Member Article

Hays group suffers 3% fall in net fees

Liverpool-based recruitment firm, Hays, has incurred a 3% drop in net fees for the first quarter, which it announced in a trading update on Thursday.

The group experienced a 15% decrease in Asia Pacific, as well as a 5% fall across Continental Europe and the rest of the world.

UK and Irish figures were stagnant in comparison with the same period in 2012, although Hays said it saw “modest sequential growth” driven by a temporary 6% decrease in the private sector, and 17% growth in the public sector.

Despite these results, Hays said it expects full year operating profits to meet the top end of current market estimates, after an “encouraging” start to the second quarter.

Alistair Cox, chief executive of the group, said: “We have delivered a resilient performance against an economic backdrop that continues to be mixed and fragile overall.

“The start to the second half in our key Temp and Contractor markets has been encouraging and although many Perm markets remain challenging, they are broadly stable.

“Our proven ability to react quickly to the world as it changes, investing in stronger markets while keeping firm control on costs around the Group, continues to yield benefit in terms of our financial performance.

“Looking ahead, we expect conditions to remain fragile but mixed. Although several markets are likely to remain challenging, these sit alongside clear opportunities for growth.

“The diverse business we have built positions us well and we remain focussed on delivering long term sustainable growth while driving profits along the way.”

This was posted in Bdaily's Members' News section by Miranda Dobson .