FINANCIALS: Hays shows drop in UK NFI but Europe, Asia-Pac up
Recruitment giant Hays has seen a 4% drop in year-on-year UK & Ireland net fee income, according to an update for the quarter ended 31 March 2017.
The update, published this morning, reveals UK NFI was down 4%, with its public sector business particularly adversely affected.
However, NFI was up 10% overall led by Continental Europe – up 12%, and Asia-Pacific – up 18%.
Commenting on the update, Hays CEO Alistair Cox said: "We have delivered an all-time quarterly record net fee performance, capitalising on the many growth opportunities around the Group. This gives us confidence to increase our expectations for full-year profits, to the top of the current range of market estimates.
“Europe delivered excellent results, led by an all-time record performance in Germany, as we continued to invest in additional headcount. Growth in Australia accelerated further and was strong across all states. In the UK, while the public sector market remained tough, we saw continued signs of improvement in the private sector market.
“Looking ahead, conditions remain good in the vast majority of our markets, notably Australia, Europe and North America. In the UK, market conditions remain in line with the underlying Q3 trends. We are unrivalled in our industry in terms of the scale, balance and diversity of the business we have built and our focus remains to drive profitable, cash-generative growth. These strengths, combined with our world-class, highly experienced teams around the world, stand us in good stead and mean we continue to look to the future with confidence."
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