StockMarketWire.com - Recruitment company Hays said net fees grew just 1% in its fiscal quarter, owing to difficult economic conditions and tough growth comparatives.

For the three months through September, net fees increased by 1% on a headline basis and were flat on a like-for-like basis on-year.

Germany, the company's biggest market, delivered flat net fees amid increased signs of client cost control, while UK & Ireland saw net fees fall 4% as the UK private sector remained tough.

But even with these challenges, the company managed to grow net fees by more than 10% in ten countries, and produced eight quarterly country fee records, including the USA and China. While Asia and the Americas performed well, with both growing by 7%.

'Looking forward, exchange rate movements remain a material sensitivity to the group's reported profitability,' the company said.

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