Recruitment firm PageGroup has reported a dramatic decline in first-half profits as sluggish hiring activity throughout the UK and Europe dampened performance, though the company maintained its annual forecasts and committed to pursuing further cost-cutting measures.

The Surrey-based FTSE 250 business witnessed operating profit plummet to £2.1m in the six months ending 30 June, down from £28.4m in the corresponding period last year, after absorbing approximately £13m in restructuring costs, as reported by City AM .

Excluding exceptional items, underlying profit reached around £15m, while group gross profit declined 9.7 per cent to £389.7m.

The UK division, accounting for 12 per cent of the group's gross profit, experienced a 13.4 per cent fall to £46.6m as both employer and jobseeke

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