Construction & property, International recruitment: Prime People warns of results “significantly below market expectations”

Mon, 12 Jan 2009

International real estate, infrastructure and commercial property recruiter Prime People is warning that results for the full year 2008/2009 will be “significantly below market expectations”. In November, the company’s broker said it expected profits of £1.26m before tax, compared with £2.4m pre-tax profits for 2007/08.

In an update on recent trading and mangement action, the company says: “Market conditions in December 2008 proved to be particularly difficult in both the UK and international operations and cost reductions across the business are being implemented to reflect the current levels of activity being experienced.  The board is continuing to monitor activity across the business and further measures will be implemented should this be deemed appropriate.”

The company says that as a result of “very limited visibility” (ability to predict its future revenues) it does not believe “it is appropriate at this stage to provide specific guidance on the outcome for the second half of the year”.