Staffing company Empresaria has forecasted challenging trading conditions for the final quarter of the year, which will impact its annual results, as reported by .
In a market statement released this morning, the AIM-listed firm stated: "The challenging, industry wide, market conditions that have persisted for the last two years continue to adversely impact the Group with conditions worsening in a number of markets and permanent recruitment demand generally remaining extremely subdued".
The company reported a four per cent year-on-year decrease in net fee income for the third quarter. Although this was an improvement from the first half of the year, when fees were down by nine per cent, the company anticipates further deterioration for the remainder of the year.
READ MORE: {}
"We now expect results in the fourth quarter to be worse than previously forecast with market conditions in Germany particularly challenging," it said. The firm also expects "continued deterioration" in APAC markets, some of which had previously shown resilience.
These challenging conditions are expected to persist through to the first half of 2025. The company's full year adjusted pre-tax profit is now expected to be no less than £2m.
Shares in the company fell nearly 20 per cent when markets opened this morning. "We are confident that the actions we have taken, and are taking, will ensure the Group is well positioned to deliver on our growth potential when the market recovers," the company said.