Shares in recruitment firm fall by as much as 20% to 13-year low after it predicts annual profits of about £45m
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A slump in hiring activity at businesses around the world means profits will more than halve at Hays, the global recruitment company has warned, sending its shares to their lowest level in more than a decade
Demand for new permanent staff has fallen sharply, reflecting “low levels of client and candidate confidence as a result of macroeconomic uncertainty”, Hays told investors in an unscheduled update.
The recruiter, which finds workers across the world for corporations such as Airbus and Sony, now expects its pre-exceptional operating profit to be about £45m for its current financial year, compared with City expectations of £56.4m. It would mark a more than 50% drop against last year, when Hays reported a profit of £105.1m.
