Hays sees no signs of recovery

(By Anthony Miller – Thursday 8th October 2009 7:45am). Recruiter Hays’ Q1 report was every bit as depressing as expected (see Little sign of sunshine at Hays), with net fee income (gross profit) down 40% like-for-like. Much like peer Michael Page (see Michael Page slowdown slowing), Hays is seeing some signs of UK market stabilisation. However, CEO Alistair Cox noted that Continental Europe is still declining – though at a lower pace – and that public sector recruitment is “becoming increasingly difficult” in the UK and Australia. Cox sees “no indications of recovery” in the UK.

I was scheduled to meet Alistair Cox this morning but Hays has mysteriously postponed. I will therefore try to get an update on their IT recruitment activities on the analyst concall and will let you know.