Recruitment firm Hays (LON:HAS) had Europe to thank for a solid performance in the final quarter of 2015.
The company saw net fees rise by 3%, or 7% on a like-for-like (LFL) basis, from the year before.
While year-on-year LFL growth in Asia Pacific and in the UK & Ireland was modest at 1%, Continental Europe & the Rest of the World had a rip-roaring quarter, with LFL growth in net fees of 16%.
Hays said LFL growth was 7% in both its Temporary and Permanent business areas.
"An excellent performance in Europe has driven further good growth in Q2, our eleventh consecutive quarter of year-on-year growth.” said Alistair Cox, the chief executive of Hays.
“The significant head count investment we made earlier in 2015 drove a further acceleration of growth to 14% in Germany, our second-largest business, and elsewhere in Europe, seven countries delivered record performances, including France.
“Market conditions in Australia continued to vary significantly, with good growth in New South Wales and Victoria and in the public sector recruitment market offset by difficult conditions in the mining-focused regions,” he added.
“In the UK the rate of growth slowed against tougher comparators and as the public sector recruitment market became more challenging through the quarter.” Cox revealed.
Shares in Hays were up 2.35 at 124p in late morning trading, faring a lot better than sector peer Michael Page (LON:MPI) did yesterday, after its poorly-received trading update.
French broker BNP Paribas noted that Hays's mix “is more attractive”, with a great emphasis on temporary placements and a larger presence in Germany.