Hays sees strong fee growth around globe but UK proves a drag
RECRUITMENT FIRM Hays posted solid international fee growth in the second quarter, but its UK arm continues to be held back by Brexit uncertainty.
The firm saw like for like fees in Germany jump 15 per cent in the quarter ending December 31, while rest of the world income shot up 10 per cent. International overall was up 11 per cent.
This was in contrast to the UK, where Hays recorded just a 3 per cent rise in comparable sales, citing “economic uncertainties”.
Scotland and the South East fared worst, with fee income down 15 per cent and 8 per cent respectively.
Brexit uncertainty has dragged on recruitment in the UK as many firms put hiring decisions on hold until a clearer picture of trade relations emerge.
Hays boss Alistair Cox said: “While activity levels at the start of the New Year will be an important driver of the group’s second half performance, and we remain mindful of macroeconomic conditions, the outlook is good across most international markets.
“We continue to invest in key
structural growth markets like Germany, the USA and Asia, capitalising on the clear opportunities we are seeing. Our diverse and balanced global business, together with our highly experienced management teams, mean we look to the future with confidence.”
Total fees rose 9 per cent on a like-for-like basis in the period, with Australia and New Zealand up 8 per cent.
Shares were trading over 2.5 per cent higher in early trade at 145.4p.