The recruiter added that any material recovery in profitability in the second half of the year will require a significant sequential uplift in net fees, and there being no prolonged lockdowns in its key markets.
In the first quarter, ended September 30, total net fees slowed down by 29%, with temporary work down 25% and permanent down 35%.
Australia & New Zealand and Rest of World were the most defensive regions, dropping by 26% and 27% respectively, while Germany and UK & Ireland tumbled by 31% and 34%.
Net cash at period-end was GBP350mln.
Shares dipped 2% to 112.9p on Thursday morning.