Hays PLC (LSE:HAS), the recruiter, said it expects profit to exceed market expectations after a record quarter in which fees increased in all regions, adding that it intends to capitalise on cyclical recovery and structural growth opportunities in 2022.
Like-for-like (LFL) net fees increased by 37% in the three months to the end of December compared with the same period in 2020, echoing strong updates this month from peers Robert Walters and Pagegroup.
The FTSE 250-listed group said it anticipates full-year 2022 profits will be roughly £200mln, even after paying out £170mln in core and special dividends last November, compared with special dividends of £150mln in 2021.
Its net cash position of £235mln was described as “strong” and in line with board expectations.
Hays had a 6% rise in consultant headcount in the quarter, which was said to have increased average productivity.
The technology sector, which accounted for 25% of group fees, climbed 33%, while its construction & property and accountancy & finance divisions increased by 23% and 43% respectively.
Its largest region, Germany, saw LFL fees rise 37%, compared with 31%, 33%, and 41% for Australia and New Zealand, UK and Ireland, and the rest of the world respectively.
The company said its strong end to the year holds it in good stead for 2022, despite admitting it is too difficult to predict what could unfold.
“It is too early to quantify how the Omicron variant will impact our New Year 'return to work' trends, [but with all the positive results] and as global economies continue to rebound, I am confident we will take further market share as we invest in cyclical recovery [and] growth opportunities," said chief executive Alistair Cox.