Global staffing firm Hays plc reported that its fiscal year ended June 30 saw 19% year-over-year growth in turnover (revenue) on a “like-for-like” basis — organic growth at constant currency. Net fee income, or gross profit, rose 32% on a like-for-like basis with a boost from the company’s perm placement business.

UK-based Hays operates in the technology, accountancy and finance, and construction and property segments.

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Perm placement turnover rose 49% on a like-for-like basis to 530.2 million British pounds (US$644.7 million) during the year. Meanwhile, temp staffing turnover rose 21% on a like-for-like basis to 659.2 million British pounds (US$801.5 million).

Looking at current conditions, Hays reported perm activity remains strong overall, with normalization in some markets that had previously been among the most active. Temp volumes remain stable overall, it noted.

“Globally, both temp and perm continue to benefit from improving fee margins and the broader impact of wage inflation, which we expect to continue across FY23,” according to Hays. However, it reported that perm activity levels in North America have decreased modestly, reflecting some reduced client confidence.

Net fees (gross profit) by geography

Hays’ Americas business is included in its “rest of world” segment. Net fees (gross profit) rose by 51% in the Americas. It was up 43% in the US and 63% in Canada. In Mexico, it rose 48%.

In its report, Hays noted one-off costs of closing its Russian business were 4.2 million British pounds (US$5.1 million).

Share price and market cap

Shares in Hays closed up 1.66% to 116.70 British pounds (US$137.69) today in London; shares were 10.93% above their 52-week low, according to FT.com. The company had a market cap of 2.04 billion British pounds (US$2.41 billion).