Outsourcing and staffing group Hudson Highland has announced revised guidance for the fourth quarter and an update on its annual impairment testing, both of which reflect the impact of the global economic downturn.

Hudson said its markets worldwide declined significantly during November and results for the month were below 2007 figures in all regions: Asia Pacific, Europe, and North America reflecting reduced demand in both contract and permanent recruitment from October levels, with the largest percentage drop coming from the permanent recruitment business.

Husdson adds that it now expects its fourth quarter 2008 revenue to be between $200-$210m (£129.8m-£136m) at prevailing exchange rates, compared with previous guidance of $205-$220m (£133m-£143m), while adjusted EBITDA could be as low as a loss of $6m (£3.9m), compared with previous adjusted EBITDA guidance of $2-$5m (£1.3m-£3.25m).