BusinessCompany NewsHays warns of slowdown in accounting recruitment

Hays warns of slowdown in accounting recruitment

Recruiter's profits up 25% but conditions hurting market for accountants

Hays, the
recruitment company with a specialist accountancy and finance division, has
reported a 25% rise in pre-tax profits for the year to June but warned that its
accountancy and finance business had seen a slow down.

Across the whole group Hays saw net fees rise to £786.8m with pre-tax profits
of £264.4m, but said the UK business has been impacted by ‘deteriorating market
conditions.’ Group turnover stands at £2.5bn.

Accountancy and finance for the group saw revenues rise from £164m, year on
year, to £178m. However, operating profit on that fell by 3% to £67.6%.

In a statement yesterday the company said accountancy and finance ‘had solid
fee growth taking advantage of good market conditions in the first half of the
year, before seeing a slowdown in market growth towards the end of the year’.

Hays operates in 27 countries but is a market leader in the UK and Australia.
Some £1.5bn of its turnover comes from the UK and Ireland.

The company said: ‘Currently, in the United Kingdom demand for temporary
placements has flattened out and we are experiencing falling demand for
permanent placements.’

Michael
Page and Adecco

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