Recruiter Page Group says profit dropped 26 per cent last month after coronavirus lockdown
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Recruiter Page Group said its gross profit in March fell 26 per cent after the impact of coronavirus.
The company said gross profit for the first quarter overall was down 11.7 per cent.
Page Group said it was cutting jobs to keep costs low. It said it had cut 104 fee earners and 28 operational staff already during the first quarter.
It said it expected to reduce headcount further this month by over 250.
Page Group said 450 directors had agreed to reduce their salaries and fees by 20 per cent for the second quarter, including its executives and non-executives.
The company said the majority of its consultants, managers and operational staff had agreed to a four day week, salary reduction, furlough schemes were available and other government support such as tax cash deferral.
It has cancelled its final dividend of 9.4p per share worth £30.2m and said it was suspending all financial guidance.
Page Group said it hoped to cut costs by 20-25 per cent in the second quarter.
Shares rose 1.5 per cent to 333p.