Recruiter Hays reports record fees amid tight labour market
Recruitment specialist Hays said it was confident it could navigate economic volatility ahead today as it reported a record quarter with fees up 15 per cent.
In a trading update on the three months through September, the firm said that fees in permanent placings were up 16 per cent and temporary 14 per cent, while its Gemany divison surged ahead with 26 per cent growth.
Group chief Alistair Cox said that economic conditions had begun to bite in the quarter however, as key markets showed signs of a slowdown.
“Our forward-looking client and candidate activity levels remain good overall, particularly in Germany and EMEA, but have reduced modestly in a number of other markets as macroeconomic uncertainties increase,” he said.
“This said, our key markets continue to be characterised by acute skill shortages and wage inflation.
“We remain acutely focused on driving consultant productivity, and with a global management team experienced in managing through many cycles, I am confident we will deliver on the twin objectives of capitalising on our significant long-term growth opportunities, while navigating any shorter-term macroeconomic challenges.”
Net cash plunged to £185m however, down from £296m in June, which it said was in line with our expectations.