Hays announces £75m share buyback

28th Apr 2022 08:29

(Sharecast News) - Hays said it would buy back £75m of its own shares as part of its policy of returning excess cash to shareholders.

The recruitment company said the buyback would start on 29 April and would be completed within 12 months. Hays made the announcement before the start of an investor presentation.

Hays said it was sticking to its policy of returning cash to shareholders above a £100m buffer through special dividends and buybacks.

"Hays' business model remains highly cash generative, and at the investor day we will reiterate our commitment to returning significant amounts of surplus cash to shareholders," the company said.

The FTSE 250 group has increased its profit guidance twice in 2022 amid booming employment markets. Hays reported a record third quarter on 14 April driven by a 32% increase in like-for-like net fees.

Hays shares rose 3.2% to 121.1p at 08:46 BST.