Hays PLC (LSE:HAS) hailed a record first quarter with fees up 15% and confirmed it was sure it could navigate economic volatility ahead.
The recruitment specialist said Thursday that fees for permanent placings jumped 16% and temporary ones 14%, while also warning that macroeconomic uncertainty would lead to a slowdown in some markets.
In the three months to 30 September 2022, fees in its German division soared 26% on an actual and like-for-like basis, while the UK and Ireland saw an 11% rise.
“We remain acutely focused on driving consultant productivity and with a global management team experienced in managing through many cycles, I am confident we will deliver on the twin objectives of capitalising on our significant long-term growth opportunities while navigating any shorter-term macroeconomic challenges,” Alistair Cox, chief executive, commented.
He reiterated that despite economic conditions continuing to bite in the quarter, Hays' forward-looking client and candidate activity levels remained good, especially in Germany and EMEA.
Although they reduced slightly in a number of other markets as recession concerns increase, Cox added.
Group consultant headcount rose by 2% in the quarter and was up 19% year-on-year.
Hays said it expects headcount to be broadly flat overall in the first half of the year "as we focus on driving productivity, while selectively investing in attractive structural growth areas".
Net cash plunged to £185mln, down from £296mln in June, which the company said was in line with its own expectations.