Hays' profits fall, but optimism rises

Year-end operating profits at Hays fell to £80.5m, compared to £158m in 2009.

Despite the tough market conditions, Hays said that recovery had been strong in the second half of the financial year, to 30 June. The outlook across the UK private sector market, along with 90% of it total markets, has improved.

"During the downturn we invested in building a stronger, more efficient and broader based business, and with our major investment programmes now substantially complete, this ideally positions us to capitalise on the significant growth opportunities that are increasingly present across our markets," said Hays chief executive Alistair Cox.

Hays' profits do not include exceptional charges of £41.1m, comprising £29m relating to the OFT fine that is currently under appeal and £12.4m non-recurring restructuring costs related principally to a UK back-office automation project.

Hays was fined by the OFT for operating within a cartel in the construction jobs market.

More than 200 consultants were added to Hays' roster in the second half of the year.

Further reading:

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