Hays sees profits plunge

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The firm reported a 43% dive in profits to £151 million for the 12 months to the end of June after fees from finding and placing recruits plunged 18% to £670.8 million.

The full-time jobs market was the worst hit, with fees down 29% compared with a 7% fall in the temporary market as businesses baulked at hiring permanently.

But Hays' chief executive Alistair Cox said some sections of the market were starting to stabilise, including areas such as insurance, risk and compliance in the City.

He said: "The recruitment markets in the past year have been the most challenging on record. It is tough and it has been tough for some time. It got tougher in the second half. The summer is always a quieter period in London and it was quiet again this year but there are some signs that it is starting to get a bit busier.

"Some firms are starting to hire and there are signs of people who are in a job starting to look around for another job and that's the first time that has happened for six to nine months.

"But I wouldn't get carried away with it just yet. It is too early to call a recovery at this stage. I would expect unemployment to continue rising for at least a year after the end of the recession."

Hays placed 50,000 people into permanent jobs and found temporary work for some 270,000 people last year.

It cut 1,250 jobs in the UK last year, or 24% of its workforce, as its employees also felt the pain of recession.Total revenues fell 4% to £2.45 billion.