Robert Walters PLC shares were down on Tuesday, after it said its net fee income fell in the first quarter of 2024.
Shares in the recruitment firm were down 5.1% to 370.00 pence each in London on Tuesday morning. Its shares are down 14% over the last 12 months.
Robert Walters said its first-quarter net fee income fell 21% to £81.3 million, from the prior year’s ‘strong’ comparative of £102.4 million.
The company noted that its headcount was down 4% quarter-on-quarter and down by 13% year-on-year to 3,812.
Chief Executive Toby Fowlston said: ‘In-line with the latter part of 2023, overall trading conditions remained challenging during the first quarter of 2024. Although certain macro-economic indicators, such as inflation, continue to moderate in some markets, the general environment remains one where client and candidate confidence is at low levels, which we expect to continue to be a headwind to fee income growth in the near-term.
‘Given the current environment, we will continue to maintain tight cost discipline and we remain focused on initiatives to strengthen our business, ensuring we are optimally placed to take advantage as trading conditions improve.’
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