PageGroup, a recruitment firm, has reported a 12.8% decrease in gross profit in the first quarter of the year. The company also reduced its fee-earner workforce by 1.7% over the same period. Job flow has seen a slight deterioration, with job seekers being more cautious and firms delaying recruitment decisions due to economic uncertainty. In the UK, gross profit declined by 19.2%.
The group reported gross profit down 12.8 per cent in the first three months of the year, with March recording an 18 per cent slide, which comes after a fall of 8.9 per cent in the fourth quarter of 2023. PageGroup said it reduced its fee-earner workforce by another 1.7 per cent, or 100 roles, over the first quarter. The firm said it now intends to hold its fee earner headcount “broadly at existing levels”, having trimmed the workforce by more than 1,000 last year.
“Conversion of final interviews to accepted offers is still the most significant challenge, as candidate and client sentiment remains subdued reflecting the general macro-economic uncertainty in most of our markets.” PageGroup said permanent recruitment continues to be more affected than temporary across all of its markets – down 15 per cent and 7 per cent group-wide respectively in the first quarter – with firms looking for more flexible options to ride out the uncertainty.
Pagegroup Gross Profit Workforce Recruitment Job Flow Economic Uncertainty UK
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