October 8, 2019 / 6:30 AM / a month ago

PageGroup warns on annual profit as global problems mount

(Reuters) - British recruiter PageGroup Plc (PAGE.L) delivered a second profit warning this year on Tuesday as slowing growth in Germany and the U.S. against the backdrop of ongoing tariff wars, Brexit and Hong Kong protests takes a toll on hiring.

The company, which operates in 36 countries around the world, also reported slower growth in third-quarter profit of 2.1% to 216.7 million pounds as its larger markets including Greater China, the UK and France were pressured.

“Looking ahead, the deterioration in trading conditions seen during Q3 across the majority of our regions is anticipated to continue,” the company said.

PageGroup expects operating profit for 2019 to be in the range of 140 million pounds ($172.17 million) to 150 million pounds, down from its earlier view of lower end market estimates of between 156.5 million pounds to 168 million pounds, according to company-compiled consensus at the time.

It also said that heightened uncertainty surrounding Britain’s departure from the European Union was expected to remain beyond the approaching Oct. 31 deadline.

Shares of the FTSE 250 company were seen down 5%, according to pre-market indicators.

Reporting by Yadarisa Shabong in Bengaluru; Editing by Bernard Orr

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