Hays' (HAS) cyclical recovery story continued during its first half, with operating profits up by 22 per cent to £81.5m. The recruiter's businesses in the UK and Ireland were the stand-out performers. Renewed candidate confidence drove regional operating profits up 113 per cent to £21.1m. Increased consultant headcount and automation of the group's back-office functions helped the UK and Irish businesses almost double their conversion rate - a measure of how much fee income is turned into profit - to 16 per cent.
Strip out the effects of the strong pound, and net fees for Hays' continental Europe and rest-of-the-world division grew 9 per cent. Germany, which accounts for more than half of the division's fees, saw particularly strong growth among its newer specialisms. These include accounting and finance and sales and marketing. However a gloomy macroeconomic picture meant the Brazilian business continued to struggle, with net fees down by almost a fifth.