds but the strength of sterling lowered the overall figure by 7 percent.