8th Oct 2015 06:21
LONDON (Alliance News) - Recruiter Hays PLC on Thursday said its net fee income rose in the first quarter from a year before, despite taking a heavy currency translation hit from its Asia Pacific operations, as trading in Europe and in the UK and Ireland remained robust.
The FTSE 250-listed company said its total net fee income in the first quarter to the end of September was up 3.0% from a year earlier, while net fee income increased 8.0% on a like-for-like basis at constant currencies.
UK and Ireland net fee income grew 6.0% in the quarter, despite the group coming up against tougher comparables, while its Continental Europe and Rest of the World division delivered an 8.0% increase and an 11% increase on a like-for-like, constant currency basis, as it took a hit from the weak euro.
The currency hit was more pronounced in Asia Pacific, where reported net fee income fell by 7.0% in the quarter, while like-for-like income was up by 6.0%. The division was also hit by a downturn in recruitment in the mining and resources sector in Australia, due to the tough conditions in commodities markets.
"We have had a good start to the new financial year, with all three of our key businesses delivering further growth," said Chief Executive Alistair Cox.
"Looking ahead, while we continue to see generally consistent conditions overall, the year-on-year comparators become more challenging, notably in the UK and Australia, and we are mindful of current macro-economic risks. Given this backdrop, we remain focused on driving profitable growth in our business," Cox added.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Hays