‘Very encouraging’ performance for Hays
International recruiter Hays’ performance has been “very encouraging” for the six months ended 31 December 2010, according to chief executive Alistair Cox.
6 months ended 31 December Unaudited | 2010 | 2009 | Actual growth | LFL* growth |
| Net fees | £326.1m | £264.8m | 23% | 20% |
| Operating profit (before exceptional items)** | £52.1m | £35.1m | 48% | 38% |
| Profit before tax (before exceptional items)** | £48.6m | £30.4m | 60% | |
| Profit before tax | £48.6m | £3.4m | 1,329% |
* LFL (like-for-like) growth represents organic growth of continuing activities at constant currency. There were the same number of trading days in 2010 and 2009.
** In 2009 numbers are presented before the exceptional item of £27m relating to the OFT fine that is currently under appeal. There were no exceptional items in 2010.
Cox says: “Our performance this half has been very encouraging with profit up almost 50%. Eighteen countries around the world grew net fees by more than 25%*, showing the depth and breadth of momentum across the business.
“Our outlook remains positive across nearly all of the markets in which we operate. We continue to invest for growth and have increased our international consultant headcount by 13% this half, with further increases planned for the next six months.
“We opened businesses in Mexico and the US in the second quarter, bringing the total number of country operations to 30. With almost two thirds of our net fees now generated outside the UK, the business is well placed to capitalise on the excellent long-term structural growth prospects ahead.”
