Brexit Takes its Toll on Recruiters

The Week: Morningstar columnist Rodney Hobson says that despite gloomy figures from Page and Robert Walters, some parts of the world are still hiring

Rodney Hobson 11 October, 2019 | 10:00AM

Rush hour in Asia

Regular readers will be aware that I regard recruitment companies as something of a bellwether on the global economy. While companies on different continents continue to recruit, then the end of the world is probably not nigh. It was a nasty blow when two leading recruitment agencies brought out gloomy figures on the same day.

However, the news was not all bad: overall Page increased profits by an underlying 2.1% that was doubled when converted into sterling thanks to the fall in the value of the pound, while the figures for Walters were similar at 2% and 4% respectively. The worry is that these growth figures still represent a serious slowdown. For example, growth at Page was 7.4% in the second quarter.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Dunelm Group PLC1,318.00 GBX-3.37
PageGroup PLC370.00 GBX-2.89
Robert Walters PLC411.00 GBX1.23

About Author

Rodney Hobson

Rodney Hobson  is a columnist for Morningstar.co.uk and author of several investing books, including The Dividend Investor and How to Build a Share Portfolio.

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