Robert Walters has slashed more than 700 jobs in the past year due to falling job vacancies.
The recruiter admitted it had cut more than 159 roles in the past three months alone, blaming challenging global hiring markets.
In total, 734 job losses have been made at the firm so far, while its income has dropped by 17% so far in 2024. The latest quarter showed UK trade had been especially weak, shrinking by 19% to £12.5 million.
The London-listed firm said UK activity had been particularly affected as clients paused hiring ahead of the autumn Budget announcement set for 30 October.
UK jobs market
UK jobs market at its tightest for three years
Chief executive Toby Fowlston said: “Global hiring markets remained challenging during the third quarter, bringing the period of rebasing following the 2022 post-pandemic peak to around two years.
“As set out at our half-year results in August, our assumption continues to be that material improvement in client and candidate confidence levels will be gradual and not likely to commence until 2025.
“Though market conditions mean second half fee income is unlikely to exceed that seen during the first half, the programme of actions underway mean we continue to aim for a profitable full-year outcome.”
The news from Robert Walters comes as Office for National Statistics data showed the estimated number of vacancies in the UK fell by 34,000 to 841,000 in three months to September – a decline on the quarter for the twenty-seventh consecutive period and the lowest level since March to May 2021.
The company’s shares were down 2.3%, while its net fee income reduced by 12% to £79.9m in the third quarter compared to last year. So far this year, it is down 13% to £246m.
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