Skilled Group Ltd., an Australian staffing firm, said today it expects revenue in the second half of its fiscal year, ending June 30, to be around 18% lower than the first half because of deteriorating business conditions. The company reported first-half revenue of AUS$1.07 billion (US$737.3 million).

The company reported business conditions began to soften in November and December, business didn't recover in February after January, which is normally a quiet month.

"Demand for labor significantly deteriorated in March and these challenging conditions have continued into April," Managing Director and CEO Greg Hargrave said. "Whilst we had expected a weaker second half, the rapid decline in business conditions is unprecedented in our 44-year history."