Hays PLC
18 June 2003
18 June 2003
HAYS PLC TRADING UPDATE
Hays plc will announce its preliminary results for the year ending 30 June 2003
on 9 September and today issues the following trading update.
TRADING
Overall trading remains in line with the Board's expectations.
Hays Personnel has continued to perform well. Gross fees in the second half to
date are 4% ahead of the same period last year, and broadly consistent with the
first half. The proportion of gross fees derived from permanent placements in
the second half to date was slightly higher than last year, and slightly higher
than in the first half. Forecasts of economic conditions and business sentiment
are inconclusive and the short term outlook for our business remains difficult
to predict accurately.
The UK Mail business is performing in line with our expectations, though
performance in the French mail business has declined as a result of weak
economic conditions. The Logistics and IMS businesses have continued to trade in
line with our expectations, though the performance of the BPO business is
disappointing.
TRANSFORMATION PROCESS
The Board continues to work towards the transformation of Hays into a focused
Personnel business. Progress is being made and the company will provide an
update as each significant disposal is completed.
The cash cost of restructuring in the period is likely to be within the £12m
guidance given on 4 March. In addition, as part of the transformation process,
the company is reviewing the carrying value of goodwill and other assets and
this is likely to lead to a material, non-cash impairment charge.
-ends-
Enquiries:
Colin Matthews Chief Executive Officer +44 (0)1483 302203
Hays plc
John Martin Group Finance Director +44 (0)1483 302203
Hays plc
Conference call:
John Martin of Hays plc will conduct a conference call for analysts and
investors at 11:00 am UK time on 18 June 2003. The dial-in details are as
follows:
Dial-in number: +44 (0) 1296 480100
Access Code: C259349
The call will be recorded and available for playback for 7 days as follows:
Replay dial-in number: +44 (0) 1296 618700
Pin: 457 482
This information is provided by RNS
The company news service from the London Stock Exchange
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