StepStone to cut up to 526 jobs

StepStone says it's to cut up to 526 jobs - as many as 135 of them in the UK - to boost profits.

The online recruitment company says its business has been hit by weak financial and business markets.

It plans to pull out of lossmaking or cash-hungry operations and to withdraw financial support for its UK subsidiary.

StepStone will continue to be based in Norway.

But its business operations will be centred around its three most successful markets - Germany,

Belgium and Denmark.

Operations will be maintained to expand its businesses in Norway, Sweden, Finland, Holland and Luxembourg.

However, it is looking at options to reduce the operating losses being incurred in other countries.

The company has revealed a third-quarter loss of £10.3m, compared with £18.5m in the previous quarter.

Revenues declined to £8.3m, from £10.5m last time.