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Annual Results

Hays operating profits buoyed by international growth

31 August 2017 07:24

Hays has declared a special dividend following a record level of international profit in the year to the end of June.

Operating profit rose by 17% - up 1% on a like-for-like basis - to £211.5m, driven by international profit growth and exchange rate gains.

Net fees increased by 6% on a like-for-like basis and 18% on a headline basis to £954.6m. Chief executive Alistair Cox said: "This has been a milestone year for the Group.

"Our International businesses delivered record levels of fees and profit which, together with exchange rate gains, drove overall Group operating profit to over £200m for the first time since 2008.

"As a result of our strong financial and cash performance and a confident outlook, we have proposed the payment of the Group's first special dividend, of £61.6m.

"This supplements a proposed core dividend which has itself increased by 11% meaning the Group's total dividend pay-out has more than doubled year-on-year.

"We delivered strong, broad-based growth in Europe including a record financial performance in Germany, now our largest business in the world. Growth accelerated through the year in Australia across all states.

"In the UK, after a marked step-down immediately after the EU Referendum, activity levels quickly stabilised and we exited the year with modest private sector growth.

"Overall, with 20 countries growing by 10%(1) or more, the transformation of Hays into a truly global, diversified business is evident in these results.

"As we enter our new year, conditions remain good in the vast majority of our markets and we see many clear opportunities to grow.

"Our diverse and balanced global business, together with our highly experienced management teams and our strong balance sheet means we are well positioned to capitalise on these growth opportunities while maximising earnings and cash along the way."

Story provided by StockMarketWire.com

Related Company: HAS

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