Fees climb 8% at Hays

Recruitment firm Hays said total like for like net fees for the quarter ended 31 December 2011 rose 8% following strong growth in France, Germany and Asia Pacific while UK operations continued to struggle.

Hays saw like for like growth of 20% in Continental Europe & Rest of World, driven by Germany and France, which grew net fees by 28% and 20% respectively.

Net fees in Asia Pacific grew 11% while in the UK fees fell 7%, as recruitment especially in banking and the public sector remains difficult.

Start your trial 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 trading, chief executive Alistair Cox said, "This quarter we delivered a good performance in the context of an increasingly difficult macro-economic environment, which has particularly impacted candidate and client confidence in the permanent recruitment market around the world."

Net fees in the temporary placement business, which accounts for nearly 60% of group net fees, grew 13%. However net fee growth in the permanent placement business slowed to 1% as increasing uncertainty about the global macro-economic environment impacted confidence among candidates and clients, notably for banking related jobs.

"Looking ahead to 2012, the macro-economic outlook is increasingly uncertain. We will therefore focus on maximising our profitability and cash generation until the outlook is more positive... we are well positioned to manage through this period of uncertainty and take advantage of the long term opportunities available to us around the world," Hays said.

cj