The Chairman of recruitment firm Chandler MacLeod Group Ltd. (CMG: ASX), Richard England, advised the company’s shareholders at the annual AGM in Sydney today, that the tough trading conditions encountered in 2013 had continued into the first quarter of the current year, reports Australian Business News.

Speaking to the assembly, Mr England said: “Customers deferred spending and hiring decisions in the lead-up to, and immediately following, the Federal Election. This resulted in a weaker first quarter result.”

“Since recovery in business confidence and demand for our services is evident since the election… we are approaching 2014 with cautious optimism. A healthy level of new business wins will somewhat offset the effects of soft demand and margin pressure, and the cost reduction initiatives will deliver further cost efficiency during 2014.”

“As a result of lower activity levels in the first quarter versus the prior comparable period, we expect the first-half result to be lower than [the] same period last year. However, the increased activities levels since the election, and some large customer wins, gives us confidence that the full-year 2014 results will be in line with 2013 with stronger second half earnings,” Mr England concluded.