Hays plc ('Hays' or the 'Company') today announces its quarterly update for the three months ended 30 September 2026 (‘First Quarter Trading Statement’), which is available at: http://www.rns-pdf.londonstockexchange.com/rns/4383Y_1-2026-10-9.pdf
The First Quarter Trading Statement will also be available on the Hays website www.haysplc.com/investors and has been submitted in full unedited text to the Financial Conduct Authority's National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Conference call
James Hilton and Kean Marden will conduct a conference call for analysts and investors at 9:00am UK time on 12 October 2026. Participants are invited to register via the URL link below:
Once registered, you will receive a confirmation email, with the details of the call and a personal login link and PIN which will place you directly into the call, without the need to speak to an operator. The call will be recorded and will also be available for playback via the results centreon our investor website.
Enquiries
Hays plc
James Hilton
Chief Financial Officer
+44 (0) 203 978 2520
Kean Marden
Head of Investor Relations & M&A
+44 (0) 333 010 7092
FGS Global
Guy Lamming / James Gray /
hays@fgsglobal.com
Edward Treadwell
LEI: 213800QC8AWD4BO8TH08
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QUART E RLY UPDATE FOR THE THREE MONTHS ENDED 3 0 SEPTEMBER 202 6
12 October 2026
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Financial Summary
Net fee performance for the quarter ended 3 0 September 202 6 (Q1 27)
--- YoY Growth --- Actual
--- YoY Growth --- LFL
Germany
(7)%
(6)%
United Kingdom & Ireland (UK&I)
(5)%
(5)%
Australia & New Zealand (ANZ)
4%
(3)%
Rest of World (RoW)
(7)%
0%
Total
(5)%
(3)%
Temp & Contracting
(2)%
(1)%
Permanent
(10)%
(7)%
Total
(5)%
(3)%
Note: Unless otherwise stated, all growth rates in this statement areLFL (like-for-like) net fees, representing year (1) *growth of continuing operationsat *constant currency, and excluding country closures and exits.
nting year-on-year organic
Strong progress e xecuting our Momentum strategy at pace
• Twelfth consecutive positive quarterof consultant net fee productivity growth,up 8%,underpinnedby a 4% increase in average candidate salary and our investments in technology and people
• Strategic partnership with Synthesia to scale skills development, accelerate AI adoption, and examine consultant performancedrivers. ThisAI platform is a key enabler of the Hays Academy and our digital initiatives
• Phased go-live of our proprietary OneTouch 26 CRM system across Europe following successful deployment in APAC, supportingour AI agent and Search & Match initiatives
• Good progress exploring strategic options relating to Belgium, Brazil, Greater China, Malaysia, The Netherlands, Singapore, and UAE, and we are in advanced discussions for several of these businesses
O perational and Financial performance in Q127
• Group net fees down 3%with Temp & Contracting and Perm down 1% and 7%respectively
• Group Temp & Contracting volumes and average hours worked in Germany remainstable and in line with expectations. Perm remainsmixed but stable overall
• Good progress with our initiatives to deliver further structural cost savings of c.£50m per annum in FY27
• c.£45m net debt(30June2026: £20.1mnet cash) isin line with our expectations
Mark Dearnley, Chief Executive Officer, commented:
“Our recently introduced Momentum strategy addresses the future hiring needs of our clients, sharpens our focus andcaptures the benefits associated with market leadership. There is real energy across the Group, and I would like tothank our colleagues for their positive engagementand rapid execution.
*In line with our expectations,the decline in Group net fees eased to 3% in Q1 driven by good Temp & Contractinggrowth in several of our countries. Perm activity remains mixed with sustained strong growth in North America butongoing fragility in Northern Europe. Our medium term targetscan be achievedthrough our own actions and we were *pleased to make continued good progress with our structural cost and productivity initiatives during the quarter.”
(1)We completed the disposal of Czech Republic, Denmark, Hungary, Luxembourg, Romania, and Sweden on 16 June 2026.
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Group
Q 1 trading : Temp & Contracting stable, Perm mixed , and North America returned to growth
Group net fees decreased by 3% YoYon a like-for-like basis. On an actual basis, net fees decreased by 5%due to our previously communicated action to close our operations inThailand and Mexico and divest in the Czech Republic, Denmark, Hungary, Luxembourg, Romania, and Sweden, partially offset by a weakening of sterling versus the AustralianDollar.
Temp & Contracting net fees decreased by1%as volumes remained sequentially stableand the decline in average hours worked in Germany was in line with our expectationsand stable during the quarter.The YoY decline in Group Temp & Contracting volumes eased to 3% including Germany down2%, UK&I down 7%, ANZ down9%, andRoWup 5%. The latter once again included strong net fee performancesin several of our countries, with Japan up 67%, Spain up 26%, and USA up 3%.The aggregate impact of price, mix and German hours worked wasplus 2%.
Perm net fees decreased by 7%, driven by a 12% decline in volumesas markets remained mixed but stable overall with ongoing fragility in Northern Europe and good growth in Southern Europe and North America. TheGroup average Perm feewas up 5% supported by our actions to target higher salary roles.
Strong progress executing our Momentum strategy at pace
Momentum is afocused growth strategy delivered through market leadership in a narrower country portfolio and six global specialisms, placing high-skilled roles in target industries. It is guided by our clients’ feedback thatour consultant-led approach is the critical element of our service they wish to retain.
Through Momentum we will deliver a positive structural shift in our profitability, cash flow and return on capital employed as our greater focus and digital processes drive a swift and precise candidate search & match, a more than 50% increase in consultant net fee productivity over the medium term and lower cost to serve in our middle and back office functions. Over time, webelieve we will return to a 25%+ conversion rate.
We have executed at pace in Q1. We commenced the phased go-live of our proprietary OneTouch 26 CRM system across Europe following successful deployment in APAC, which will support our AI agent and Search & Match initiatives.
In addition, we recently signed a strategic partnership with Synthesia to scale skills development, accelerate AI adoption, and examine consultant performance drivers. This AI platform is a key enabler of the Hays Academy and our digital initiatives.
Re shaping our country portfolio
We are making good progress exploring strategic options relating to Belgium, Brazil, Greater China, Malaysia, The Netherlands, Singapore, and UAE, and we are in advanced discussions for several of these businesses. Over the last year, we have reshaped our country portfolio as we focus on building scale in high performing and high potential markets where we have an ability to establish and grow leading positions.Going forward, Hays will focus on 16 core countries.
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The twel f th consecutive quarter of consultant net fee productivity growth
We continue to target higher paid rolesfor candidates, leverage our AI agents to improve efficiency and data quality, invest in the best tools for our consultants, and forensically allocate consultants to business lines with the most attractive productivity and long-term structural growth opportunity. Theseactions delivered 8% growth in average consultant net fee productivity including notable increases in GermanyandtheUK&I, up 11% and 10% respectively. On a seasonally adjusted basis, net fee productivity has increased now for twelveconsecutive quarters.
Excluding the impact of the quarter and by 9%
Excluding the impact of country disposals and exits, group consultant headcount decreased by 1% sequentially in % year-on-year.
Good progress with o ur structural cost savings programme
We have made goodprogresswith our initiatives to deliver further structural cost savings of c.£50m per annum in FY27. We have achieved c.£10m in Q1 and, in total, have now delivered c.£125m per annum of structural savings since the start of FY24. Futurecountry disposals will reduce our costs further but we have not classified this as a structural saving.Our non-consultant headcount exited the quarter down 15%YoY.
Trading outlook
OurSeptembernet fee growth rate was minus 2% and we expect stablemarket conditions in the near term with greater resilience in Temp & Contracting than in Perm.
We continue torelentlesslyfocus on our structural cost and productivity initiatives,supported by investments in our digital platforms,as wecreate the ‘talent workspace of the future’,and our colleagues, as we seek to achieve our medium term targets through our own actions.
There are no materialworking-day impacts anticipated in Q2 27.
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Divisional Net Fee Analysis
Temp & Contracting % of Divisional net fees
Temp & Contracting LFL
Perm % of Divisional net fees
Perm LFL
Total % of Group net fees
Total LFL
Germany
85%
(5)%
15%
(8)%
32%
(6)%
United Kingdom & Ireland
59%
(3)%
41%
(9)%
20%
(5)%
Australia & New Zealand
70%
(2)%
30%
(6)%
14%
(3)%
Rest of World
48%
8%
52%
(7)%
34%
0%
Total
65%
(1)%
35%
(7)%
100%
(3)%
Show more of the filing
Germany: A stable performance overall
Germany net fees were down 6%. Temp & Contracting net fees decreased by 5% with volumes down 2%and a further 3% impact from negative hours and mix. Contracting volumesincreased modestly YoY, aided by fewer terminations, and average hours worked remained stablethrough the quarter. Temp volumes were sequentially stable. Perm remained challenging but stablesequentiallythrough the quarterand the YoY decline in net fees eased to 8%.
Our largest specialism of Technology, 37% of Germany net fees, was up 3%versus prior yearwith our second largest, Engineering, down 23%.Finance was down9%. Construction & Property performed strongly again and increased by 28% driven by our focus on infrastructure and the energy sector. Public sector net fees, which represented 18% of Germany, were down 3%versus prior year.
Consultant headcount decreased by 2% in the quarter and by 16% year-on-year. Consultant net fee productivity increased by 11%, driven byour ongoing focus on resource allocation, and we made goodprogress with our structural cost savings initiatives.
United Kingdom & Ireland: Resilient Temp & Contracting
Net fees in the United Kingdom & Ireland decreased by 5%. Temp & Contractingdeclined by 3%but Perm remained subdued, down 9%. The Private sector (73% of UK&I net fees) declined by 6% with the Publicsectordown 3%.
At the specialism level, Finance and Construction & Propertyincreased by 2% and 1% respectively,whileTechnology decreased by 2%. Office Support was down1%as our actions to target higher salary roles continue to broadly offset lower volumes in junior roles.
Consultant headcount reduced by 4% in the quarter and by 13% year-on-year. Consultant net fee productivitygrowth accelerated to10%and we made further progress in improving our operational efficiencyand cost structure.
Australia & New Zealand: Perm remains s lightly more challenging
Net fees in Australia & New Zealand fell by 3% with Temp & Contracting again down 2%, but Perm remainedslightly more challenging and was down 6%.Private sector net fees, 68%of ANZ, increasedby3%, but the Public sector was again tougher and down 14%.
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Australia net fees were down 3%. Our largest regions of New South Walesand Victoria, which together represented 45% of Australia net fees, decreased by 14% and 1% respectivelydriven by large Enterprise clients and the Public sector. ACT fell by 10%and Queensland by 2%. Western Australia was up 16% supported by improved activity in the resources and mining sector. New Zealand, 5% of ANZ net fees, remained challenging although the decline in net fees eased to 5%.
At the ANZ specialism level, net fee growth in Construction & Property (our largest at 26% of ANZ net fees) accelerated to 5%and Resources & Mining grew by 10%.Technologyand Finance were down by 4% and 2% respectively.
Consultant headcount was up1% inthe quarter but decreased by 4% year-on-year. Consultant net fee productivity increased by 3% to a nine-year high,driven by our focus on resource allocation, and we continue to make good progress with our cost programme.
Rest of World: Americas back to growth; Good growth in Asia;EMEA still mixed
Net fees in our Rest of World division, currentlycomprising 18countries, were flat with Temp & Contracting up 8% and Perm down 7%.Our actual growth rate includes the impact from our previously communicated action toclose our operations in Thailand and Mexicoand the disposal of our operations in six European countriesin June 2026.
EMEA ex-Germany(58%of RoW) net fees decreased by 5%.France, our largest RoW country, remained challengingwith net fees down 16%as weakness in Perm offset growth in Temp & Contracting. Portugal,up 42%, achieved record quarterly net fees and Spain performed stronglyagain, up 15%, with a record Q1.Poland grew by 5%.Italyand Switzerland were down 5%and2%respectively.
The Americas (23%of RoW) net fees increased by 9%driven by strong growth in Construction & Property, the mobilisation of recent Solutions contract wins, and strong consultant net fee productivity.TheUS and Canada grew by 8%and12%respectively.
Asia (19%of RoW) net fees increasedby 6%. Japan grew by2%driven by strong growth in our Temp & Contracting business,despite public holiday headwinds over the summer,whileGreaterChinagrew by 27%with improved activityin Perm.
RoW consultant headcount was up1% in the quarter but decreased by 3% year-on-year.
Cash flow and balance sheet
c.£45m net debt(30 June 2026: £20.1m net cash) is in line with our expectations and reflectsnormal seasonal cashflows, cash exceptional payments, and share purchases related to our non-dilutive all-colleague share award.
Enquiries
Hays plc
James Hilton Kean Marden
Chief Financial Officer Head of Investor Relations & M&A
FGS Global
+ 44 (0) 203 978 2520 + 44 (0) 333 010 7092
Guy Lamming / James Gray/ Edward Treadwell
hays@fgsglobal.com
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Conference call
James Hilton and Kean Marden will conduct a conference call for analysts and investors at 9:00am United Kingdom time on 12th October 2026. Participants are invited to register via the URL link below:
https://register-conf.media-
Once registered, you will receive a confirmation email, with the details of the call and a personal login link and PIN which will place you directly into the call, without the need to speak to an operator.The call will be recorded and will also be available for playback via the results centreon our investor website.
Reporting calendar
Trading update for the quarter ending 3
1 December 2026 (Q2
(227) 14 January 2027
Interim results for the six monthsending 3
31 December 2026 (
H1 27) 26 February 2027
Trading update for the quarter ending 31March 2027(Q327)15 April 2027
Hays Group overview
As at 30September2026, Hays had 8,000employees in 155officesin 23countries.Our consultants work in a broad range of industriesand our four largest specialisms of Technology (26% of Group net fees), Finance (18%), Construction & Property (14%) and Engineering (10%) collectively represented 68% of Group net fees in FY26.
In Q127,the Group’s net fees were generated 65% from Temp & Contracting and 35% from Permanent placement markets.
Purpose, Net Zero, Equity and our Communities
Our purpose is to benefit society by investing in lifelong partnerships that empower people and organisations to succeed, creating opportunities and improving lives. Our valued behaviours underpin our proactive and bold approach to how we do business, while recognising the importance of acting with integrity. We champion our customers and our communities, realising the benefit of shared-value creation as a key driver for a more sustainable and equitable future.
Linked to this and our commitment to Environmental, Social & Governance (ESG) matters, Hays has shaped its Sustainability Framework around the United Nations Sustainable Development Goals (UNSDGs), and further details can be found on pages 42-63of our FY26Annual report.Hays is proud to be a part of the FTSE4Good Index Series.
Cautionary statement
This Quarterly Update (the “Report”) has been prepared in accordance with the Disclosure Guidance and Transparency Rules of the UK Financial Conduct Authority and is not audited. No representation or warranty, express or implied, is or will be made in relation to the accuracy, fairness or completeness of the information or opinions contained in this Report. Statements in this Report reflect the knowledge and information available at the time of its preparation. Certain statements included or incorporated byreference within this Report may constitute “forward-looking statements” in respect of the Group’s operations, performance, prospects and/or financial condition. By their nature, forward-looking statements involve a number of risks, uncertainties and
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assumptions and actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no assurance can be given that any particular expectation will be metand reliance shall not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities shall not be taken as a representation that such trends or activities will continue in the future. The information contained in this Report is subject to change without notice and no responsibility or obligation is accepted to update or revise any forward-looking statement resulting from new information, future events or otherwise. Nothing in this Report shall be construed as a profit forecast. This Report does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe for any shares in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares of the Company or any invitation or inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000. Past performance cannot be relied upon as a guide to future performance. Liability arising from anything in this Report shall be governed by English Law, and neither the Company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this Report or its contents or otherwise arising in connection with this Report. Nothing in this Report shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.
