Recruitment group Hays’ profits plunged amid uncertainty about the economic and political environment.
The company, one of Europe’s biggest recruitment agencies, said conditions were ‘challenging’ as net fees – £972.4million for the year to the end of June – were 11 per cent lower than the previous year.
Profit tumbled by two-thirds to £32.2million. Hays previously warned it would suffer due to a lacklustre global jobs market and hiring weaknesses in Germany, its biggest market.
German carmakers have faced particularly subdued activity amid the threat of higher US tariffs.
Hays saved £35million in costs and axed 1,000 jobs, with about 350 in the UK and Ireland. Shares fell 1.7 per cent, or 1.05p, to 62.45p.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
InvestEngine
InvestEngine
Account and trading fee-free ETF investing
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
#Hays #sees #profits #plungeRecruiter #economic #political #uncertainty #hit #hiring #activity
