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Hays hammered at home, doing well abroad Date: Thursday 07 Jul 2011 LONDON (ShareCast) - Hays, the FTSE 250 recruitment firm, has announced 11% growth in fees year on year, with an especially strong performance from its international division. New offices have been opened in in Brazil, Ireland, Japan and Poland and New Zealand and Australia saw impressive performances. The picture in the domestic market however is not as impressive where, although private sector recruitment was up 7%, the public sector market saw a contraction of 34%. Overall UK fees decreased by 6%. Ominously, Hays warns in its trading statement that recovery in the private sector, on which Britain is relying for growth in the wake of huge public sector cuts, is slowing. The statement failed to impress markets in early trading, with the share price down 2.62% at 100.40p
Commenting on trading for the quarter ended 30 June 2011, Alistair Cox, Chief Executive of Hays plc, said: "This quarter we have continued to deliver good and broad based net fee growth, driven by our International operations which grew net fees by 23%*. Around the world, 18 countries increased net fees by more than 20%* in the quarter. Our Continental Europe & RoW division delivered an excellent performance and is now the Group's largest division by net fees. Our Asia Pacific division delivered another strong set of results despite the impact of the natural disasters earlier in the year. In the UK, momentum in the private sector recovery has slowed and therefore we have further reduced the cost base to improve the profitability of this business going forward. Our business continues to benefit significantly from the excellent opportunities available to us across the International markets. We have transformed our Group to reflect this and our International business now generates over two-thirds of the Group's net fees. We have achieved this by continuing to invest, for example increasing our International consultant headcount by 27% over the last year alone. Our increasingly global business supported by our investments in technology, training and marketing positions us ideally to further capitalise on the long term structural growth opportunities around the world."
Highlights · Group net fee growth of 11%* against prior year, underpinned by excellent performances across the International business, which represented 67% of net fees in the quarter · Broadly based growth in Continental Europe & Rest of World ("RoW") division with net fees up 28%*, driven by continued strength in Germany which grew net fees by 28%* · Strong net fee growth of 16%* in Australia & New Zealand, and continued excellent growth across the rest of Asia which grew net fees by 30%* · Net fees decreased by 6% in the UK, with 7% net fee growth in the private sector offset by tough public sector markets, down 34% · Continued consultant headcount investment in the International business, up 5% in the quarter and added new offices in Brazil, Ireland, Japan and Poland
http://www.investegate.co.uk/Article.aspx?id=20110707070000PAC7F
Adecco bid talk boosts Hays Date: Friday 10 Jun 2011 LONDON (ShareCast) - Shares in recruitment group Hays jumped amid rumours that the recruitment firm is in the sights of larger rival Adecco. The Daily Mail’s Market Report said that traders were speculating that Switzerland’s Adecco could be lining up a £2.2bn or 160p-a-share bid. Responding to the report, a spokesman for Adecco was quoted as saying: “'We cannot comment on speculation. “What we can say is that bolt-on acquisitions are possible.” Adecco is the world’s biggest staffing agency. The UK now accounts for less than half of Hays’s revenues. --- RG
Rumours amongst Adecco senior mgt team that a serious approach to Hays is imminent. 4 major drivers: 1) Hays' strength in Asia and Australia 2) Synergies with Hays' recruitment specialisms 3) Hays' revolutionary recent back office modernisations 4) Strength of Euro and Hays' current share price makes the deal "affordable" Bid being explored now. Price of £1.65-1.80+ being discussed.
OFT investigation : Old news but I missed this one On 1 April 2011 the Competition Appeal Tribunal ('CAT') announced its judgement in respect of Hays' appeal against the level of the fine imposed by the Office of Fair Trading ('OFT') in September 2009. The CAT reduced the fine from £30.36 million to £5.88 million. This decision represents the outcome of previously reported proceedings which began in June 2006. The full amount of the fine has already been provided in our 2010 accounts.
Commenting on trading for the quarter ended 31 March 2011, Alistair Cox, Chief Executive of Hays plc, said: "We have had another quarter of strong and broad based growth led by our International business which grew its net fees by 29%* versus prior year. We recorded excellent growth in Continental Europe, South America and Asia, with another quarter of strong growth in Australia. Overall, 21 countries grew net fees by more than 20%*. In the UK, net fees remained broadly stable overall with strong growth in the private sector offset by tough public sector markets. Our operations in Queensland, Christchurch and Tokyo have each faced natural disasters of unprecedented scale, but the response and fortitude of our employees there has been a credit to them and to our business. Despite these events the outlook remains positive in nearly all of our markets outside the UK public sector and we continue to invest in consultant headcount, particularly in the International business which grew headcount by 7% in the quarter. The Group now generates nearly two thirds of its fees from the International business. This extensive platform, together with the investment made across the business, provides the Group with the basis from which to capitalise on the long term structural growth opportunities in our markets."
Highlights · Group net fee growth of 16%* against prior year driven by continued strong performance of our International business · Strong net fee growth of 21%* in Australia & New Zealand · Excellent and broadly based growth in Germany with net fees up 39%* · Overall net fee stability in the UK with strong net fee growth of 18% in private sector markets, offset by continued tough conditions in the public sector down 37% · Continued consultant headcount investment in the International business, increasing 7% in the quarter
http://www.investegate.co.uk/Article.aspx?id=20110407070000P846F
Overseas markets drive Hays's growth Date: Thursday 07 Apr 2011 LONDON (ShareCast) - In the first quarter of 2011 international recruitment firm Hays saw like for like growth in net fees in every region except the UK & Ireland, where spending cuts in the public sector are starting to bite. Continental Europe & Rest of World was the fastest growing region, showing year on year like for like (LFL) growth in fees of 35%, as the region continued to bounce back from recession. Asia Pacific saw LFL growth of 23% but the UK & Ireland saw fees dip by 2% from the first quarter of 2010. In the UK & Ireland there was strong net fee growth of 18% in the private sector but this was offset by continued tough conditions in the public sector, where fees were down 37%. Permanent appointments grew faster than temporary ones. Fees from Permanents rose 27% on a LFL basis, while Temps saw LFL growth of 8%. For the group as a whole, fees were up 16% on a year earlier on a LFL basis. “Overall, 21 countries grew net fees by more than 20%,” revealed Alistair Cox, chief executive of Hays. The combined impact of the natural disasters in Queensland, Christchurch and Japan is estimated to have reduced group net fee growth by 1% and slowed growth in Asia Pacific by three percentage points. “The outlook remains positive in nearly all of our markets outside the UK public sector and we continue to invest in consultant headcount, particularly in the International business which grew headcount by 7% in the quarter,” Cox added. The group now generates nearly two thirds of its fees from the International business so considers itself relatively well insulated against the cold winds blowing through the UK public sector. Net debt increased to around £130m at the end of the period from £125.7m at the end of 2010. The group expects debt to remain at a broadly similar level through the current quarter.
interim management statements from recruiter Hays next week
If the 30m was already deducted in accounts then thats a handy 25m or so they have "extra" now
http://www.investegate.co.uk/Article.aspx?id=20110401123115P457C
Hays price-fixing fine slashed Date: Friday 01 Apr 2011 LONDON (ShareCast) - A fine imposed on recruitment group Hays by the Office for Fair Trading (OFT) has been slashed. Hays and six other recruiters were fined for fixing prices and collectively boycotting another company as they supplied candidates to the construction industry. The fine was reduced to £5.88m from £30.36m. “The full amount of the fine has already been provided in our 2010 accounts,” Hays said. “The Hays Board is committed to the highest standards of compliance throughout the business.”
Recruitment agency Hays (HAS) reported a 60% jump in pre-tax profits - before exceptional items - for the first-half ended 31st December 2010, boosted by growth in its international business, and said it remained positive on the future. The group, which specialises in placing office workers such as accountants and secretaries, posted an underlying pretax profit of 48.6 million pounds for the six months on turnover up 22% at 1.58 billion pounds. Commenting on this, chief executive Alistair Cox said: "With almost two thirds of our net fees now generated outside the UK the business is well placed to capitalise on the excellent long term structural growth prospects ahead."
Asia Pacific drives Hays growth Date: Monday 28 Feb 2011 LONDON (ShareCast) - International recruitment firm Hays shrugged off a workaday performance back in Blighty to post a sharp increase in interim profits. The group hailed an “excellent performance” in Asia Pacific, which delivered net fee growth of 38% as part of a group performance where net fees rose 23%, or 20% on a like for like (LFL) basis, to £326.1m in the six months to end-December from £264.8m the year before. The group said 62% of group net fees were generated from outside of the UK, with growth in Continental Europe and the Rest of the World up 33%, led by Germany, which grew net fees by 38%. In the UK, the going was tough in the public sector, where net fees slumped 36% but net fees from the private sector grew 27% to offset this. “18 countries around the world grew net fees by more than 25%,” noted Hays chief executive Alistair Cox. Profit before tax and exceptional items jumped 60% to £48.6m from £30.4m. “Our IT [information technology] investment projects are now substantially complete and our focus has moved on to fully utilising these systems to drive productivity, efficiency and customer service,” Cox added. The trend of faster growth in the permanent placement part of the market continued, with net fees from “permanents” rising 34% on a like for like basis to £147.4m, while LFL growth in net fees from “temps” was 11% at £178.7m. The proportion of the total represented by net fees from temps declined to 55% from 59%. Net debt increased from £77.2m at the end of June to £125.7m, primarily due to the payment of the dividend and the increase in net working capital. The interim dividend has been held at 1.85p.
Hays sees recruitment sector improve in quarterly update Jan 6 2011 by Neil Hodgson, Liverpool Daily Post RECRUITMENT group Hays enjoyed like-for-like fee growth of 21% in the last quarter to December 31, it said today. Its continental Europe and rest of the world operations recorded growth of 37%, Asia Pacific operations improved by 36%, and the UK and Ireland market managed a modest 1% improvement. The group, which has three Liverpool sites on Dale Street, Silkhouse Court and the Corn Exchange, revealed the permanent jobs sector showed the biggest like-for-like increase of 42%, compared with 7% in the temporary jobs market. Chief executive Alistair Cox said: “The outlook remains good across nearly all of our markets, including the UK private sector, and we continue to increase consultant headcount in order to capture the opportunities for growth.” Liverpool stockbroker Panmure Gordon said the second quarter update looks better than expected. Read More http://www.liverpooldailypost.co.uk/liverpool-news/regional-news/2011/01/06/hays-sees-recruitment-sector-improve-in-quarterly-update-92534-27941074/#ixzz1AucxAF6l
The future is more than bright here. I think the figures in terms of potential growth speak volumes. http://uk.reuters.com/article/idUKTRE7031SL20110104
A nice director buy 4 days ago. We also have the trading update in January. I think we maybe in for a nice little surprise fingers crossed http://www.haysplc.com/hays/investor/rns/
Just had a look at the buys for today and it looks like the news about a recent meeting thats going ahead combined with some company news about to come out is getting noticed but its still early. Looking forward to seeing where this goes with the Chinese joining forces.
This company has some very big expansion plans and they will continue well into 2012 at this price they are a steal!!! http://www.telegraph.co.uk/finance/newsbysector/supportservices/8195517/Hays-to-announce-big-push-into-China.html
Appreciate the reassurance. New to this game - I am yet to learn patience!
HAS , has just gone Ex Div , so you will get 3.95p for each share that you hold . The rise from circa 100p was in expectation of the Div , which was very attractive . As for further gains , they will come , HAS is doing very well , and has positions in all the major Global Markets , both Developed and Emerging , so IMO , just hang on in , the SP will soon be on the move again , HAS are very good when it comes to informing shareholders and the market , I am expecting an excellent Q3 update . And as you say , Business should Improve in the UK .