Hays profits plunge 90% as UK recruitment remains ‘subdued’

Hays said it had experienced ‘increasingly challenging market conditions’ across the 33 countries in which it operates. Photograph: Dado Ruvić/Reuters

The recruitment firm Hays has warned that UK employers are still hesitant to hire staff after Labour’s election win, as the company reported a more than 90% plunge in annual profits.

It said it had experienced “increasingly challenging market conditions” throughout the 12 months to June, due to caution among businesses and workers considering job moves.