In the company's largest operating division of Asia Pacific, fee income fell 21% to £63.9 million for a 71% decline in operating profits to £2.9 million. Overall, the group's half-year profits plunged 79% on a year earlier to £4.3 million.
The UK division had started the period on the front foot after client and candidate confidence was boosted by the General Election and first hurdle of the Brexit process. Since then activity has been hit by economic uncertainty in the wake of Covid-19.
The company said: “The technology, digital, healthcare and logistics sectors have proven to be the most resilient areas of the economy, whilst pockets of financial services have also seen activity most notably in fintech, risk, compliance and treasury.”
Permanent recruitment represented around 63% of the group's net fee income, compared with 69% a year ago.
The group said it benefited from being run by an experienced management team that has steered the business through a number of previous international crises.
It added: “We remain confident that we will emerge from this unprecedented period with increased market share and well placed to benefit from operational gearing as markets normalise and recover.”
