Global recruiter Hays is seeing signs of stability in the UK market, according to Bob Lawson, Hays chairman.

Lawson said at Hay’s AGM: “On 8 October, we issued an interim management statement for the quarter ended 30 September 2009. In that statement we stated that the specialist recruitment markets continued to be very challenging and that net fees in the quarter had declined by 37% (decreasing 40% on a like-for-like basis) versus the same period last year. We also made the following comments about market conditions and management actions.

“We are seeing early signs of stability in the UK and broader signs of stability in Asia Pacific, although at present no indications of recovery in either market. The Continental Europe markets, which entered into the downturn later than other regions, are still experiencing deteriorating conditions although the rate of decline has moderated.

“While the indications are that this year will be another tough year for our industry, the downturn presents opportunities for market leading companies like Hays to gain share and we will continue to pursue those opportunities and invest in our business accordingly.

“These comments still apply today. We will provide a more detailed trading update for the quarter ending 31 December 2009 on 7 January 2010.”