Hays boosts income as UK lags behind on fees
SHARES in recruiter Hays got an eight per cent lift yesterday after it said its global net fee income had risen 11 per cent, despite a decline in its UK operations.
Net fees grew by 11 per cent on a like-for-like basis in the six months to 31 December compared to same period in 2010, rising to £373.8m. Operating profit was up 14 per cent on a like-for-like basis to £63.1m, and overall turnover for 2011 hit £1.86bn.
Hays said it was encouraged by a strong start to 2012 in booming resource and IT markets, and credited its diverse market spread for helping to boost first-half profits by 24 per cent.
Net fees, or gross profit, for the period rose by 16 per cent in its Asia Pacific market on a like-for-like basis. Continental Europe and the rest of the world increased by 27 per cent but the UK dropped six per cent as banking markets in particular continued to struggle.