Robert Walters PLC (LON:RWA) rose on Thursday after announcing it has cut costs by 15% since the escalation of the coronavirus crisis in February.
The recruiter also said it will not propose a final dividend for 2019 to save cash and will reassess it once the impact of the pandemic is clearer.
READ: Robert Walters expects coronavirus hit to profits
As of 29 February, the group had net cash of £74mln.
Analysts at Liberum said the company's focus on permanent roles means that the short term hit will be hard, "but balance sheet strength is key".
The firm had already been struggling with low candidate and client confidence in the UK due to Brexit, while other markets were challenged by political unrest in Hong Kong and France as well as the US-China trade war.
Shares rose 1% to 314p on Thursday morning.
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