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Hays reports "disappointing" half-year performance

Hays has taken action "to align consultant headcount to market demand" in the wake of a disappointing performance in the December half-year. Meanwhile a search process is now underway to replace its long-term CEO.

In Australia and New Zealand, Hays' net fees decreased by 1% year-on-year in constant currency during the half, with operating profit down 36%.

"It was a difficult half in Australia and conditions deteriorated through H1, with fee growth slowing from 12% in the previous Q4 last year to minus 4% in Q2 this year. That rapid slowdown, combined with the capacity and therefore cost we had in place as we started the year, headcount was up 20%, led to the negative profit performance," says group CEO Alistair Cox...