Recruiter Robert Walters warns of hiring downturn

Recruiter Robert Walters has warned that its profits for 2022 will be lower than expected as the jobs market slows.

The London-listed company said some of its global divisions had underperformed in the fourth quarter of last year amid weaker demand for new hires. Fourth-quarter income for Robert Walters’ Uk-based recruitment outsourcer, Resource Solutions, was down 6pc on the previous year.

Meanwhile, net fee income in mainland China slumped by a quarter amid tough Covid restrictions, while tech layoffs on the US West Coast also dragged. Europe net fee income rose 21pc and UK increased by 8pc in the three months, but growth slowed compared with previous quarters.