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Hays net fee growth 10%, UK down 8%

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Date: Thursday 09 Oct 2008

LONDON (ShareCast) - Recruitment firm Hays said the 10% net fee growth, 4% on a like-for-like basis, for the quarter to September represents a solid start to the year despite the increasing difficult economic environment.

The difference between the headline and like-for-like growth rate is due to the more favourable Euro and Australian dollar exchange rates.

The UK was the worst performing region, with actual and like for like sales down 8%. Asia Pacific was up 27% and 13% higher on like-for-like, while continental Europe and rest of the world rose 54%, up 32% on a like-for-like basis.

The overall group like-for-like net fee growth rate slowed across the quarter and by the end of the quarter it was broadly flat.

“Whilst there is no doubt that many of our markets are getting tougher, the experience of our management team, the flexibility of our cost base, the increased diversification of the group, and the strength of our balance sheet positions us well to deal with these market conditions,” said the group.

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