The year’s challenging market conditions continued into this quarter and will be felt into the first half of 2024, Empresaria Group plc (EMR:LSE) reported in a trading update. Full-year adjusted profit before tax is now expected to be in the range of £3.0 million to £3.5 million.

The UK-based firm issued the report in a regulatory announcement on 21 November.

Permanent recruitment has experienced the most significant impact, according to the specialist staffing firm. Clients are deferring hiring decisions and start dates until the new year.

“As previously communicated, we have taken significant action on costs during 2023,” Empresaria wrote in the filing. “As a result, costs in the second half of the year are expected to be more than £3 million lower than in the first half.”

The company also wrote that it is continuing to execute on its strategy with an increased focus on simplifying the group and how it operates while maintaining strong control over costs.

“We are confident that the actions we have taken, and are taking, will ensure the group is well positioned to deliver on our growth potential when the market recovers,” the company wrote.

Empresaria is planning a full-year trading update on 25 January 2024.

Share price and market cap

Shares in Empresaria Group set a new 52-week low on 21 November when they reached £30.75. The company had a market cap of £19.8 million.