International recruitment services company OPD Group has announced a loss of £2.3m for 2008. This compares with a profit of £7.2m  in 2007.

The company says “deteriorating economic conditions” in the second half of 2008 had a “significant impact” on the group’s trading.

Revenue for year ended 31 December 2008 fell to £145.8m compared to £147.2m in 2007, with net fee income decreasing by 4% to £90.9m. 

Net fee income at Odgers, the group’s executive search arm, increased by 3% to £54.3m.

Commenting on the current trading environment, Francesca Robinson, OPD Group’s chief executive, says: “Market conditions have deteriorated further since the start of the year and there are no signs of improvement. Net fee income across the group has fallen by 20% in first two months of 2009 compared to the same period last year.

“The board keeps under review the cost base of the group. We will continue to take prompt and decisive action where necessary to maintain the appropriate balance of revenues and costs for the long-term success of the business. 

“In the face of the uncertain economic conditions and the falling revenue we have taken action to reduce the group’s costs and at the end of the year the group employed 750 staff, down from 860 at 30 June 2008.”