Denmark-based JobIndex has downgraded its expectations for 2022 to a net turnover of around DKK 450 million ($61.0 million U.S.) against the previously expected DKK 500 million ($67.8 million). Operating profit before interest and tax will be in the region of DKK 170 million ($23.0 million) versus the previously forecast DKK 200 million.

The downgrade follows an exceptional first half of 2022 for JobIndex, said the company in a letter to investors. However, the second half heralds too many uncertainties around economic development, not seen for many years. This is causing employers to suspend new projects and hiring, meaning fewer ads for JobIndex.

In a letter to investors, JobIndex wrote that it noticed that the steam had gone out of the job market in June. The number of new job advertisements on the internet fell to 30,500 that month, compared with seasonally adjusted numbers of 35,000 in January and February.

JobIndex attributed the economic uncertainty in part to the war in Ukraine, which has affected the job market. Rising prices and interest rates and falling stock prices are also having a major impact, it added.

Net revenue in H1 is expected to be in the region of DKK 240 million, up from DKK 206 million in the first half of last year.

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