Hays plc, a global staffing firm based in the UK, reported record net fees — or gross profit — in its fiscal first quarter ended Sept. 30. The firm announced gross profit rose 15% year over year as measured on a “like-for-like” basis, which measures organic growth of continuing operations at constant currency.

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“We have made a good start to our financial year; fees were stable at high levels over the summer, and September delivered a record month and ended a record quarter,” Chief Executive Alistair Cox said. “Volumes were sequentially stable overall in perm and temp, and fees benefited from improved margins and wage inflation.”

However, Hays’ gross profit in the US rose by 7%, with growth slowing in the quarter, according to the staffing provider. Hay’s Canadian operations posted growth of 33%.

By region:

• Australia and New Zealand: Gross profit rose 3% led by perm up, 14%. Temp gross profit was down 3% driven by 8% lower volumes. Private-sector gross profit rose 5% and outperformed the public sector, where gross profit was flat.
• Germany: Record gross profit, up 26%, with temp and contracting gross profit up 24% and perm up 35%. Record contractor volumes driven by skill shortages.
• UK and Ireland: Gross profit up 11% with perm up 15% and temp up 8%. Private-sector gross profit rose 15% and outperformed the public sector, where gross profit was up 3%.
• Rest of world: Record gross profit, up 16%. Perm gross profit rose 14% and temp was up 21%.

Share price and market cap

Shares in Hays closed at £107.10 (US$118.22) in London, 8.46% above their 52-week low, according to FT.com. The company had a market cap of £1.66 billion (US$1.83 billion).