Hays fees fall 3% as permanent recruitment remains weaker

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Verified facts

For the quarter ended 30 September 2026, group net fees fell 3% on a like-for-like basis and 5% on a reported basis. UK and Ireland fees declined 5% like-for-like. Permanent recruitment fees fell 7%, compared with a 1% decline in temporary recruitment.

These figures come directly from the company’s current quarterly statistics, rather than market commentary. Hays results centre.

Apolifina analysis

The difference between permanent and temporary recruitment matters. Businesses can use temporary staff while delaying longer-term hiring commitments. The figures are consistent with cautious recruitment decisions, although they do not establish why individual employers are holding back.

For shareholders, the important question is whether Hays can protect profitability while placement income remains under pressure. A recovery in fees and a recovery in earnings are not necessarily the same thing: costs, business mix and execution also matter.

What this means for investors

This is useful evidence about one recruitment business, not a substitute for official employment statistics. Investors following recruitment companies should distinguish reported performance from like-for-like measures and examine permanent and temporary activity separately.

Uncertainty

One quarter cannot establish a sustained recovery or deterioration. Hays’ geographical and sector exposure also means its experience should not be treated as representative of every UK employer.

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