FINANCIALS: NFI up for Hays, revenue up for Parity Group

Hays and Parity Group have issued financials this morning, indicating increased net fee income and revenue.

Recruitment giant Hays’ Q1 2019 trading update reveals NFI rose 6% year-on-year. 

NFI growth was highest in its Rest of World segment (up 9% year-on-year), followed by Germany (up 6%), and Australia & New Zealand and the UK & Ireland – both up 3%.

Hays’ CEO Alistair Cox said: “Against increasingly tough comparatives, we have delivered another good quarter of broad-based growth, with net fees up 6% and 17 of our 33 countries growing above 10%. Asia performed strongly, up 12%, and our Americas business continued to do well, growing by 7%. Despite a mixed economic backdrop across Europe, our largest business of Germany grew by 6% and EMEA ex-Germany grew 10%. ANZ recorded its 19th consecutive quarter of growth, and despite political uncertainties our UK&I business produced another highly creditable performance, with net fees up 3%. Our underlying cash generation also continues to be good.

“While we remain mindful of macroeconomic conditions, the outlook remains positive across most of our markets. Our consistent focus is to drive consultant productivity, while selectively investing in our key markets to reinforce our market leadership and capture the many opportunities the changing world of work is presenting us with.”

Meanwhile data and technology-focused professional services business Parity Group released full-year 2018 results, revealing group revenue increased 2.7% to £86.1m from £83.8m in 2017, while net debt was cut to £1.1m from £1.6m in 2017.

However, adjusted profit before tax declined by 48.7% to £850k from £1.66m in 2017, which the group attributed primarily due to non-renewal of large consultancy contract.

The group’s CEO Matthew Bayfield pointed to a year of reflection and change for Parity: “As client and market needs changed, we experienced real challenges that questioned our approach. We responded with a roadmap for a new operating model that includes new service lines, a clearer emphasis on consistent and integrated relationship management and a stronger brand and communication to the market. 

“Our strengths in financial management have enabled us to reduce debt and continue to generate cash and, together with a positive initial response from clients to our new offer, this gives us confidence for the future.”

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