Three things you need to know in the financial markets this morning from investment writer, Tony Cross
We have half year numbers from tool hire specialists HSS Hire out this morning and the company is now well into its turn-around plan. An overhaul of operations was implemented in a bid to improve profitability – and this appears to be delivering results. Compared to the same period a year ago, revenues are up almost 6% – helped in part by the improved stock availability which was part of the shake-up. Losses have almost been eradicated, too. The business is certainly showing good signs of progress.
Full year results from recruitment specialists Hays have been published today, with both profits and dividends hitting fresh records according to the company’s statement. Fees are up 12% and operating profits are up 15%. Expansion has been seen across the globe, with growth even being recorded in the UK despite the uncertain economic backdrop. Cost control appears to have played a key role in helping locally, but the geographical diversification of the business certainly provides a degree of insurance against some economic inertia.
Keeping with the recruitment sector and we have some solid earnings from Harvey Nash this morning, too. However, much of the uplift has come through acquisition, whilst permanent recruitment has been comparatively flat. Revenues were up around 25%, whilst profits increased just over 10%. The company remains on course to meet expectations for the full year.