Hays produces mixed third quarter update
Recruitment company Hays has produced a mixed performance in the third quarter against an uncertain economic backdrop.
Recruitment company Hays has produced a mixed performance in the third quarter against an uncertain economic backdrop.
Although markets were stable, overall group net fees were down 1% against the prior year. Net fees decreased 9% in the UK & Ireland, the international business delivered growth of 3% and represented 70% of net fees in the quarter, driven by an excellent performance in Germany, which grew by 25%.
Net debt ended the quarter slightly higher at around £140m compared to £133m a year earlier, primarily due to the timing of late tax payments.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Still, on the bright side, Hays has completed the refinancing of a new five-year, £300m revolving credit facility to October 2017 at interest rates similar to the last deal.
The covenants, which are unchanged on the group's existing facility, require the group's interest cover ratio to be at least 4:1. Its leverage ratio (net debt to earnings before interest, tax,depreciation and amortisation) must be no greater than 2.5:1.
CM
-
Zoopla: housing market recovery continuing amid brighter 2024 outlook
The Zoopla House Price Index has found sellers are still accepting five-figure discounts on their properties. But house price inflation is improving.
By Henry Sandercock Published
-
Revealed: the best funds to buy before the end of the tax year
Looking to add more investments to your portfolio but not sure where to start? We reveal the best funds to buy now as the end of the tax year edges closer.
By Katie Williams Published