PageGroup PLC (LSE:PAGE) shares were little moved on Thursday as the recruiter reported a 10.5% decline in second-quarter gross profit, saying the global jobs market remained uncertain, with "continued subdued levels of client and candidate confidence".
As such, it felt its performance was resilient, with mixed results across the group despite the subdued confidence impacting decision-making.
CEO Nicholas Kirk pointed to a "slight deterioration in activity levels and trading" in Europe, particularly in the two largest markets of France and Germany, though there were improvements in activity, trading and customer confidence in Asia and the US.
"The conversion of accepted offers to placements remained the most significant area of challenge, as ongoing macro-economic uncertainty continued to impact confidence, which extended time-to-hire," he said.
"Permanent recruitment continued to be impacted more than temporary, as clients sought flexible options and permanent candidates remained reluctant to move jobs."
The Europe, Middle East and Africa region saw gross profits down 17.1%, but the Americas was up 2.9%, with engineering, property & construction good; Asia Pacific nudged into positive territory, up 0.6%.
Net cash was circa £10 million after the payment of dividends, with no comment on further payouts,
Management reinstated guidance, expecting full-year operating Profit to be "broadly in line with current market consensus" of around £22 million.
Analysts at Panmure Liberum said: "Market still tough, but if Europe starts to inflect towards the y/e, the shares will start to anticipate this."
The shares jumped 3% in early trading on Thursday but were just above flat at 269.4p by early afternoon.