Employment and staffing services group Workforce Holdings fired 10%-15% of its permanent staff and closed some of its businesses over the past six months after the growth it anticipated did not materialise, leading to profits falling almost 90%.

“We’ve been having quite strong growth over the years, but from the beginning of March we could see that had to right-size the business because that growth is not there,” CEO Ronny Katz said in an interview with Business Day on Thursday after the company released its results for the six months to end-June on Thursday...

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