Hays produced its third quarterly trading update in a row that beat market expectations. For the first time in almost four years its three biggest markets — Britain, Germany and Australia — were all in positive territory, as recorded in the first quarter of its financial year, to the end of September.
In Australia, the natural resources sector is on the way up, and the 2 per cent rise in fee income there is the first in two years.
Britain was especially strong, confirming the experience of Robert Walters, a smaller rival to Hays in the recruitment business, a couple of days ago. The sector is one of the clearest indicators of economic recovery, as people become more confident in moving jobs, and that upturn