- Recruitment company Hays upgraded its profit outlook after reporting that net fees rose by more than a third in the second quarter of the quarter, led by jump in permanent hiring activity amid a buoyant labour market.

Given the strong fee performance, operating profit for the year to 30 June 2022 was expected to be about £200 million, ahead of consensus market expectations of about £183.5 million.

Net fees in Q2 were up 37%, led by perm, which was up 61%, while temp rose 22%, with strong margin and volume growth through the quarter.

'16 countries delivered record quarterly fees, as did Hays Technology, our largest specialism,' the company said.

'Our largest country, Germany, delivered record Contracting fees, and activity in ANZ accelerated as lockdown restrictions were lifted. The UK, Continental Europe, Asia and the Americas all delivered excellent growth, again led by Perm as business confidence remained high,' it added.

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