Hays reports strong quarterly performance in international business ...

Hays reports strong quarterly performance in international business

Rapid expansion of Hays? (LON:HAS) international business offset a weak performance in the UK, allowing the recruitment group to post strong quarterly revenue growth.

The group?s total sales during the quarter to end September rallied 21 percent, while like for like fees rose 15 percent. Net fees in the temporary and permanent placement businesses were up 16 percent and 15 percent respectively.

The strong increase in revenues was due to the performance of Hays? international business, which grew 27 percent during the quarter and now accounts for 68 percent of total fees.

Nineteen countries across the group achieved growth in net fees of over 20 percent, while 10 of these countries, including China and Brazil, saw net fees jump more than 40 percent.

Hays continued investing in its international expansion during the period, opening its Colombian business in July and upping its international consultant headcount by 9 percent.

Meanwhile, net fees in the UK and Ireland dropped 4 percent despite growth of 2 percent in the private sector, which was offset by a 24 percent decline in ?tough, but sequentially stable? public sector markets.

?Whilst we are mindful of the increasing macro economic uncertainty around the world, trading remains robust in the vast majority of our International markets,? said chief executive of Hays Alistair Cox.

?This increasingly diverse global footprint supported by our investments in consultant headcount, technology, training and marketing leaves us ideally positioned to further capitalise on the long term structural growth opportunities available to Hays around the world.?

Investors welcomed the report, sending shares in Hays up 8.5 percent to trade at 73.3 pence in early deals, making it one of the top risers in the FTSE 250. The recruiter currently has a market cap of

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Source: http://americaninvestmentclub.com/hays-reports-strong-quarterly-performance-in-international-business

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