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The Markets
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Proactive UK has moved.
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Business & education services

Hays joins peers in unveiling a record fourth quarter

London fees increased by 18%, including the City up 40%. while fees in Ireland increased by an "excellent" 59%

Hays PLC (LSE:HAS) has capped a bumper couple of weeks for recruitment companies with its own record numbers.

Fees jumped 23% in its fourth quarter to end-June 2022, with records in 15 of the countries where it operates.

Permanent appointments saw a 31% uplift with temps 16% higher, while margins improved on both sides of the business, said the statement.

As a result, group operating profit for this year will be £210mln, at the top end of previous guidance.

UK and Ireland saw fees rise by 22%, driven by a strong permanent performance especially within the private sector, while strong temp demand lifted Germany, its largest country of operation.

In the UK regions, South West & Wales and the East of England did the best, growing by 33% and 28% respectively, while Northern Ireland and the North West lagged at 5% and 14% respectively.

London fees increased by 18%, including the City up 40%, while fees in Ireland increased by an "excellent" 59%.

By skillset, Technology delivered excellent growth and Accountancy & Finance rebounded sharply, up 35% and 31% respectively, said the statement.

HR and Legal were also "excellent", up 52% and 45% respectively, while Construction & Property increased by 7%.

Alistair Cox, chief executive, said Hays' key markets continue to be characterised by skill shortages even though macroeconomic uncertainties are increasing and its strength in technology and enterprise solutions will help it hit its long-term targets.

“Our fee growth is also supported by improved margins and wage inflation globally," he added.

“Our strong cash performance supports the board's commitment to returning significant cash to our shareholders."

Hays had net cash of £295mln at the year-end, driven by strong cash generation.

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