James Hay pays out £700k of redundancy after laying off staff

Parent company IFG said in its half-year results out on 30 August the restructure would deliver efficiency gains, give better outcomes for customers and improve operating margins. However, it acknowledged the firm was likely to see a further £1m in restructuring costs in the second half of 2017. James Hay suffered a 7% decrease in revenue, down from £24m in the first half year of last year to £22.3m this year. Its operating profits took a £135% hit, from £4.2m profit last year to an operating loss of £1.5m this year.  Meanwhile, the overall group's operating profit decreased 103% to a...