Due to a global slowdown in hiring recruitment firm Robert Walter has had to cut 220 jobs and has reduced the headcount to 3,980 from 4,200 in September.
The London-listed company told shareholders on Thursday that the company has been impacted by “continued challenging macro-economic conditions across many” of their market sectors.
Robert Walter is not the only firm as rival Hays have announced they had to cut their workforce by 600 globally due to the slowdown.
In the final three months of 2023 Robert Walter net fee income fell 13% to £91.4 million compared to the previous year of the same period.
In Australia business was “muted” as income was down 27% and in Asia Pacific income fell 15% and Japan saw stronger performance that offset weakness across other markets.
UK income fell by 19% to £13.8 million in the quarter Robert Walter confirmed, however they are on track to deliver profit for 2023, shares rose 3.8% in early morning trading.
Chief executive Toby Fowlston said, “Despite the challenging macroeconomic conditions, the group has delivered a resilient fourth quarter, and full-year 2023 profit before tax will be in line with market expectations.
“I am very proud of our people and how we continue to work through this period of market uncertainty.
“We remain confident in the long-term structural drivers that underpin demand for our services.
“Our ongoing focus on productivity, our management of costs, and commitment to retaining core consultant capacity positions us well to capitalise on growth opportunities when conditions improve.”