Hays’ overseas operations helped the recruitment firm post bumper quarterly growth figures as it looks to pursue its rapid international expansion, writes Charlie Taylor-Kroll.
The FTSE 250 company, which places workers across sectors from finance to construction, said it saw a 9pc growth in like-forlike net sales.
However, analysts at Jefferies warned net fee growth in the quarter was below consensus due to “slower momentum in Germany and rest of the world”. Shares in the recruiter duly tumbled 11pc, to their lowest level in more than a year.
Hays recently posted a 17pc rise in pre-tax profit for the year to June 30, at £238.5m, while net fees rose 12pc to a record £1.07bn. The company also said it would continue to invest significantly in Germany, France and the US as part of its five year plan. Analysts at Liberum said growth opportunities abroad means that the company is in a “strong position to deliver attractive fee income”.
Alistair Cox, chief executive, said the company made a “good start” to the financial year, adding “while [Hays] is mindful of macroeconomic conditions, the outlook remains positive across our international markets”.
In a hurry: Hays is pursuing rapid global expansion
Alistair Cox Chief executive