Hays Returns To Growth On Strong International Divisions
08 Luglio 2010 - 8:50AM
Dow Jones News
The U.K.'s largest recruiter Hays PLC (HAS.LN) Thursday said it
has returned to year-on-year growth in net fees, driven by its
international business, despite continued woes in the U.K. public
sector.
Chief Executive Alistair Cox said "whilst we remain mindful of
the risks to the economic recovery in many of the countries in
which we operate, the outlook in our markets continues to
improve."
Hays reported fourth-quarter net fee growth of 14%, or 8%
organic growth and at constant currency, with Asia Pacific showing
the strongest growth followed by Continental Europe and the Rest of
the World division.
But net fees fell 6% in the U.K. and Ireland, with growth in the
private sector offset by reduced demand in the public sector. In
the private sector, net fees grew 10% from the previous quarter but
in the public sector, net fees fell by 14%. The company is now
redirecting consultants from the public sector to the private
sector.
Temporary placements grew 3% while permanent placements grew
33%.
Hays shares closed Wednesday at 91 pence, giving the company a
market capitalization of GBP1.25 billion. They've fallen 19% in the
past three months on fears that planned U.K. government spending
cuts will hit confidence and discourage people from changing
jobs.
-By Anita Likus, Dow Jones Newswires; +44 20 7842 9407;
anita.likus@dowjones.com
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