Hays fourth quarter net fees increase three per cent

11th Jul 2013 07:19

Recruitment firm Hays reported an increase in final quarter net fees, and while it expects fragile and mixed conditions to continue, it is confident full year operating profit will be at the top of the current range of market estimates.Total net fees for the final quarter rose 3% and on a like-for-like (LFL) basis increased 1%. Temp fees remained resilient but permanent markets remained fragile globally, the group explained.Temporary fees increased 6% or 5% on a LFL basis while permanent fell 1% and declined 3% on a LFL basis.Across its geographies, Continental Europe & Rest of World increased 13% during the quarter and rose 9% LFL. Growth included 9% in Germany and 10% in France.United Kingdom & Ireland rose 7% on an actual and LFL basis while Asia Pacific fell 13% on an actual and LFL basis. Australia decreased 18% and remained broadly stable through the quarter. Chief Executive Alistair Cox said it was good quarterly performance as it focuses on selectively investing in markets where it sees opportunities and expects operating profit for the year to reach the top end of market estimates."This approach, combined with the well-diversified, balanced business model we have built, means we've delivered a resilient financial performance for the full year.""Looking ahead, we expect continued fragile and mixed conditions. Several markets are likely to remain challenging and these will sit alongside clear opportunities for growth. The diverse business we have built positions us well and we remain focussed on delivering long-term, sustainable growth while driving profits along the way."CJ