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Hays Q1 Net Fees Increase 1% On Headline Basis

Hays plc. (HAS.L) reported that group net fees for the first quarter ended 30 September 2019 increased by 1% on a headline basis and were flat on a like-for-like basis against the prior year. The modest weakening of Sterling, primarily versus the Euro, increased reported net fee growth.

Like-for-like net fees in both Temp and Perm business were flat year-on-year. Temp represented 57% of Group net fees, and Perm 43%.

Consultant headcount increased by 1% both in first-quarter and year-on-year. The company expects Group headcount to remain broadly flat in the second-quarter of fiscal year 2020.

Net fees in Australia & New Zealand declined by 2% in the quarter, versus a tough year-on-year growth comparative. The overall market is broadly sequentially stable at near-record levels, although conditions in Construction & Property remain tough.

Net fees in Germany were flat compared tough growth comparatives and broad signs of reduced business confidence and increased client cost control.

Net fee growth in the United Kingdom & Ireland decreased by 4%.

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