Business
2nd Quarter Update
2nd Quarter Update.
About this update from Hays Plc
[{"type":"text","content":"\n \nRNS Number : 6575L Hays PLC 13 January 2016 \n\n-\nQUARTERLY UPDATE\nFOR THE THREE MONTHS ENDED\n31 DECEMBER 2015\n13 January 2016\n \nFinancial summary\nGrowth in net fees for the quarter ended 31 December 2015 (Q2 FY16)\n\n\n\n\n(versus the same period last year)\n \n\n\nGrowth\n\n\n\n\nActual\n\n\nLFL(1)\n\n\n\n\nBy region\n\n\n \n\n\n \n\n\n\n\n \n\n\nAsia Pacific\n\n\n(8)%\n\n\n1%\n\n\n\n\n \n\n\nContinental Europe & Rest of World\n\n\n12%\n\n\n16%\n\n\n\n\n \n\n\nUnited Kingdom & Ireland\n\n\n1%\n\n\n1%\n\n\n\n\n \n\n\nTotal\n\n\n3%\n\n\n7%\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nBy segment\n\n\n \n\n\n \n\n\n\n\n \n\n\nTemporary\n\n\n3%\n\n\n7%\n\n\n\n\n \n\n\nPermanent\n\n\n4%\n\n\n7%\n\n\n\n\n Total\n\n\n3%\n\n\n7%\n\n\n\n\n \n \nHighlights\n· Good overall growth of 7%(1), driven by our Europe businesses\n· Excellent growth of 16%(1) in Continental Europe & Rest of World, including acceleration to 14%(1) in Germany and a strong, broad-based performance elsewhere as 15 countries grew by over 10%(1)\n· Growth of 1%(1) in Asia Pacific, with Australia & New Zealand flat(1) versus challenging comparators and tough conditions in the mining states. Asia delivered growth of 4%(1)\n· 1%(1) growth in the UK & Ireland, against challenging comparators. Public sector was down 2%(1) as markets became tougher as the quarter progressed. Private sector was up 3%(1)\n· For the half year we expect the percentage rate of growth in Group operating profit to be c.2x the percentage rate of growth in net fees, on a like-for-like basis(1)\n· The exit rate of Group net fee growth was broadly in line with the quarter as a whole with no significant differences by region\n· Good cash performance, as net debt ended December at c.£57 million. We continue to expect to eliminate net debt by year end\n \nCommenting on the Group's performance, Alistair Cox, Chief Executive, said:\n \n\"An excellent performance in Europe has driven further good growth in Q2, ou...