It warned that its results for the year to 30 April 2011 would be below current market expectations and it expects to report a small loss for the year.
The news came in a trading statement that the company issued as an update on the trading position set out in its Interim Management Statement (IMS) on 17 September 2010, ahead of its close period in the run up to its half year results for the six months ending 31 October 2010.
It said: “While our Asia Pacific and Canadian businesses have performed strongly, in the UK & Ireland and Continental Europe, Middle East and Africa (CEMEA) the Group has continued to experience the challenging trading conditions signalled in its IMS in September.
“At that time we commented that the UK & Ireland and CEMEA were experiencing lower levels of activity compared to the same period last year and this remains the case. While our pipeline is good, we continue to see protracted transaction lead times and consequently believe some of the recovery in transaction activity which we expected to come through in the second half of our current financial year will now be pushed back into the next financial year.
“Consequently, the Group expects its results for the full year to 30 April 2011 to be below current market expectations and expects to report a small loss for the year.
“Longer term we are confident that our earlier significant restructuring programme, coupled with our strategy to continue to invest selectively in key revenue generating areas, means the Group is in a good position to grow its top-line revenue and profitability.“