International recruiter Michael Page said full year profits were down and the first quarter of the new year would be another challenging period.
In a trading statement the firm said full year 2012 operating profit would be in line with current analysts' expectations, in the region of £65m, down from £86m the year before.
Full year gross profit fell 1.5% in constant currency to £526.8m as its finance and accounting division, which made up 42% of profits in the fourth quarter, was impacted across all markets.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Profits from that division fell 5.9% to £53.6m in the final three months of the financial year.
The strongest growth rate was in the legal, technology, HR, secretarial and healthcare group, which rose 2%, driven by particularly strong performances in the Americas and Asia Pacific.
The only geographic area that reported growth in 2012 was Asia Pacific, where gross profits were up 9.8% at constant currency.
The company said its businesses in Japan and Greater China performed strongly, with newer businesses in Malaysia and India also progressing well.
The UK was the biggest faller with profits down 6.6% to £121.3m, with the company reporting it had cut headcount by 2.2%.
Chief Executive Steve Ingham said economic conditions and market confidence remained poor and trading continued to be challenging across all the firm's regions.
"The geographic balance of our businesses helped insulate the group from these challenges, particularly within Europe," he said.
"We expect our full year 2012 operating profit to be in line with current analysts' expectations.
"Activity levels remained robust through the quarter, however, we do anticipate the first quarter to be another challenging quarter," he added.
-
Are you one of 15 million people at risk of retirement poverty?Two-fifths of people in the UK aren’t on track for a minimum lifestyle in retirement, new data shows. Are there steps you can take to boost your pension?
-
150 banking hubs now open across UK – is there one near you?As the 150th banking hub opens its doors, a Post Office deal that offers basic banking services has also been extended until 2030. We explain what this means for you
