Staffing stocks have been terrible performers in recent years, and Hays (HAS) is no exception with its shares currently trading at their lowest level in more than a decade.

Therefore, the firm’s full-year results and outlook will be keenly watched when it reports on 21 August.

After the post-Covid ‘great retirement’, which spurred a dash for talent and a corresponding increase in fee income, the market for new hires – in particular for permanent roles – has become increasingly difficult.

In its pre-close trading update in June, Hays warned revenue and earnings would miss forecasts due to lower hiring activity by clients and said it expected current market conditions would persist into the financial year ending in June 2026.

‘Activity levels during our fourth quarter (ending 30 June) have reduced sequentially driven primarily by broad-based weakness in Perm markets globally reflecting low levels of client and candidate confidence as a result of macroeconomic uncertainty,’ the firm explained.

Customer confidence in Germany, Hays’ largest market, has been hit by tariffs on the auto sector, which is a major employer, while the UK and Ireland, also key markets, have seen a double-digit decline in net fee income.

UK rival PageGroup (PAGE), which reported first-half earnings last week (12 August), echoed Hays’ comments, blaming lower net fee income on ‘continued subdued levels of client and candidate confidence’ which impacted decision-making.

PageGroup chief executive Nicholas Kirk also revealed the firm experienced ‘a slight deterioration in activity levels and trading in Continental Europe towards the end of the period, particularly in our two largest markets, France and Germany’.

Meanwhile, analysts appear to have given up trying to call the bottom in the staffing market with two prominent brokers cutting their recommendation on the stock. 

UK UPDATES OVER THE NEXT 7 DAYS

FULL-YEAR RESULTS

19 August: Cambridge Nutritional Science

FIRST-HALF RESULTS

19 August: Tribal Group

20 August: Kenmare Resources

TRADING ANNOUNCEMENTS

20 August: Celebrus Technologies

21 August: Hays

‹ Previous2025-08-14Next ›