Shares in Hays PLC (LSE:HAS) rose in early trading after the recruiter announced the sale of operations in six European countries and signalled further portfolio changes as it aims to sharpen focus on core markets.
The FTSE 250 group has completed the sale of its businesses in the Czech Republic, Denmark, Hungary, Luxembourg, Romania and Sweden for net cash proceeds of about £4 million. The buyer was Meraki Capital, a London-based investment startup that specialises in investing in recruitment and staffing businesses.
The transaction was completed on 16 June and will result in a modest non-cash loss on disposal in the second half of the 2026 financial year.
Hays said the six businesses primarily provided specialist recruitment services to local customers.
The company also revealed it is exploring potential sales of seven more overseas operations as part of the ongoing review of its international footprint, namely Belgium, Brazil, Greater China, Malaysia, the Netherlands, Singapore and the UAE.
In aggregate, the 13 countries are expected to break even on a pre-exceptional operating profit basis in the year to June.
The group has been reshaping its country portfolio over the past year, including exiting four other countries, and would focus on its remaining 16 core markets.
New chief executive Mark Dearnley, who stepped up to the role last month, said: "Reshaping our portfolio to provide a sharper focus and build scale in high performing and high potential markets remains a key strategic priority for Hays."
Shares in Hays were up 3.35% at 36.98p in early trading.
