(Reuters) - Global recruiter PageGroup trimmed its annual profit forecast on Monday, citing persistently longer hiring time and weak demand for permanent hiring amid low candidate and client confidence.
"Activity levels are not all converting into gross profit due to ongoing lower levels of candidate and client confidence," CEO Nicholas Kirk said in a statement.
Peer Hays (LON:HAYS) last Tuesday forecast a lower-than-expected first-half profit and said the short-term outlook would remain challenging amid a hiring slowdown.
PageGroup said its fourth-quarter gross profit declined 8.9% year-on-year, as hiring conditions in Asia, the UK and the U.S. saw no improvement, while conditions deteriorated in Europe.
The London-listed company, which helps hire executives, professionals and clerical staff, now forecasts 2023 operating profit between 120 million pounds and 125 million pounds ($153.1 million-$159.5 million), compared with 125 million to 135 million pounds expected previously.
($1 = 0.7839 pounds)