Overview

• Hays now expects pre-exceptional operating profits of around £45 million for 2025, well below the £56.4 million analyst consensus.
• Group like-for-like net fees fell 9% year-on-year in Q4 as permanent recruitment demand weakened under macroeconomic uncertainty.
• Germany, Hays’ largest market, saw net fees drop 5% after both permanent and temporary sectors weakened.
• North America bucked the trend with a 5% year-on-year increase in net fees, making it the firm’s strongest region.
• The company plans to boost net-fee productivity and streamline back-office operations as it prepares for challenging market conditions into 2026.