Global professional recruiter Hays saw a 1% decline in net fee income (NFI) for the quarter ending 30 June 2012, although this translated to 2% growth when expressed at constant currency.
Its Asia-Pacific region saw 0% NFI growth in actual terms, but 1% rise at constant currency, with Western Australian resources, mining and associated support specialisms particularly strong.
Earlier this week (9 July), recruiter.co.uk
reported that Michael Page’s Asia-Pacific operations had been their stand-out performer
in its first half trading update, while the previous week (6 July), Robert Walters’ global NFI drop was largely down to a 5% fall in that same region
Asia Pacific represents around 30% of Hays, and 40% is made up of its continental Europe and Rest of World division. That division was the leader for Hays, showing 5% NFI growth (14% at constant currency).
The UK & Ireland business remained in decline, with a 10% (9% constant currency) NFI drop. The firm says it “continued to make good progress on our cost reduction plans through the quarter” in that region.
The temporary division of the business grew by 5% in NFI terms, with the permanent division shrinking by 8%. Global consultant headcount was flat across the quarter.
Chief executive Alistair Cox says: “Trading conditions in many markets became increasingly challenging through the quarter, as concern about the global economy reduced confidence among our clients and candidates, particularly in the permanent recruitment markets.
“We’ve deliberately built a business which is well diversified by country and specialism, and has a healthy balance of temp, interim and permanent revenues. Each of these markets is different, and we will continue to react quickly to changing conditions in each, investing selectively where we see growth and defending profitability and cash flow where markets are more difficult.”