FINANCIALS: Hays sees profits rise, with ‘solid’ growth in UK&I

Recruitment giant Hays has seen net fee income climb 8% year-on-year, according to results for the half year to 31 December 2018.

The results reveal NFI was up 8% from £525.8m to £568m, with operating profit up 7% from £116.5m to £124.1m and profit before tax up 8% from £113.9m to £122.6m

The group’s German operations saw NFI increase 14% year-on-year – up from £134.8m to £153.7m. NFI was up 11% in the group’s rest of the work segment – up from £163.7m to £181.1m, with record net fees in 18 markets including China and Canada. In the UK & Ireland, the group reported “solid” NFI growth of 3% from £127.5m to £131.7m on the previous year. In Australia and New Zealand, NFI was up 2% from £99.8m to £101.5m.

Elaborating on the group’s performance, Hays CEO Alistair Cox reflected on another good first half performance for the group.

“Conditions were supportive in most of our markets, with 20 of our 33 countries delivering record net fees. This included our largest countries by profit, Germany and Australia, as well as exciting growth markets such as China, Canada and the US. UK&I delivered another solid result, with 6% operating profit growth, despite economic uncertainties.

“Looking ahead, although we remain mindful of continuing macroeconomic uncertainty, the outlook in the vast majority of our markets remains positive. Our second half focus will be on driving consultant productivity, while selectively investing in our key markets to build on our existing scale, balance and diversity.”

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