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Hays' Australian GP falls 6% after "significant" perm slowdown

Hays reduced its local headcount by 6% in FY23 in response to "particularly tough" conditions, reporting an operating profit down 39%. Meanwhile it has also appointed a new CEO.

ANZ revenue was down by about 3% to £1.58 billion (A$3.11bn) for the year (FY22: £1.639m). Gross profit decreased by 6% in constant currency over the year to £188.4 million (A$369.9m), while operating profit was £32.1 million (A$63m). This represented a conversion rate of 17.0% (2022: 26.4%), the company says.

Currency impacts were positive in the year, increasing GP by £4.5m and operating profit by £1.3m. But deteriorating market conditions meant fee growth slowed from -1% in the December half to -11% in the June half...