Mixed performance continues at Hays

Recruitment company Hays reported three per cent decline in quarterly net fee income and expects conditions to remain fragile.

UK and Ireland net fees in the quarter ended December 31st fell 3% while in Asia Pacific it was down 14%. Continental Europe & Rest of World fared better, rising 6% during the quarter after a continued robust performance in Germany, which grew 14%.

Australia & New Zealand decreased 15% after a reduction in activity in the Resources & Mining business.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

Commenting on the group's second quarter, Chief Executive Alistair Cox said: "Whilst several markets around the world were fragile, the fact that we've built such a well-diversified and balanced business enabled us to deliver a solid result in the quarter."

While 12 countries around the group delivered net fee growth of 10% or more, it cautioned that other markets remained tough, notably the UK, Southern Europe and banking-related specialisms.

Looking ahead Cox said overall he expects conditions to remain fragile but continues to see opportunities for growth in several key parts of the business.

CJ