(Reuters) – British recruiter Hays’ first-half operating profit more than halved on Thursday, as uncertainty across major European economies crimped hiring.
Financial and political upheaval in European powerhouses, Germany, France, and the UK, has slowed permanent and temporary hiring by companies. That, alongside low unemployment and nervousness around global growth, has hit recruiters’ business.
“Economic and political uncertainty weighed on client and candidate confidence driving lower placement volumes and a material lengthening of our ‘time-to-hire’,” the company said in a statement.
Hays, which focuses largely on hiring for white-collar roles, reported pre-exceptional operating profit of 25.5 million pounds ($32.1 million) for the six months to December 31, compared with 60.1 million pounds a year earlier.
The company, however, noted that its business in the United States was now consistently profitable compared with monthly losses a year ago.
(Reporting by Shashwat Awasthi; Editing by Rashmi Aich and Eileen Soreng)
