Hays' profits fall, but optimism rises
Hays profits fall, but a strong second half bodes well for the future
Hays profits fall, but a strong second half bodes well for the future
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:
Former
Smiths FD takes Hays role
UK
results contrast for Hays and Robert Walters
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceNetworking in accounting is crucial for career and personal growth, involving operational, personal, and strategic types. Effective strategies include...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleWhile diversity and inclusion (DE&I) strategies are nothing new, they have risen in importance amongst financial talent when it comes to choosing a pl...
View articleCould accountants' efforts to better align with the demands and expectations of their clients serve as a spark for greater innovation and sector chang...
View articleDiscover how the strategic leap to a Non-Executive Director role can redefine your accounting career, one boardroom at a time Read More...
View articleExplore the hidden challenges of mental health in the accounting sector and discover how firms are innovating to create a more balanced and resilient ...
View articleDavid McIntosh, management consultant at KPMG and founder of the firm’s Social Mobility Network, outlines how to use authenticity on social media to e...
View articleThe latest episode of the Lightbulb Moments podcast series considers how accountancy practices are solving talent shortages and where technology can b...
View article