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(Sharecast News) - Recruiter Robert Walters has said that challenging conditions continue to persist after a double-digit drop in fees over the first quarter, with visibility limited by increased macro uncertainty.
Net fee income across the group fell by 17% year-on-year in the three months to 31 March, with falls of 16% in Asia Pacific, 24% in Europe, 19% over the Rest of World and 4% in the UK.
Forward activity levels are said to have remained "broadly stable" in Asia-Pacific and the UK, but weaker sentiment seen in Europe at the end of 2024 has continued.
"More recently, increased uncertainty regarding the flow of global trade due to tariffs is likely to be a further headwind to client and candidate confidence in the near term - limiting visibility on the outlook for the balance of the year at the present time," said chief executive Toby Fowlston.
Fowlston said management was "rigorously engaged" in improving productivity and driving efficiencies across front and back-office teams. "Continual focus is being applied to all elements of our cost base," he said.
Shares were down 2.6% at 221p by 1022 GMT.
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