PageGroup PLC (LSE:PAGE) reported a sharper profit decline in the second quarter as all regions saw growth deteriorate in what was said to be a challenging quarter.
But the FTSE 250-listed group said full-year operating profit is still expected to be in line with the analyst consensus of £137.6mln.
The shares, which had fallen almost 14% since the start of the year, rose 2% to 431.6p in the first hour of trading on Wednesday.
Gross profit for the three months to end-June came to £263.5mln, a 6.2% decline compared to what it said was a record period a year ago, worse than the 2.4% fall in the first quarter.
Permanent recruitment, the larger part of the business, was down 11.4%, while temporary rose 11.1% in the quarter, both weaker than the first quarter.
On a geographical view, the UK was down 17% in the quarter and 12% for the first half.
The largest region, Europe, Middle East & Africa (EMEA) delivered a record performance but growth slowed to 3.9% (+8% for the first half), Americas worsened to a 9.6% decline (-5.5% for H1) and Asia Pacific also deteriorated to -20.7% (-18.2%).
Chief executive Nicholas Kirk said: “The challenging conditions we saw towards the end of 2022 continued into 2023, with lower levels of both candidate and client confidence resulting in delays in decision making and candidates being more reluctant to accept offers.
“Reflecting the uncertainty, temporary recruitment outperformed permanent, as clients sought more flexible options.”
Looking forward, he acknowledged the “high level” of macroeconomic and political uncertainty in the majority of the group’s markets but said the company continues to see candidate shortages and good levels of vacancies.