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Hays Q3 Group Net Fees Decline; Sees FY21 Operating Profit Ahead Of Market View

Recruitment company Hays plc (HAS.L) reported Tuesday that its net fees for the third-quarter declined 9 percent from last year on a reported basis and 10 percent on a like-for-like basis.

In the preceding second quarter, the drop in net fees was 19 percent. The company recorded strong sequential fee growth, particularly in March.

In the third quarter, temporary net fell fell 6 percent on a reported basis and 7 percent on a like-for-like basis. Permanent net fees were down 13 percent on a reported and LFL basis.

Net fees were down 13 percent in Australia & New Zealand, 5 percent in Germany, 14 percent down in UK & Ireland, and 8 percent down in Rest of World.

Looking ahead for fiscal 2021, the company projects operating profit to be at least 85 million pounds, ahead of market expectations. The outlook cites the improving fees and good underlying cost management, and assuming a continuation of current market conditions.

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