Hays PLC on Thursday reported its quarterly revenue growth slowing as it touted a ‘record quarter’, with revenue in its largest country Germany rising the most.

The London-based recruitment company said net fees in its fourth quarter to June 30 were up 23% on a like-for-like basis and 24% on an actual basis, compared to a growth of 39% and 34% respectively a year ago.

Fees rose in all regions, boosted by global wage inflation.

The growth was strongest in its largest country Germany, up 29% on a like-for-like basis and 27% on an actual basis, with permanent contracts on a like-for-like basis up 39% compared to an overall permanent contracts growth of 31%. The firm makes around 27% of its net fees in Germany, compared to 21% in the UK & Ireland.

Hays expects its operating profit for its current financial year to be around £210 million, at the top end of its previous guidance range.

‘We finished our financial year strongly, delivering record quarterly fees overall and with 15 countries producing quarterly fee records, including our largest country of Germany. Fees and activity were stable at high levels through the quarter, driven by good client and candidate confidence,’ said Chief Executive Officer Alistair Cox.

‘While macroeconomic uncertainties are increasing, we have a clear strategy and our key markets continue to be characterised by skill shortages. Our fee growth is also supported by improved margins and wage inflation globally,’ Cox added.

Hays will publish its full-year results for the year ended June 30 on August 25.

Hays PLC shares were 1.2% higher at 118.80 pence each in London on Thursday morning.

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