Recruitment company Hays reported three per cent decline in quarterly net fee income and expects conditions to remain fragile.

UK and Ireland net fees in the quarter ended December 31st fell 3% while in Asia Pacific it was down 14%. Continental Europe & Rest of World fared better, rising 6% during the quarter after a continued robust performance in Germany, which grew 14%.

Australia & New Zealand decreased 15% after a reduction in activity in the Resources & Mining business.

Commenting on the group's second quarter, Chief Executive Alistair Cox said: "Whilst several markets around the world were fragile, the fact that we've built such a well-diversified and balanced business enabled us to deliver a solid result in the quarter."

While 12 countries around the group delivered net fee growth of 10% or more, it cautioned that other markets remained tough, notably the UK, Southern Europe and banking-related specialisms.

Looking ahead Cox said overall he expects conditions to remain fragile but continues to see opportunities for growth in several key parts of the business.


CJ

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