14th Apr 2023 08:55
(Alliance News) - Hays PLC on Friday reported revenue growth in the third quarter to June 30, led by employers shifting towards flexible work.
The London-based recruitment company said that during the third quarter, net fees rose 10% on a reported basis, or 5% on a like-for-like basis. "Growth was driven by Temp & Contracting, our largest business and a key strategic focus, as employers shifted their hiring patterns towards more flexible labour, and Perm hiring processes continued to lengthen," said Chief Executive Officer Alistair Cox.
Germany produced a "record" performance, with like-for-like net fees rising 23% in the quarter. In the UK however, fees fell by 2%, as the company noted slowed activity levels. In Australia & New Zealand, fees were down 8%.
Looking ahead, Hays said it expects second-half operating profit and conversion rate to be "modestly above" the firm half, provided activity levels remain stable in the fourth quarter ending June 30.
"Our key markets continue to be characterised by acute skill shortages and wage inflation, and we are benefiting from our early management actions to increase fee margins in skill-short markets," CEO Cox added.
Hays shares were 0.7% higher at 114.80 pence each on Friday morning in London.
By Tom Budszus, Alliance News reporter
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