On Thursday 10 July, Hays (HAS: LN) reported like for like net fee income growth of +7%  for the fourth quarter ending 30 June 2014, compared with the same period last year. The company reported growth of +8% in constant currency in net fee income derived from temporary recruitment. Permanent recruitment increased by +5% in constant currency.

Alistair Cox, Chief Executive of Hays, commented: “We have delivered another good set of quarterly results to end our financial year, as we continued to capitalise on good conditions in many of our key markets. In the UK & Ireland we delivered strong and broad-based net fee growth, including [organic] Perm growth of +17%, as candidate confidence remained strong. Elsewhere we saw the continued recovery of many European, Asian, and American markets and ten of our businesses delivered record monthly net fees in the quarter, including key businesses such as Canada and Japan.”

Continental Europe and Rest of World, Hays’ largest division representing 41% of Group net fees, delivered organic growth of +7%. Net fee growth of +7% in constant currency was reported in Germany, driven by solid growth in IT & Engineering as well as Accountancy & Finance. Net fees from temporary recruitment increased by +8% in constant currency, while permanent net fees fell by -1%. Within the division, 12 countries reported organic net fee growth of +10% or more; including Belgium, Poland, and the Netherlands. France, the company’s second largest market after Germany, reported net fee growth of +7%.       

The UK & Ireland, which represents 35% of Group net fees, delivered organic growth of +11%. The temporary recruitment business delivered growth of +7% in constant currency, while permanent recruitment increased by +17%. Activity levels were strong and broad-based with all regions delivering year-on-year net fee growth. Strong performances were noted in Scotland, Northern Ireland, the North, North West, the Midlands, the East of England, the South Coast, and the Home Counties, all of which reported organic growth of more than +10%.

In the company’s UK private sector business, net fees increased by +12%, in constant currency. Overall market conditions saw further improvement, with the Construction & Property and IT segments delivering organic growth of around +20%. Net fees in the company’s largest specialism, Accountancy & Finance, grew by +17% in constant currency.

In Asia-Pacific, which represents 24% of Group net fee income, reported flat net fees, year-on-year, in terms of constant currency. Across Australia & New Zealand net fees decreased organically by -5%, but the company found solace in the fact that activity has remained stable for the past six months. Fees from Australian & New Zealand temporary recruitment, representing 69% of net fees in the quarter, decreased organically by -4% while net fees derived from permanent recruitment fell by -9%, in constant currency.

Asia, which accounts for 22% of the net fees for the Asia-Pacific region, reported organic growth of +27%. Hong Kong and China both delivered organic growth of +45%, compared with a year ago, while Malaysia and Singapore both reported organic growth in excess of +10%. Japanese net fee income, Hays’ largest business in Asia, reported organic net fee growth of +20%.

Mr Cox concluded: “Looking ahead we see clear growth opportunities for the Group and therefore during the quarter we increased consultant headcount by +3%, the highest quarterly rise since September 2011. We will continue to invest to capture all opportunities for growth and maintain our focus on driving productivity to deliver on our long-term profit and cash objectives.”

Investors seemed disappointed by the announcement as, according to Reuters, shares in Hays were down 5.4% at 130 pence by 0918 GMT on Thursday, the bigger loser on the FTSE 250 index. Based on its current share price, the company has a market value of £1.76 billion.