PageGroup Q1 profits fall as employers stay cautious on hirings

(Sharecast News) - PageGroup reported lower first-quarter gross profit as the economic slowdown continued to hit the jobs market. The recruitment firm on Monday said gross profit for the first three months of the year fell 12.9% to £219.7m on an annual basis, with UK and Asia-Pacific operations down 19.2% and 22% respectively.

"Conversion of final interviews to accepted offers is still the most significant challenge, as candidate and client sentiment remains subdued reflecting the general macro-economic uncertainty in most of our markets," said chief executive Nicholas Kirk.

"Permanent recruitment was more impacted than temporary across all of our markets, as clients continue to seek more flexible options."

Page also cut 100 jobs in the quarter.

Reporting by Frank Prenesti for Sharecast.com