International markets deliver ‘solid’ profit growth for London-based recruitment giant
London-headquartered recruitment firm Hayes has reported a ‘strong profit growth’ thanks to overseas markets.
The recruitment and HR specialist’s operating profit in the year ending June 30 was up by 4 per cent to £248.8m on the previous period.
According to the company’s results, 80 per cent of Hay’s profit was generated in International markets.
Germany and UK & Ireland markets had the highest levels of operating profit, with 7 and 4 per cent increases respectively.
The firm restructured several country operations mainly in Europe, which is expected to generate £5m of annualised pro-rata cost savings, as well as opening eight new offices globally and making further office expansions in Asia, Europe and the Americas.
Commenting on the results Alistair Cox, chief executive, said: “We delivered solid profit growth in 2019, backed up by strong cash generation, despite weakening macroeconomic conditions in many markets.
“19 countries delivered all-time records, including Germany, France, Canada, the USA and China, and our International business grew net fees by 7 per cent. Our UK business delivered a solid result, despite ongoing uncertainties.
“Despite an increasingly tough global economic backdrop, our market positions, combined with our highly experienced global management teams and strong financial position, means I am confident we will continue to appropriately balance our long-term potential with the more challenging markets we currently face.”
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