Hays Q1 net fees decline under difficult market conditions

LONDON (dpa-AFX) – Hays Plc (HAS.L), a British recruitment company, on Friday posted a 15 percent decline in year-on-year net compensation for the first quarter.

The results had the effect of the appreciation of the pound sterling against the euro.

The Group also reported a 14 percent decline in fees on a like-for-like or LFL basis compared to the previous year.

Hays’ exit rate in September was in line with the quarter overall, driven by continued challenging conditions in key markets.

Dirk Hahn, Chief Executive of Hays, said: ‘Net fees in the quarter fell as expected, reflecting difficult market conditions, especially in Permian, where we see a longer time to hire and low levels of confidence that are expected to hold on.’

Looking ahead, the Group expects market conditions to remain challenging in the short term. Furthermore, the company noted that it still expects pre-exceptional operating profit for the first half of 2024 to be consistently lower than for the second half of 2024.

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