Shares in Parity Group PLC (AIM:PTY) fell 3.3% following a market update that revealed a 10% drop in expected first-half revenue compared to the latter half of 2022.
The data and technology-focused recruitment firm cited challenging market conditions and economic uncertainty, leading to deferred hiring decisions by clients, as the main reasons for the decline.
While Parity has secured a place on the public sector RM6277 framework, a potential £2 billion opportunity, the exact revenue from this remains unclear.
Parity's focus will now shift to its core strength in public sector contract recruitment, an area that has shown resilience in past market downturns, investors were told.
At 8.45 am, the shares, initially down 25%, bounced back to trade 0.1p lower at 2.9p.