The update, released this morning, reveals UK GP fell from £35.2m in Q3 2018 to £33.8m, while GP was down 8.1% in Asia Pacific on the same quarter last year.

However, the group recorded a 2.1% increase in GP across the group, with GP up 13% and 5.6% respectively in the Americas and EMEA. 

Elaborating on the group’s performance, CEO Steve Ingham said: “The majority of the group’s regions were impacted by increased macro-economic and political uncertainty in Q3. Consequently, group GP growth slowed to 2.1% in constant currencies from 7.4% in Q2.

“We saw standout performances in Germany, India and Latin America, as well as a strong performance in the US, despite a slowing financial services market in New York. However, we saw increasingly challenging trading conditions in many of our larger markets, including Greater China, the UK and France.

“In the UK, heightened Brexit related uncertainty is expected to remain as we approach and go beyond 31 October. With worsening macro-economic indicators in Continental Europe, particularly in Germany, and in the US, there are signs that growth in these markets may slow. In Greater China, confidence in Mainland China continues to be affected by trade tariff uncertainty and the social unrest in Hong Kong is increasing. Given these heightened political and macro-economic challenges, together with our limited forward visibility, we currently expect 2019 operating profit to be in the range of £140m to £150m.

“However, we will continue to focus on driving profitable growth, while progressing our strategic investments towards our Vision of 10,000 headcount, £1bn of GP and £200m-£250m of operating profit.”

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