Reuters logo
UK recruiter PageGroup cautious on short-term outlook after Brexit
October 11, 2016 / 6:36 AM / a year ago

UK recruiter PageGroup cautious on short-term outlook after Brexit

Oct 11 (Reuters) - British recruitment firm PageGroup Plc voiced caution over its short-term outlook on Tuesday, partly citing uncertainty in UK hiring after Britons voted to leave the European Union.

The company, which mainly finds candidates to fill permanent positions, said third-quarter gross profit from its British operations fell 4.7 percent to 37.8 million pounds ($47 million) in constant currency terms in the three months to Sept 30, with uncertain conditions particularly hurting hiring among its multinational clients.

This points to a deterioration in trading conditions compared to the 2.3 percent fall reported a quarter earlier, when PageGroup had noted a slight fall-off in demand before the June 23 Brexit vote.

Confidence in the British market remained fragile and was below levels seen last year, PageGroup said, adding that several of its larger markets including Greater China and Brazil were experiencing challenges.

“With the prevailing uncertainty in the UK, the challenges in some of our other larger markets and the unpredictable nature of the current cycle, we remain cautious in our short-term outlook,” Chief Executive Steve Ingham said in a statement.

The company’s worldwide gross profit rose 1.3 percent in constant currency terms to 158.6 million pounds. ($1 = 0.8042 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Adrian Croft)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below