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Recruiter Hays Hails Continued Quarterly Growth In Net Fees

Tue, 16th Apr 2019 10:24


LONDON (Alliance News) - Hays PLC said Tuesday it recorded twenty-fourth consecutive quarter of fee income growth, with all geographical segments delivering organic growth.

For the three months ended March, net fees grew 5% on a reported and 6% on a life-for-like basis.

This was helped by strong growth from its largest rest of world segment - representing a third of total net fees - which was 10% higher on a reported basis and 9% up like-for-like. This was despite "tough" comparators and was driven by "excellent" growth in greater China and Canada and "good" growth from France.

Germany - its next largest segment at 27% of total net fees - also saw "good" growth of 5% on a reported and 6% on a like-for-like basis despite a "more challenging macro-economic backdrop."

A slower pace of growth was experienced in the UK & Ireland and Australia & New Zealand. The UK & Ireland - around 23% of total net fees - saw "solid" growth of 3% on a reported and like-for-like basis. Meanwhile, Australia & New Zealand reported a flat performance but 3% like-for-like growth amid " increasingly difficult comparatives" and a "tough" construction market.

"Against increasingly tough comparatives, we have delivered another good quarter of broad-based growth, with net fees up 6% and 17 of our 33 countries growing above 10%," Hays Chief Executive Officer Alistair Cox said.

"While we remain mindful of macroeconomic conditions, the outlook remains positive across most of our markets," Cox added. "Our consistent focus is to drive consultant productivity, while selectively investing in our key markets to reinforce our market leadership and capture the many opportunities the changing world of work is presenting us with. Our financial strength and highly experienced management teams give us an excellent platform to balance our short-term performance with our long term strategic goals."

Net cash at the end of the quarter stood at GBP30 million, up from GBP5 million the year prior.

Shares in Hays were 3.5% lower at 157.40 pence on Tuesday.

By Ahren Lester; ahrenlester@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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