Recruiter Hays weighed down by European restructuring and slump in confidence

Weakening market conditions in some of its key markets, such as Germany, Australia and the UK, pressed down on profitability towards the end of the year.

Recruitment firm Hays saw full-year profits dip as it was weighed down by the cost of restructuring its European operations and declines in business confidence.

The company reported a 3% fall in pre-tax profits to £231m for the 12 months to June 30, after it was dented by a £15m one-off charge due to cutting costs related to senior management in Europe.