Hays (HAS) Q4 2026 TU earnings summary

Executive summary

• Group net fees declined by 5% year-on-year, with Temp & Contracting down 3% and Perm down 7%.

• Consultant net fee productivity grew for the eleventh consecutive quarter, up 8% year-on-year.

• Structural cost savings of GBP 50 million per annum were achieved in FY 2026, three years ahead of schedule.

• Portfolio reshaped by exiting or selling operations in ten countries, focusing on high-performing and high-potential markets.

• Decisive actions improved financial performance, with FY 2026 pre-exceptional operating profit expected at the top of consensus range.

Financial highlights

• Actual net fees decreased by 4% due to currency effects and country exits.

• Temp & Contracting volumes remained stable overall, with notable growth in Japan (+76%) and Spain (+33%).

• Group consultant headcount decreased by 4% sequentially and 12% year-on-year; non-consultant headcount down 13% year-on-year.

• Net cash position at quarter-end was circa GBP 20 million, reflecting normal seasonal cash flows.

• GBP 40 million exceptional restructuring charge expected, driving a GBP 40 million per annum cost reduction.

Outlook and guidance

• FY 2026 pre-exceptional operating profit expected at the top of GBP 37–46 million consensus range.

• Near-term market conditions expected to remain challenging, with greater resilience in Temp & Contracting.

• Consultant headcount expected to remain broadly stable in Q1 2027.

• No material working day impacts expected in Q1 2027.