The trading update issued on Monday [14 October 2024] also revealed a drop in fee earner headcount by 98 to 5,500 during the quarter, with productivity down 4% on Q3 2023.

“The conversion of interviews to accepted offers remains the most significant area of challenge as the ongoing macro-economic uncertainty in the majority of our markets continues to impact candidate and client confidence negatively. In this context, permanent recruitment continues to be impacted more than temporary,” a PageGroup statement said.

It went on to say: “We saw no improvement in market conditions in September, which is a key month after the seasonally quieter summer holiday period.”

Asia Pacific experienced the greatest tumble in profits of any region in the group, falling 19% from the Q3 2023 results. 

In the UK, where profits were down by 13.5% overall, profits in the Michael Page division of the business fell by 10% and by 19% in Page Personnel. Headcount in the region dropped by 50 people during the quarter, the update said.

Gross profit from permanent recruitment decreased 18.5% in reported rates and 15.3% in constant currencies to £142.8m, compared to £175.3m in Q3 2024. Temporary recruitment experienced a lighter slide, with profit falling 12% in reported rates and 8.6% in constant currencies to £58.6m, from £66.6m in the same period last year.

Foreign exchange rates affected the group’s Q3 results, decreasing reported gross profit by £8m.

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