Shares in recruiter Robert Walters PLC (LSE:RWA) fell 3%, scraping a decade low, as it said increased global uncertainty around tariffs and geopolitical tensions is further dampening client and candidate confidence, adding to existing caution in an already subdued recruitment market.
The London-listed group reported a 16% year-on-year decline in group net fee income on a constant currency basis to £67.3 million for the first quarter of 2025.
Trading conditions remained difficult around the world, with sentiment in Europe particularly weak.
Activity levels in Asia-Pacific and the UK were broadly stable.
Chief Executive Toby Fowlston said: "Global hiring markets remained challenging during the first quarter.
"We saw some pockets of growth in the UK and broadly stable activity levels in Asia-Pacific, however the weaker sentiment seen in Europe in late 2024 has continued."
In the UK, hiring activity in London remained robust with 22% growth, contrasting with ongoing regional softness following recent office closures.
"More recently," Fowlston said, "increased uncertainty regarding the flow of global trade due to tariffs is likely to be a further headwind to client and candidate confidence in the near term - limiting visibility on the outlook for the balance of the year at the present time."
The shares dropped to below 220p on Tuesday morning, close to lows seen last month, which are the lowest the shares have been since mid-2013.