Hays net fee income up, UK net fees down
(Jul.14, 2017, /staffingindustry.com/)In a trading update, international recruitment firm Hays (HAS: LSE) reported net fee income growth of 7% on a like-for-like (LFL) basis for the fourth quarter ending 30 June 2017, compared with the same period last year.
Hays’ also reported growth for the temporary and permanent business segments during the period, on both a reported and like-for-like basis showing balanced growth across both segments.
“We have ended our financial year with a record quarterly net fee performance and expect full year operating profit to be marginally ahead of the current market expectations (￡209.5 million),” Alistair Cox, Chief Executive, said.
“Our international businesses continued to be the key drivers of growth,” Cox said. “Europe delivered strong results, led by an excellent performance in Germany, where we have increased consultant headcount by over 20% during the year. Growth in Australia remained strong and was broad-based across all states and specialisms. The underlying trends in the UK remained sequentially stable, with modest improvements in the private sector offset by a tough public sector market. Looking ahead, conditions remain good in the vast majority of our international markets. In the UK, market conditions remain stable overall. The scale, balance and diversity of the business we have built is unrivalled in our industry and our focus remains to deliver sector-leading profits and strong cash generation. These strengths, combined with a strong balance sheet and 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."