MIDAS SHARE TIPS UPDATE: Ignore global fears and sign up with recruitment giant Hays
Optimism: A third of Hays' business comes from the UK and Ireland, where it has seen consistent growth since the London Olympics
Recruitment group Hays was badly treated by the market over the summer.
The shares have fallen from 151p in July to 116p today, even after it pleased brokers in August when it delivered annual profits up 12 per cent to £132million, raised the dividend by 5 per cent to 2.63p and held out the promise of special dividends to come.
Midas tipped Hays in August 2010, when the shares were 90p, and suggested holding on to them last November, at 125p.
The shares should still reward investors. Hays is one of the world’s biggest whitecollar recruiters, operating in 33 countries.
The stock has been affected by global uncertainty and concerns that the economic recovery may be knocked off track.
So far, however, Hays is optimistic. A third of its business comes from the UK and Ireland, where it has seen consistent growth since the London Olympics.
In a classic sign of increasing confidence, employees are now looking for new jobs. Most of this is taking place outside London.
Hays also has a large presence in Germany, where business is growing steadily, and it has seen a big rebound in Spain and Portugal.
Australia performed poorly last year but in Asia, profits doubled.
A trading statement on Thursday is expected to be robust and further out, the UK is forecast to deliver strong results.
Midas verdict: At 116p, Hays shares offer good value. Buy.
Traded on: Main market Ticker: HAS Contact: hays.com or 020 7383 2266
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