Global recruitment firm Robert Walters PLC (LSE:RWA) slipped in opening Monday trades after a second-quarter trading update failed to deliver any upside surprises.
Tight labour conditions in the UK dragged net fee income down 18% compared to the second quarter of 2023, underperforming all other global segments including Europe and Asia-Pacific.
“Fee income for the first half of 2024 continued to reflect the rebasing in market conditions relative to the post-pandemic peak," stated chief executive Toby Fowlston.
“This period of market adjustment is now longer in duration than previously expected, with macroeconomic turbulence and political uncertainty restraining client and candidate confidence in certain geographies.”
Shares were bid 3% lower to 370p following publication of the trading update.