What is currently known about HAYS. I have been tempted to buy a few times over the years but have always missed a buying opportunity.

As far as I can see they look like a buy to me. They have stated that results will in line with expectations. There are possibilities of them selling off a part of the company for a good price. They make good revenue and profits. They pay a reasonable dividend.

This looks good also

3 June 2004

"LONDON (AFX) - Hays PLC plans to return cash to shareholders from the
demerger of its DX mail business announced today.
Speaking to newswire reporters, outgoing chief executive Colin Matthews said
that debt put into the DX group on demerger will liberate cash for return to
shareholders. DX will be demerged by issuing current Hays shareholders with
shares in the new mail group.
Hays has promised cash returns to shareholders from disposals of property
and other assets as part of its restructuring into a standalone recruitment
specialist agency.

Hays has promised that surplus cash from its disposals will be returned to
shareholders and Matthews said Hays will give further details in September."

I have held HAYS for a while, they don't always seem in favour with the
city to be honest. It had been expected they would sell the DX division
but it was said recently they wouldn't and would de-merge it instead,
that didn't go down well and the price dropped. So buying in when the price is as low as you are happy with is a good idea, as it tends to be quite
volitile.

The divi is fair, but so far I haven't seen any cash back to shareholders
and that is the crux of the matter, it has been promised but not delivered,
so the price has not done what it might.

The recruitment side is good - Hays are well respected in accountancy type
recruitment and they do other things too as well as having a presence
outside the UK.

I came in during August 2003 at 113p - so there may be profit taking
from those who bought in earlier at the lowest price once it starts
to climb or indeed once the pay-back to shareholders actually occurs,
so pick your moment on price Haystack and Good Luck!!

The chart indicates that it is at a critical poiunt right now. It looks like it may turn quite sharply either way.

http://www.citywire.co.uk/instrument/default.asp?vid=66566&kid=23&uid=&cid=&ctid=&sid=&fid=&iid=&type=&dateEnd=04/07/2004%2023:59:59&rurl=/instrument/default.asp

A buy note from SUNDAY TELEGRAPHL -

Buy Hays at 123.25p

HAYS up today

What's the guess it's all eyes and little real substantial
movement until the announcement in Sept.? I just hope they don't
stall on the DX division decision (again)as they did before,
would really like to
turn this one for a profit in the next few months - it's been hanging
about in my portfolio for longer then it was supposed to already!! (lol!)

It is up nicely over the last few days. Now almost the resistance point of about 128p.

You know I was hunting about earlier today trying to find this thread
and couldn't so thanks for digging it out Haystacks.
Yes been steadily on the rise now for a little while, if it keeps
the momentum up until results in Sept could be good!!

The problems is that I put the wrong Epic code in the thread. I put HAYS instead of HAS.

Maybe it needs changing.

That's why I couldn't find it then - not sure what you do about it
though if you want to change it...guess you'll have to enquire with AM
It's still going good this afternoon!

Haystack,

I have amended the epic code for you to HAS

Ian

Thanks. What service.

Haystack,

We aim to please :)

Ok so the big question is when will they hive off the DX service??
Rumour (or possibly assumed fact) that they will have it as a listed co,
with existing shareholders getting shares, we should know tomorrow.

This is looking very strong now with good volume. Very good results recently and the prospect of money returned to shareholders.

Well to be honest Haystack, I'm looking for a decent rise and I'm out,
I have no great urge to own a handful of shares in DX when they float
it!!! (1 dx share for every 20 Hays ones was the last thing I heard)

News released actually yesterday, but only spotted it today.

Hays PLC
27 September 2004


27 September 2004



DX Services plc - Publication of Circular and Listing Particulars


Hays plc announces that the Circular and Listing Particulars in relation to the
demerger of DX Services plc (the 'Demerger') were published today and are being
posted to the shareholders of Hays.

An extraordinary general meeting of Hays to approve the Demerger has been
scheduled for 28 October 2004. Subject to shareholder approval, it is expected
that the shares in DX Services plc will begin trading on 1 November 2004.

Have been looking at the proposed Hays - DX Demerger - it appears that Hays have been trying to sell the DX business for 18 months but have ended up deciding to demerge - Does this mean that there arent any buyers for it? Consequently why would the shareholders want it? Current management have been there for around 2 years but it has largely gone nowhere during that time. On the other hand if you look at the Hays business as a whole the reported profit margins from the DX business are much higher then the actual Hays business - so is it worth buying Hays shares to get some cash and shares in DX? - Strikes me as too many unanswered questions at this stage - Interested in any one elses opinion

SDB
On your thoughts above of buying Hays for cash and shares in DX - I
haven't seen any cash on the table, so I'd check that if I were you
before committing yourself on that basis. The divi is very 'average' so
I can't think you are viewing that as a 'cash' component so can't
quite work out where the cash element is from?

Remember the split mentioned so far has been 20 Hays shares for
1 DX one - so you have to believe in the other side of Hays business
for it to make sense to buy in at this stage - after all you will
after the de-merger have a lot more shares in Hays then DX.

The recruitment side has been holding the rest up for a long time,
that is the core business and they are well placed in that sector
so compared to other recruitment co's, they could be considered as
a good bet, but it is a very up and down competitive sector!

If the DX side really interests you more - why don't you consider
holding off and buying into that alone when it floats?
As ever DYOR and Be Lucky!!

Actually I was mainly interested in possible short term gains from a demerger transaction. Funny how we always get back to money.

As to the divi - I was really looking at a cash distribution from Hays - they have been selling all non-core businesses and I was hoping that eventually some of that would come out.

I have now got hold of the demerger document published yesterday and the listing particulars for DX - as I read it good news and bad news - good news for those who want to hold Hays - the DX business has been geared up to the high hilt and all the cash stripped out into Hays - Could there be a pay out coming?

Bad news for the DX business - current management although stated as 'experienced' have never worked in the mail sector before and have resided over a company going backward in profitability for the last two years - stated objective is to reduce costs but employee numbers go up while revenue is going down - no real clear strategy as to how to increase revenue

Think I will stay out of this one - and look for another quick buck

Cheers

SB
There's been speculation on Hays returning cash to share-holders
for at least a year...and so far we haven't seen any...actions can
speak louder then words at times. Nice to know the demerger paperwork is about
I'm still waiting for mine to turn up!
Be Lucky!

OK for info. if anyone else is holding these and has recently rec'd
the doorstop material about the DX float.
Currently there does
not appear to be a float price set for DX and if as a result of the
share consolidation (1 Dx for every 20 HAS)you are left with a
useless amount of DX shares (under 500)it suggests they will run a
share-dealing service for offloading the unwanted shares. However again
there are no definite details yet, those will be sent later on.
Lastly there is a helpline in place for help on the demerger doc.

I tried the helpline - not much more than a guide to points already raised in the Listing Particulars - expecting broker research to give a view on pricing pre-listing

Reckon we might get a boost from Darling here today in his budget.

Surely unemployment is the biggest thing the government have to tackle now.

Looks like theres quite a bit of mopmentum behind this one at the moment and if it breaks resitance at 88p it could really fly.

The best is yet to come for Hays, the recruitment company, Midas said in the Mail on Sunday. It business has held up well in the economic gloom and its focused boss Alistair Cox aims to double profits in five years and boost the dividend. Current shareholders should keep the faith and new investors could do well if they buy now.

http://sharecast.com/news/sunday-share-tips-talktalk-fyffes-halfords/21282650.html

Attempting to break out.

25th Feb Interim results for six months ending 31/12/2014
9th April Interim Management Statement for quarter ending 31/03/2015.

LATEST BROKER VIEWS

Date Broker New target Recomm.
23 Jan Liberum Capital 170.00 Buy
14 Jan Citigroup 150.00 Neutral
14 Jan Credit Suisse 150.00 Outperform
9 Jan Kepler... 150.00 Hold
9 Jan Numis 184.00 Buy
9 Jan Deutsche Bank 125.00 Hold
8 Jan Liberum Capital 170.00 Buy
8 Jan Investec 170.00 Buy
6 Jan Numis 184.00 Buy
15 Dec Deutsche Bank 125.00 Hold
Broker Recommendations for Hays

Slow but sure, nice chart.

Target 180p leading up to results.

Another bombed out stock reporting on Thursday, trading update for quarter ending 30/06. Brokers not quite so bullish on this one.

LATEST BROKER VIEWS

Date Broker New target Recomm.
7 Jul Barclays... 105.00 Equal weight
6 Jul Numis 110.00 Add
5 Jul Morgan Stanley N/A Equal weight
5 Jul JP Morgan... 105.00 Neutral
1 Jul Kepler... 90.00 Reduce
30 Jun Exane BNP... 140.00 Outperform
27 Jun Deutsche Bank 100.00 Sell
10 Jun Deutsche Bank 105.00 Sell
7 Jun Liberum Capital 155.00 Buy
13 May Credit Suisse N/A Neutral
Broker Recommendations for Hays

On track but needs to break 110p.

Q4 Trading Update

Highlights

· Good overall growth of 8%(1) including a c.3%(3) working day benefit
· Full-year operating profit is expected to be c.£180m, ahead of current consensus market expectations(4)
· Excellent cash performance, driving the elimination of the Group's net debt and a year-end net cash position of c.£40 million
· Excellent broad-based growth of 21%(1) in Continental Europe & Rest of World, driven by Germany up 23%(1) and 12 more countries growing by over 20%(1), including Belgium, France and Switzerland
· Asia Pacific growth of 4%(1), with good 6%(1) growth in Australia, driven by public sector. Net fees in Asia decreased by 1%(1)
· UK & Ireland decreased by 4%(1). Public sector markets remained tough, down 8%(1). Private sector was down 2%(1) as client sentiment weakened towards the end of the quarter
· Group consultant headcount was up 3% year-on-year and flat through the quarter

Gap closed.

Trading Statement Tuesday 18th. Good recovery since Brexit vote, grind higher or bomb? Far from madding crowd but volume needs to get a wriggle on.

LATEST BROKER VIEWS

Date Broker New target Recomm.
14 Oct Liberum Capital 145.00 Buy
7 Oct Jefferies... 140.00 Hold
23 Sep Liberum Capital 145.00 Buy
13 Sep Citigroup 135.00 Neutral
2 Sep Numis 130.00 Hold
2 Sep Credit Suisse 125.00 Neutral
2 Sep JP Morgan... 110.00 Neutral
2 Sep Deutsche Bank 105.00 Sell
1 Sep Liberum Capital 130.00 Buy
26 Aug Deutsche Bank 105.00 Sell
Broker Recommendations for Hays

Hays sees solid overall growth

StockMarketWire.com

Recruitment group Hays reports solid overall growth of 3% in the three months to the end of September led by further strong performances in its international businesses, which now represent 73% of group net fees.

Hays said net fees increased 17% on a headline basis and 3% on a like-for-like basis against the prior year, its fourteenth consecutive quarter of year-on-year growth.

The difference between actual and like-for-like growth was primarily the result of the significant appreciation of the euro and the Australian dollar against sterling.

It said: "The impact of these material movements in foreign exchange rates means that if we retranslate the Group's FY16 operating profit of £181.0 million at current exchange rates (AUD1.6015 and €1.1112 as at 14 October 2016), the actual reported result would increase by c.£35 million to c.£216 million."

The exit rate of Group net fee growth was in line with the quarter as a whole, with no significant differences by region.

In the second quarter, there are three fewer working days in Germany versus the prior year due primarily to the timing of public holidays. Hays expects this to have a c.4% negative impact on net fees in Germany, most notably in its Temp and Contractor business.

The Temp business, which accounted for 58% of Group net fees in the quarter, increased by 5% and the underlying temp margin was broadly stable. Net fees in the Perm business increased by 2%.

Consultant headcount was up 2% year-on-year and grew 4% in the quarter as a result of the normal seasonal graduate intake and its continued approach of investing selectively across the Group where market conditions and outlook were supportive, notably in Europe and Australia. As a result, it expects that increases in Q2 will be below those of Q1.

Chief executive Alistair Cox said: "We have started our new financial year well, with continued strength in our International businesses, including all-time records in Germany and France and an acceleration of growth in Australia. Our performance was again consistent and broad-based, as 28 of our 33 countries delivered year-on-year growth(1), 19 of which grew by over 10%.

"In the UK, following a step-down in Perm recruitment activity immediately after the Referendum, the business stabilised, and followed the normal seasonal pattern through the remainder of the quarter.

"Looking ahead, Europe continues to deliver strong, broad-based growth and market conditions remain supportive in Australia and the Americas, where we continue to invest.

"In the UK we have a strong, market-leading and diverse business, led by a world-class management team who are highly experienced in managing through fast-changing and uncertain times. As ever, our focus remains on driving profitable growth in our business, capitalising on long-term opportunities, while maximising earnings and cash along the way."

Well, hasn't bombed (yet). And the beat goes on. Probably not the most exciting stock but steady gains from Brexit vote, no sleepless nights either. Historically from the above chart, finishes well up to Xmas. If it can break 150p fingers crossed, no reason for the pattern to be broken. (I know, famous last words but so far with a trailing stop, gains locked in.).

It's a tease 150p hard to crack, place your bets.

Far from madding crowd :0) but that 150p cracked for now, lower indicators approaching over bought but still reckon more room to the upside.

Taken some profits here, had a great run. Interim results tomorrow. Let the rest run.

Testing support 150p (last resistance)

StockMarketWire.com

Recruitment group Hays posts pre-tax profits of £96.2m in the six months to the end of December - 17% up on last time.

First half operating profit increased to £100m, driven by exchange rate benefits and international profit growth with 18 all-time record country performances, including Germany and France.

Net fees rose to £465.5m - up from £396.9m and the dividend of 0.96p per share is up from, 0.91p last time.

Chief executive Alistair Cox said: "This has been a good first half, with further net fee and profit growth and strong cash generation.

"Conditions remained supportive in many key markets, especially Germany, our most profitable business, where we delivered another all-time record performance, and Australia where activity accelerated significantly through the half.

"In the UK, after a marked step-down immediately after the EU Referendum, markets quickly stabilised and we saw early signs of improvement towards the end of the half in the private sector recruitment market, which have continued into the start of the second half.

"The benefits of our diversified global portfolio and market-leading business efficiency were again clear as we delivered 3% net fee growth, generated £100m operating profit and ended the half with £48m net cash.

"We again invested quickly where market conditions were supportive, increasing our non-UK consultant headcount by 9%, while simultaneously defending profitability in more uncertain markets.

"As a result of this balanced approach, 18 countries delivered all-time record performances, and we maintained our industry leading conversion rate at 21.5%.

"Looking ahead, the scale, balance and diversity of the business we have built, combined with our world-class, highly experienced management teams, stands us in good stead.

"The vast majority of our markets remain positive, we have many opportunities to grow and we look to the future with confidence."

Looks like it is fighting back a wee bit.

Trading Statement week today 14th April.

Update tomorrow 13th not Friday 14th.

QUARTERLY UPDATE
FOR THE THREE MONTHS ENDED
31 MARCH 2017
13 April 2017


Financial summary

Growth in net fees for the quarter ended 31 March 2017 (Q3 FY17)
(versus the same period last year)

Growth
Actual
LFL(1)
By region



Asia Pacific
34%
12%

Continental Europe & Rest of World
34%
18%

United Kingdom & Ireland
(4)%
(4)%

Total
21%
10%




By segment



Temporary
23%
12%

Permanent
19%
7%
Total
21%
10%


Highlights

· All-time record quarterly net fee performance for the Group
· Good overall growth of 10%(1) (underlying growth of c.8%(3) adjusted for working days), driven by the continued strength of our International businesses, which represent c.75% of Group net fees
· Continental Europe & Rest of World, representing 50% of Group net fees, delivered excellent, broad-based 18%(1) growth led by an acceleration to 23%(1) in Germany (c.18%(3) adjusted for working days). France grew 14%(1) and 13 further countries grew by over 10%(1)
· Strong Asia Pacific growth of 12%(1), driven by excellent, broad-based 16%(1) growth in Australia. Asia grew 1%(1) as market conditions stabilised
· UK & Ireland down 4%(1) with activity levels sequentially stable. Private sector, representing 74% of net fees, was down 1%(1) with continued signs of modest improvement, while conditions remained tough in public sector markets where net fees decreased 13%(1)
· Group consultant headcount was up 8% year-on-year and up 2% in the quarter, primarily in Europe
· Solid cash performance, with net cash ending Q3 at c.£40 million (31 December 2016: £47.9 million)
· We expect full year operating profit to be at the top of the current range of market estimates, which we understand to be £199 million to £209 million(4)

Commenting on the Group's performance, Alistair Cox, Chief Executive, said:

"We have delivered an all-time quarterly record net fee performance, capitalising on the many growth opportunities around the Group. This gives us confidence to increase our expectations for full year profits, to the top of the current range of market estimates(4). Growth was broad-based and driven by strong performances in our International businesses. Europe delivered excellent results, led by an all-time record performance in Germany, as we continued to invest in additional headcount. Growth in Australia accelerated further and was strong across all states. In the UK, while the public sector market remained tough, we saw continued signs of improvement in the private sector market.

Looking ahead, conditions remain good in the vast majority of our markets, notably Australia, Europe and North America. In the UK, market conditions remain in line with the underlying Q3 trends. We are unrivalled in our industry in terms of the scale, balance and diversity of the business we have built and our focus remains to drive profitable, cash-generative growth. These strengths, combined with our world-class, highly experienced teams around the world, stand us in good stead and mean we continue to look to the future with confidence."



Group
In the third quarter ended 31 March 2017 Group net fees increased 21% on a headline basis and 10% on a like-for-like basis(1) against the prior year, our 16th consecutive quarter of year-on-year growth(1). The difference between headline and like-for-like growth was primarily the result of the significant appreciation of the Euro and the Australian Dollar against Sterling.

The impact of these foreign exchange movements means that if we were to retranslate the Group's FY16 operating profit of £181.0 million at current exchange rates (AUD1.6660 and €1.1783 as at 11 April 2017), the actual reported result would increase by c.£29 million to c.£210 million.

Q3 had two additional trading days versus the prior year due to the timing of Easter, which this year falls entirely into Q4. This positively impacted activity levels in the major Temp and Contractor businesses, most notably Germany, Australia and the UK. In addition, Germany also benefitted from one extra trading day in the quarter. As a result, we estimate a c.2%(3) positive impact on Q3 Group net fee growth and we expect a commensurate decrease in Q4. The estimated impact on a regional level was c.2% in Asia Pacific, c.3% in Continental Europe & RoW (including c.5% in Germany) and c.2% in the UK & Ireland.

Once the impact of trading days is taken into account, we estimate the exit rate for Group net fee growth to be broadly in line with the underlying performance of the quarter as a whole.

The Temp business, which accounted for 59% of Group net fees in the quarter, grew by 12%(1) and the underlying temp margin(2) was broadly stable versus the prior quarter. Net fees in the Perm business increased by 7%(1).

Consultant headcount was up 8% year-on-year and 2% in the quarter as we continued to invest selectively where market conditions and outlook were supportive, notably in certain European businesses and Australia. We expect that increases in Q4 will be selective and at similar levels to Q3.

Not far from a breakout or bust.

Hayes have a Trading Update For The Quarter Ending 30/06/17 next Friday. Has been trading sideways between 160p - 170p since the beginning of June. I'm long on the spreads any improvement could propel sp to 180p with a tight stop. Possibly being over optimistic reverse could see sp test last resistance 150p. Place your bets.

Highlights
• Good overall growth of 7%(1) (underlying growth of c.9%(3) adjusted for working days) and another
record quarterly net fee performance for the Group
• Full-year operating profit is expected to be marginally ahead of current consensus market expectations,
which we understand to be £209.5 million(4)
• Strong, broad-based 11%(1) growth in Continental Europe & Rest of World, driven by Germany up
16%(1) (c.21%(3) adjusted for working days) and 11 further countries growing in excess of 10%(1)

• Continued strong trading in Asia Pacific, up 11%(1), with strong, uniform growth of 13%(1) in Australia
(c.15%(3) adjusted for working days). Solid growth in Asia where net fees grew 6%(1)

• UK & Ireland down 5%(1) (c.(3)%(3) adjusted for working days) with activity levels sequentially stable.
Private sector (77% of net fees) was down 1%(1) with continued signs of modest improvement. Public
sector markets remained tough, down 17%(1)
• Group consultant headcount was up 10% year-on-year and up 2% in the quarter, primarily in Europe
• Strong cash performance, with a year-end net cash position of c.£110 million
• We will host an Investor Day in London on the afternoon of 9th November 2017

LATEST BROKER VIEWS

Date Broker New target Recomm.
14 Jul Liberum Capital 180.00 Buy
12 Jul Exane BNP... 175.00 Neutral

Has threatened to break out on numerous occasions. Preliminary results for the year ended 30/08/17 a week tomorrow, place your bets.

One can hardly make any money with this stock for the last 3 month as has beeen going side ways on a very narrow band 162 / 173p

If you had been lucky enough to buy last June @95p mentor you would not be worrying :0)

StockMarketWire.com

Hays has declared a special dividend following a record level of international profit in the year to the end of June.

Operating profit rose by 17% - up 1% on a like-for-like basis - to £211.5m, driven by international profit growth and exchange rate gains.

Net fees increased by 6% on a like-for-like basis and 18% on a headline basis to £954.6m.

Chief executive Alistair Cox said: "This has been a milestone year for the Group.

"Our International businesses delivered record levels of fees and profit which, together with exchange rate gains, drove overall Group operating profit to over £200m for the first time since 2008.

"As a result of our strong financial and cash performance and a confident outlook, we have proposed the payment of the Group's first special dividend, of £61.6m.

"This supplements a proposed core dividend which has itself increased by 11% meaning the Group's total dividend pay-out has more than doubled year-on-year.

"We delivered strong, broad-based growth in Europe including a record financial performance in Germany, now our largest business in the world. Growth accelerated through the year in Australia across all states.

"In the UK, after a marked step-down immediately after the EU Referendum, activity levels quickly stabilised and we exited the year with modest private sector growth.

"Overall, with 20 countries growing by 10%(1) or more, the transformation of Hays into a truly global, diversified business is evident in these results.

"As we enter our new year, conditions remain good in the vast majority of our markets and we see many clear opportunities to grow.

"Our diverse and balanced global business, together with our highly experienced management teams and our strong balance sheet means we are well positioned to capitalise on these growth opportunities while maximising earnings and cash along the way."

Intraday breakout.

UKX posted in error doh!!!

Anyone subscribing to the MoneyAM Level 2 platform please take note that most days it is not reporting the correct Trade High nor Trade Low information and "some days" not reporting the correct Opening Price or Closing Price.

The reason is because MoneyAM's Level 2 system is not sensing the Auto Trades or Ordinary Trades correctly so is wrongly reporting them

MoneyAM has been unable to fix the fault for over 8 weeks now but are still charging full price for their Level 2

Having a fourth attempt at breaking 190p, next event 12th October trading update for the quarter ending 30th September 2017.

Has recovered well from a good ex-divi two days to go from update for quarter ending 30th September 2017.

Record quarter for Hays despite modest UK growth

StockMarketWire.com

Recruitment group Hays has reported another record quarterly net fee performance with further strong, broad-based 13% growth in Continental Europe and Rest of World which compensated for modest growth in the UK & Ireland.

It said this was driven by Germany up 15% while 13 other countries grew in excess of 10%.

Asia Pacific net fees were up 14% with another strong performance in Australia, up 15%, and a significant acceleration of growth in Asia, where net fees grew by 18%.

UK & Ireland saw growth of 1%.

The private sector (75% of net fees) grew 4% with continued signs of modest improvement but the public sector remained tough, down 9%.

Chief executive Alistair Cox said: 'We have made a strong start to the new financial year with all divisions growing.

'Continental Europe delivered further strong, broad-based growth, led by a record net fee performance in Germany, our largest business in the world, as we continued to invest in consultant headcount.

'Australia delivered another strong quarter of double-digit growth, which was uniform across all states and specialisms.

'We continued to see modest improvements in our UK private sector business, which returned to growth, although this was largely offset by a tough public sector market.

'Looking ahead, conditions remain good in the vast majority of our International markets.

'In the UK, market conditions remain stable overall.

'Our diverse and balanced global business, together with our highly experienced management teams and our strong balance sheet means we are well positioned to capitalise on the many clear growth opportunities we currently see across the vast majority of our markets, while maximising earnings and cash along the way.'

Solid Interims from Hayes this morning. Went short this morning at the open (SB) @ 199p and stop to entry. Just a trade/hedge, seems to be the norm at mo profit taking only hopefully, divi increased by 10%.

Ex-Divi today.

Stop to 196p.

StockMarketWire.com
Hays reported Thursday net fees increased 9% on a headline basis and 10% on a like-for-like basis in the third quarter against the prior year, as strong performance in its international business offsetting subdued UK performance.

The firm's temp business, which represented 58% of group net fees, grew 9% in the quarter. While net fees in its perm business, which accounted for 42% of quarterly group net fees, grew 11%.

Hays' international business reported a 15% growth in net fees. While in the UK & Ireland net fees were down 2%.

Strong growth of 12%, underlying circa 13%, was achieved in Australia & New Zealand, across all major specialisms.

In Germany net fees were up 16%. While in France net fees grew 17% and in Belgium 15%. Record quarters for net fees were achieved in the USA, up 34%, and China, up 51%.

The firm had net cash of circa £5m at 31 March 2018, compared to £34.5m the prior period as the final payment for the Veredus acquisition of $18.5m was made in January 2018.

'Looking ahead, conditions remain positive in the vast majority of our markets,' said Alistair Cox, Chief Executive. 'We are very well-positioned to capitalise on the many opportunities we currently see in our markets. We continue to look to the future, including our five-year plan to broadly double profits by 2022, with confidence.'