Integrated human resource service provider 51job’s president and chief executive Rick Yan is predicting “greater fluctuations” in hiring patterns in China this year as the country’s economic growth slows. 

Yan’s comments came as he revealed the company’s unaudited financial results for the first quarter of 2015.

Total revenues for the China-based business increased 4.8% over Q1 2014 to RMB 458.1m (£46.97m) from RMB 437.2m. Online recruitment services revenues increased 2.9% over Q1 2014 to RMB 310.2m, which reflected the impact of a 6% value-added tax policy change effective 1 June 2014 and the effect of the late Chinese New Year holiday in 2015, a company statement said.

Referring to the late Chinese New Year holiday, Yan said: “With a delayed start to the recruitment peak season, we were time-constrained to recognise revenues in the first quarter, which we expect will push the realisation of some peak season orders to the second quarter of this year.  

“While recruitment activity has remained positive, we are, however, sensing more employer caution,” Yan continued. “We believe hiring patterns may see greater fluctuations this year as employers adapt and adjust to the reality of a slower economic growth environment in China.”

He said 51job was continuing to drive ahead with its strategic plan, which focuses on increasing market penetration with customer acquisition efforts and introducing new products. Those efforts, he said, “will extend our service coverage and create new revenue opportunities for the long term”.

The company’s gross margin of 73.8% compared with 74.5% in Q1 2014.