skip to content

Trading statements

Hays quarterly net fees at record level

13 April 2017 07:15

Recruitment group Hays achieved an all-time record quarterly net fee performance in the three months to the end of March.

Group net fees increased 21% on a headline basis and 10% on a like-for-like basis against the prior year - the group's 16th consecutive quarter of year-on-year growth.

The difference between headline and like-for-like growth was primarily the result of the significant appreciation of the euro and the Australian dollar against sterling.

Hays said the impact of these foreign exchange movements meant that if it were to retranslate the group's FY16 operating profit of £181.0 million at current exchange rates (A$1.6660 and €1.1783 as at 11 April 2017), the actual reported result would increase by c.£29 million to c.£210 million.

Chief executive Alistair Cox said: "We have delivered an all-time quarterly record net fee performance, capitalising on the many growth opportunities around the Group.

"This gives us confidence to increase our expectations for full year profits, to the top of the current range of market estimates.

"Growth was broad-based and driven by strong performances in our International businesses. Europe delivered excellent results, led by an all-time record performance in Germany, as we continued to invest in additional headcount.

"Growth in Australia accelerated further and was strong across all states.

"In the UK, while the public sector market remained tough, we saw continued signs of improvement in the private sector market. "Looking ahead, conditions remain good in the vast majority of our markets, notably Australia, Europe and North America.

"In the UK, market conditions remain in line with the underlying Q3 trends.

"We are unrivalled in our industry in terms of the scale, balance and diversity of the business we have built and our focus remains to drive profitable, cash-generative growth.

"These strengths, combined with our world-class, highly experienced teams around the world, stand us in good stead and mean we continue to look to the future with confidence."

Story provided by StockMarketWire.com

Related Company: HAS

Info Point:

To buy or sell shares call our Dealing Room on 0113 243 6941.

Too much jargon? Our glossary will help make sense of things.

Find out more about our Share Dealing Services.

Client Area Access

» Secure Login

» Not registered yet?

-

Branch Finder

Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.