PageGroup has disclosed a substantial drop in half-year profits as recruitment firms wrestle with a jobs market downturn and global trade uncertainties.
Gross profit tumbled 12.3 per cent to £389.3m year-on-year on a reported basis, with the 海角视频 experiencing a particularly sharp 13.4 per cent fall, as reported by .
British companies have been contending with tax increases and global instability sparked by US tariffs, creating some of the toughest employment market conditions since the pandemic.
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PageGroup highlighted that turning accepted job offers into successful, long-term appointments remained the most difficult challenge amid broader macro-economic volatility.
Temporary recruitment dropped 9.5 per cent during the six months ending June 30, whilst permanent placements saw a steeper 13.4 per cent decline.
Despite these obstacles, the London-listed recruitment firm maintained its expectation that full-year operating profit would align with current projections of approximately £22m.
The company's shares have dropped just over 20 per cent year-to-date but climbed slightly over one per cent in early Thursday trading.
"We delivered a resilient performance despite ongoing market and tariff related uncertainty, with mixed results across the group," declared Nicholas Kirk, Chief Executive Officer at PageGroup.
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Kirk observed a "slight deterioration in activity levels and trading in Europe," with France and Germany particularly affected.
Gross profit across Europe, Middle East and Africa plummeted 17.1 per cent overall to £102.9m as market conditions deteriorated. Kirk noted that permanent recruitment "continued to be impacted more than temporary, as clients sought flexible options and permanent candidates remained reluctant to move jobs."
Although fee rates have stayed elevated, PageGroup highlighted that client budgets have become more constrained whilst they have grown increasingly wary of risk.
"Despite the uncertain outlook due to the unpredictable economic environment, we have a highly diversified and adaptable business model, a strong balance sheet and our cost base is under continuous review," Kirk said.