Hays profits up but jobs to go

RECRUITMENT firm Hays posted better-than-expected annual profit yesterday but warned it would have to cut jobs due to falling demand for permanent hires in the UK and Australia.

Hays, which has a presence in 27 countries and employs 9,000 staff, posted a 25 per cent increase in annual profit, driven by a solid first-half performance and strong international growth, but said UK demand for temporary and permanent placements slowed markedly in the second half of last year.