Hays PLC (LON:HAS), the recruitment consultant, has chopped its dividend after annual profits tumbled 63%.
The FTSE250 group said it operated at broadly breakeven in the fourth quarter of the financial year just ended but will look to restore the dividend as soon as conditions improve.
“While conditions remain tough, May-July fees were stable, and we are seeing modest signs of improvement in Perm. Temp markets are stable overall. c.80% of offices have now reopened,” added Hays.
Revenues in the year to June dropped by 11% to £996mln while profits before tax tumbled to £86mln (£231mln).
Hays raised £196mln through a share issue in April and said helped by its stricter financial controls and unwinding of £100mln of temp debtors, its net cash had risen to £366mln.