FINANCIALS: Hays posts flat profit growth

Recruitment giant Hays has seen flat growth in group net fee income, with a 2% decline in the UK & Ireland year-on-year, according to a trading update for the quarter to 30 June 2019.

The update reveals that while the group saw NFI rise 2% year-on-year in Germany and 3% in the Rest of the World respectively, in Australia & New Zealand and in the UK & Ireland NFI was down by 5% and 2% respectively.

Hays CEO Alistair Cox said: “We delivered a solid end to our financial year with underlying fees up 1% and strong cash generation, despite tough comparatives, more mixed macroeconomic conditions and some signs of reduced business confidence. 

“Asia performed strongly, up 10%, although Australia slowed in the run-up to its General Election. Europe saw mixed conditions, although our largest market of Germany delivered solid underlying growth, and Southern Europe performed well. The UK was understandably more subdued, particularly in the private sector.

“Looking ahead, we are mindful of economic and political uncertainties and will continue to focus on driving consultant productivity, while making selective investments in our key markets to reinforce our market leadership.”

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