Hays posts 13% boost in net fee income

Recruitment giant Hays posted a 13% increase in overall net fee income, including some marginal NFI growth in the UK and Ireland, for the three months to 30 September.

The results reveal the group saw NFI growth of 1% year-on-year, with strong NFI growth of 14% in the South West of England and Wales and 8% growth for the group’s office support division. This was offset by NFI plunging 11% in the East of England and the IT and education NFI declining 15% and 13% respectively.

Further afield NFI growth was much stronger in Asia Pacific and Continental Europe and the Rest of the World – up 17% and 19% respectively on the previous year with Germany and Australia the standout performers.

Commenting on the group's performance, CEO Alistair Cox said: "We have made a strong start to the new financial year with all divisions growing. Continental Europe delivered further strong, broad-based growth, led by a record net fee performance in Germany, our largest business in the world, as we continued to invest in consultant headcount. Australia delivered another strong quarter of double-digit growth, which was uniform across all states and specialisms. We continued to see modest improvements in our UK private sector business, which returned to growth, although this was largely offset by a tough public sector market.

“Looking ahead, conditions remain good in the vast majority of our International markets. In the UK, market conditions remain stable overall. Our diverse and balanced global business, together with our highly experienced management teams and our strong balance sheet means we are well positioned to capitalise on the many clear growth opportunities we currently see across the vast majority of our markets, while maximising earnings and cash along the way.”

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