Recruitment firm Page Group posted an £800,000 half-year loss this morning, as the coronavirus crisis severely impacted global hiring activity.
Its profit for the same period last year was £74m, representing a decline of 101 per cent.
Revenue fell 20 per cent to £655m, as the firm let go more than 700 employees — or nine per cent of its workforce — during the period.
Page Group suspended its dividend for shareholders, though it said it “fully intends to reinstate returns as conditions improve”.
“I would like to thank all stakeholders for their support and understanding in what has been a very challenging first half,” said chief executive Steve Ingham.
“We took decisive management actions on costs to protect near-term profitability, whilst at the same time investing in our platform to ensure we emerge from this period in a position of strength.”
Ingham said Page Group’s activity had begun to pick up slightly in the second quarter, with improvements in new opportunities, candidates sent to clients, interviews and offers.
“Whilst trading conditions remain unpredictable, we are choosing to invest in the business, returning all our staff to full-time working and full pay in the third quarter,” he added.
Shares rose almost two per cent as markets opened this morning to the news.
So far British businesses have cut at least 100,000 jobs during the coronavirus pandemic, data crunched by City A.M. showed this week.
This week alone Dixons Carphone and Hays Travel cut more than 1,600 jobs, while Pizza Express and DW Sport said over 2,800 jobs across their chains were at risk.