UK recruiter Hays annual profit drops 47% on extended hiring periods
Low confidence levels among both jobseekers and employers have extended the time taken to fill vacant positions, dealing a blow to recruiters’ profits
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BRITISH recruiter Hays reported a 47 per cent drop in annual profit on Thursday (Aug 22), meeting market expectations, hit by extended hiring periods due to macroeconomic and political uncertainties.
Low confidence levels among both jobseekers and employers have extended the time taken to fill vacant positions, dealing a blow to recruiters’ profits. “Our ongoing efficiency actions will deliver a further £30 million (S$51.3 million) annual cost savings by FY27,” Hays CEO Dirk Hahn said in a statement.
Hays, which employs close to 11,000 people and operates across 33 countries, has been closing backend offices, adjusting headcount to meet current demand levels and shutting down businesses which were unprofitable.
The company, which focuses largely on hiring for white-collar roles, reported operating profit on a like-for-like basis of £105.1 million for the full-year ended June 30, down from £197 million a year earlier. However, it was in line with analysts’ average expectations of £105 million. REUTERS
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