Hays Sees Uncertainty after EU Referendum, Fiscal Year Earnings Ahead--Update
01 Setembro 2016 - 6:52AM
Dow Jones News
(Adds detail, comment.)
By Jana Simmons
LONDON--Hays PLC (HAS.LN) said Thursday that uncertainty in its
U.K. business increased following the referendum on European Union
membership as the recruiter reported full-year earnings growth
ahead of market expectations.
The company said uncertainty across the U.K. market picked up
during the period, particularly in the second half. This
uncertainty increased leading up to, and immediately after, the
referendum. Conditions are now broadly stable, but Hays said it is
too early to tell how post-Brexit uncertainty will impact its
business in the new financial year.
"Clearly the U.K. is tough, but at least it's stable, and at
current levels, the international growth will more than outweigh
any weakness in the U.K.," Finance Director Paul Venables told The
Wall Street Journal.
Net fee income, a key profit measure in the staffing industry,
rose to 810.3 million pounds ($1.1 billion) in the year ended June
30 compared with GBP764.2 million in the same period a year
earlier. Net fees from the U.K. and Ireland were flat. Hays said
its international business, which represents 66% of the group's net
fees, continued to grow strongly.
Pretax profit was up 11% to GBP173.0 million. The full year
dividend rose by 5% to 2.90 pence.
Shares at 0853 GMT were down 6 pence, or 4.6%, at 124.6
pence.
Write to Jana Simmons at jana.simmons@wsj.com
(END) Dow Jones Newswires
September 01, 2016 05:37 ET (09:37 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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