Hays plc LON: HAS reported today that rental operations have increased sharply in Australia, Germany, Asia and the United Kingdom in the last month. Thanks to the recovery in March, the employment agency is now expecting a better result for the whole year than expected.
The Covid-19 pandemic, which has so far affected more than 130 million people worldwide and caused more than 2.9 million deaths, dealt a massive blow to recruiters last year. The drastic fall in revenue has forced companies to reduce their workforce to reduce costs, as companies around the world froze their new hires by 2020.
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Hays stock opened at 160.40 pence a share today and is currently trading at 163 pence a share. The public share started at just under 143 pence a share. Read more about what causes prices to rise and fall in the stock market.
The rival page group will also announce improvements in March
Since the launch of the vaccination programs that have helped many economies to re-open up, many companies have started hiring again in March. Hay’s competitor, PageGroup, announced last week that their financial results will improve this year.
In a separate news from the UK AstraZeneca announced It was a positive meeting with the European Union regarding vaccinations.
Hays announced today that they now expect operating profits of at least £ 85m this year, compared to £ 135m last year. The British company now operates in 33 countries. During the third quarter ended March 31, the London-based company posted a net decrease of 10%. However, consensus on expectations for net quarterly fees was a sharp decline.
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Comments by CEO Alistair Cox
In a statement today, CEO Alistair Cox said:
“We are confident that we will continue to gain additional market share as clients and candidates seek recruitment guidance from our experts, during and after their HIV infection.”
Hayes also reported that the number of consultants decreased by 12% year-on-year, but expressed confidence that they would increase employment by 2% to 4% during the fourth quarter. In February, the company announced that its net fees and sales were down 78% in the first half of the year due to the COVID-19 pandemic.
Hays plc performed somewhat poorly in the stock market last year with an annual decline of nearly 20%. At the time of writing, the British multinational has a market cap of £ 2.74 billion.