Robert Walters warns on FY profits amid 'difficult market conditions'

10th Jan 2023 08:23

(Sharecast News) - Recruitment company Robert Walters issued a profit warning on Tuesday amid "difficult market conditions", with mounting economic fears and a slowing global jobs market weighing on the company.

Robert Walters said group revenues would be roughly £105.3m for the fourth quarter of 2022, up 8% year-on-year at constant currency, with Asia Pacific revenues up 3%, UK revenues 8% higher, and European revenues rising 18%.

However, while Robert Walters stated that full-year profits were still expected to be a record high for the group, albeit "slightly below" current market expectations.

Chief executive Robert Walters said: "The global macroeconomic backdrop became increasingly uncertain as the quarter progressed resulting in a softening of recruitment activity levels across many of the group's markets.

"The group has a strong global brand, a diverse breadth of geographies, disciplines and revenue streams and remains well positioned to both respond to and take advantage of any future market challenges and opportunities as they arise."

As of 0855 GMT, Robert Walters shares were down 6.37% at 505.60p.

Reporting by Iain Gilbert at Sharecast.com