Brexit worries hit fee income growth at Hays

15th Oct 2019 07:26

(Sharecast News) - Hays became the latest recruitment firm to report a fall in net fee growth from the UK and Ireland as Brexit worries continued to dent business confidence.
The company on Tuesday reported a 4% fall in UK first quarter net fee growth, with a 7% decrease in the private sector offsetting a 6% rise in the public sector. Total group growth was flat as macro-economic concerns hit Germany in an "increasingly challenging" climate.

Germany, the company's largest market making up 27% of its business, delivered flat net fees against tough growth comparatives and "broad signs of reduced business confidence and increased client cost control", especially in the manufacturing and automotive sectors.