PageGroup PLC and Robert Walters PLC have offered a stark insight into ongoing challenges within the recruitment sector with news of tumbling profit.
Pre-tax profit fell by 58% and 98% to £49.1 million and £0.5 million respectively at Page and Robert Walters in 2024, the recruiters separately reported on Thursday.
Both flagged up a “challenging year” as deteriorating sentiment among companies weighed on hiring.
“Looking ahead, a high degree of macro-economic and geopolitical uncertainty remains across the majority of our markets, notably in the UK, France and Germany,” Page said.
Though little was offered on the prospect of a recovery by either, Panmure Liberum analysts noted Robert Walters was “highly geared” for when it comes.
A ‘buy’ rating and 360p share price target were reiterated as a result, with analysts applauding its maintained dividend of 23.5p per share.
Jefferies analysts stuck with a ‘hold’ rating and 340p target on Page in the meantime, warning consensus would likely “unsurprisingly continue to drift lower”.
PageGroup shares fell 1.7% to 319.80p as Robert Walters climbed 1.6% to 250p.