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A global slowdown in hiring has hammered profits at UK recruitment company Hays.
Pre-tax profits, before exceptional items, more than halved in the last financial year, to 30 June, falling to £94.7m from £192.1m.
“We saw increasingly challenging market conditions through FY24 in both Perm and Temp, with low confidence levels and longer-than-normal ‘time-to-hire’, and our profitability was significantly impacted, including our three largest markets of Germany, Australia and the UK.
Against this backdrop, we have focused on enhanced operational rigour, driving consultant productivity and strong cost management, and are determined to build a more resilient Hays.
Overall, near-term conditions remain challenging but in line with our expectations. September is the key trading month in our first quarter, and it is too early to assess trends.
“The new Starbucks CEO is ‘supercommuting’ 1,000 miles to Seattle on a private jet to work, so don’t be too harsh on that waitress who gave you a plastic straw when you didn’t want one.”
“Absolutely wild that it cost $85 million in cash/stock to pry this guy from Chipotle and then they’ll just let him thrash the environment to commute 1000 miles 3 times a week on a corporate jet instead of having him move to the PNW [Pacific north-west].