In its latest trading update the it said: "The board remains confident that the Group is well placed to trade through the current economic environment and to take advantage when markets improve."

Its public sector activities remain stable with its businesses in the UK, Northern Europe and the US all trading well. The private sector continues to be difficult across all territories

The group said ongoing lack of liquidity in Dubai is being felt keenly.

"The liquidity issues that are materially impacting receipts from our Middle East clients are also being felt more widely across our private sector markets and this has resulted in slower receipts generally," said the group.