Hays shares tumbled over 6% in London trading after the recruiter reported a 25% year-on-year drop in first-half adjusted earnings to £20 million, meeting analyst expectations. Chief Executive Dirk Hahn will step down for personal reasons, with Mark Dearnley appointed interim CEO. The company's adjusted earnings per share fell 43% to 0.46p, below the 0.53p consensus. Adjusted EBITA also declined 30% LFL to £13.4 million.

Temp and contracting activity was described as 'solid', but permanent hiring trends remain challenging, particularly in France and Germany. Hahn's departure adds uncertainty as Hays faces a difficult market backdrop with slower decision-making from clients and candidates. Consensus forecasts now point to LFL net fee growth of -8% for FY26 and adjusted EBIT of £45 million.