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.
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