Robert Walters the recruitment company has seen their profits plummet by 23% over political uncertainty and Brexit.
Shares fell by 7% as the company announced a net fee income falling to £20.7m in the three months to December compared with £26.8m the previous year.
Across both the recruitment and recruitment process outsourcing client and candidate confidence has “deteriorated” over Brexit the general election and political uncertainty.
In the latest update, Robert Walters chief executive and founder said, “Trading conditions in the fourth quarter proved challenging with client and candidate confidence impacted by political turbulence around Brexit, the UK general election, Hong Kong protests and the US/China trade standoff.”
Analysts at Liberum said, “The UK and Hong Kong in particular have weighed on Robert Walters’ net fee income performance in the fourth quarter, but tight cost control at Resource Solutions means that 2019 pre-tax profit expectations are unchanged, which we see as a good result.”