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09:20 16/04/24
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Global Recruitment Hayes Tuesday’s report said net expenses fell 17% year-over-year and 14% year-over-year in a challenging third quarter.
The FTSE 250 said all sectors fell, with Germany down 16%, the UK and Ireland down 16%, Australia and New Zealand down 29% and the rest of the world down 14%.
Looking by segment, Hays said temporary positions were down 14%, while permanent positions were down even more, at 21%.
Hayes said that amid challenging market conditions, the company is focusing on cost reduction and efficiency programs, aiming to achieve annual cost savings of £50 million by the end of financial year 2024, of which £20 million is expected to be structural. .
Looking ahead, the company said it expects near-term market conditions to remain challenging but stable.
However, the impact of temporary and contract hours in Germany will remain an important factor in expense and profit performance.
Chief Executive Officer Dirk Hahn said: “Market conditions throughout the quarter remained challenging.”
“In Australia, the UK and Ireland, casual work activity remained stable in the third quarter, although the number of temporary workers in each country fell by around 15% year-on-year and was slightly below pre-Christmas levels.
“In Germany, the number of temporary workers and contractors fell by 5% year-on-year, and lower than normal average working hours per task also affected expenses.”
Hahn said the group’s permanent activity remained stable throughout the quarter, although the company’s “recruitment window” continued to lengthen due to a lack of client and candidate confidence.
“While economic uncertainty remains, we have a strong and clear strategy and will continue to build a more resilient business through increased focus, increased operational rigor and strong cost management.
“As stated in our first half results, we are firmly focused on the many structural growth opportunities we see and rebuilding our conversion rate over time.
“Driven by our strong team of talented colleagues around the world, I’m excited about what we can accomplish as end markets recover.”
Hays shares were down 3.05% at 89.68p as of 0852 BST.
Josh White reports for Sharecast.com.
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