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Hays sees Global Growth in Q1


Hays has published its quarterly update for the three months ended 30th September 2015, confirming good growth in all of its regions. It reported good Group growth of 8%, with consistency of performance as both perm and temp both grew 8%. There was solid growth in the UK & Ireland against more challenging comparators. Major specialisms of Construction & Property, Education and IT each grew by over 10%. There was strong broad-based growth in ‘Continental Europe & Rest of World’, growth accelerated to 10% in Germany and 14% in the rest of the division, with notable strength in Europe. There was good growth in Asia Pacific, including 5% growth in Australia & New Zealand, where Perm was up 13% and Asia delivered further strong growth of 11%.

Group consultant headcount was up 9% year-on-year and 5% during the quarter, driven by seasonal increases in September. As a result, increases in Q2 will be selective and minimal overall.

Net debt ended Q1 at c.£70m due to the phasing of material cash flows and the unwind of a c.£20m benefit due to the timing of the year end date. Hays stated it remaina confident of eliminating net debt by its year end.