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PageGroup, Robert Walters post profit drop as coronavirus bites recruiters

PageGroup announced stricter cost-saving measures, including firing 250 staff by the end of this month

PageGroup - PageGroup, Robert Walters post profit drop as coronavirus bites recruiters

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.

Quick facts: PageGroup

Price: 387.6 GBX

LSE:PAGE
Market: LSE
Market Cap: £1.27 billion
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