Recruiters have been hit by a global hiring slowdown.
As stock markets around the world reeled from mounting global tensions and concerns over inflation and interest rates, Hays and Robert Walters became the latest headhunters to warn that conditions remain tough.
The updates came just a day after Page Group revealed it has cut jobs as clients tighten their belts and take longer to press the button on hiring staff.
All three recruitment firms reported that confidence among companies and workers was low while those moving job can no longer expect bumper pay days.
Hays specialises in finding jobs for those who want to work in the technology, life sciences, engineering and construction and property sectors, with salaries ranging from £30,000 to £150,000 a year.
![Slowdown: Hays and Robert Walters became the latest headhunters to warn that conditions in the recruitment sector remain tough](https://topnews.media/wp-content/uploads/2024/04/83729229-13315271-image-a-10_1713297650208.jpg)
Slowdown: Hays and Robert Walters became the latest headhunters to warn that conditions in the recruitment sector remain tough
Group fees fell 17 per cent in the third quarter to the end of March. The group said it is too early to determine whether there will be a ‘meaningful rebound’ in the fourth quarter.
Fees at Robert Walters plunged 21 per cent to £81.3million in the three months to the end of March.
The group, which recruits professionals in sectors such as accountancy and finance, engineering and healthcare, ended the period with 3,812 staff.
That was down 13 per cent on the same period a year ago. In the UK, its fee income plunged 20 per cent though it rose in London for the first time in five quarters.
Shares in Hays slid 4.3 per cent, or 4p, to 88.5p, Robert Walters retreated 4.9 per cent, or 19p, to 371p and Page Group slid 0.5 per cent, or 2p, to 438p.
Stock markets dived as Israel vowed to retaliate following Iran’s drone attacks over the weekend.
In London, the FTSE 100 fell 1.8 per cent, or 145.17 points, to 7820.36 and the FTSE 250 shed 1.8 per cent, or 354.35 points, to 19,344.54.
A gloomy note from JP Morgan dragged mining stocks lower.
Anglo American lost 3.4 per cent, or 74p, to 2095p, Rio Tinto slid 2.9 per cent, or 156p, to 5254p, Glencore fell 3.1 per cent, or 15.05p, to 466.6p and Antofagasta declined 3 per cent, or 67p, to 2208p.
Auction Technology Group, which operates online marketplaces that allow bidders to access items such as paintings, sofas and antiques, lowered its revenue forecast for this year.
The firm reported a weaker performance at its North American arm which sells items from agricultural machinery to classic cars. Shares plunged 15.6 per cent, or 97p, to 526p.
Equipment lender Ashtead Technology failed to raise its forecasts for this year even though it reported a stellar performance in 2023.
Revenues jumped 51.1 per cent to £110.5million last year alongside a 68.9 per cent surge in profits to £27.5million.
The group, which also carries out maintenance and repair work, said its expectation for 2024 ‘remains unchanged’. Shares tumbled 9.4 per cent, or 71p, to 687p.
Everyman Media, the UK’s fourth largest cinema business, saw admissions rise 9.7 per cent to 3.75m in the year to December 28.
Food and drink spending per head was up 10.2 per cent. Average ticket prices rose 3.2 per cent. Shares gained 4.4 per cent, or 2.5p, to 59p.