The listed recruitment firm Hays will provide more details about its transformation into a staffing-only company in March.

Hays has been selling off its other business divisions to concentrate on recruitment, which it considers to be its core market.

Chief executive Colin Matthews has already said he will quit the company once the transformation is over and the announcement in March could provide more details about his replacement.

A trading statement said the company’s business continued to perform steadily and its shares received a further boost when pension company Scottish Widows increased its holding in Hays to 4%. Hays is due to announce its interim results on 9 March.

Hays shares have recovered since Matthews announced his plans to reinvent the company.

After falling as low as 70p each last February, shares in the firm are now worth more than £1.20.