- Robert Walters
- 31 July 2025 09:02:35
Source: Sharecast
In the six months to the end of June, pre-tax losses widened to £10.2m from £2.3m in the same period a year earlier and the company swung to an operating loss of £7.8m from a profit of £0.2m.
Revenue fell 12% to £402.8m and net fee income declined 16% to £140m.
The company did not declare an interim dividend.
The recruiter said macroeconomic uncertainty was more pronounced as the period progressed. However, year-on-year fee income performance improved sequentially in the second quarter, down 13%, versus a 16% drop in the first quarter.
"Clients continued to face macroeconomic uncertainty in the first half of 2025, causing delays in hiring activity and decision-making as a result," the company said.
"This drove a further period of volume decline, particularly for permanent placements in our specialist professional recruitment service line and, consequently, lower net fee income.
"We offset around 70% of the fee income decline through lowering our costs, however the tough trading environment resulted in a first half loss."
At 0850 BST, the shares were down 6.5% at 148.64p.