PageGroup PLC (LON:PAGE) and Robert Walters PLC (LON:RWA) have both posted weaker quarterly results as coronavirus bites market confidence.
In the quarter to 31 March, the recruiters saw gross profits dropping 11%, to £181mln for PageGroup and to £87mln for Robert Walters.
READ: Robert Walters cuts costs by 15% amid coronavirus crisis
While both companies have engaged in home working and cost-cutting plans, PageGroup announced stricter measures, such as firing over 250 staff over the course of this month.
The firm already sacked 132 employees in the first quarter.
READ: PageGroup profits dip amid coronavirus outbreak
PageGroup also decided to cancel the final dividend of 9.4p per share, saving £30mln.
As of 31 March it had £83mln in cash and an undrawn £30mln credit facility.
Robert Walters had £109mln in cash plus a £60mln committed loan facility at the end of the period.
Shares in PageGroup rose 1% to 333.2p while Robert Walters dipped 2% to 360p on Wednesday at the opening bell.