Robert Walters PLC (LSE:RWA) said it has cut more of its own staff due to the weak recruitment market currently, a move that will allow it to break even for the full year.
Fee income fell 14% in the fourth quarter of 2024, which was slightly worse than expected said the recruitment group though activity overall was stable compared to the previous three months.
Permanent professional recruitment fared worse than temporary with an 18% fall against 10% while outsourcing income was down 14%.
Walters said it cut 5% of its staff in the quarter making a 17% reduction for the year to 3,294.
Net cash was £53 million as of 31 December 2024.
Toby Fowlston, chief executive, added: "As seen throughout the year, 2024 closed with conditions in global hiring markets remaining challenging - marked by muted client and candidate confidence.
“Fourth quarter fee income was slightly weaker than expected and. in addition. further actions were taken on the cost base.
“As a result, we now expect a broadly breakeven position at the profit before tax level for the full year.
“Notwithstanding the market backdrop, we remain focused on our initiatives to strengthen the business.“