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Hays plc
(LSE:HAS)
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Rating:59Neutral
Price Target:
67.00 p
â–¼(-12.07% Downside)
Action:Reiterated
Date:08/24/26
The score reflects pressured financial performance (revenue declines and recent losses) partly stabilized by positive cash generation and manageable leverage, while technicals are notably strong with the price trending above key moving averages. Valuation is a drag due to loss-making earnings (negative P/E), and the latest earnings call suggests credible cost actions but continued restructuring charges and a still-needed top-line recovery.
Positive Factors
Resilient cash generation
Strong operating cash generation and a net cash position provide financial resilience while reported earnings are under pressure. This supports ongoing investment, helps fund restructuring, and gives management greater flexibility to execute its recovery plan without relying heavily on additional borrowing.
Negative Factors
Persistent revenue contraction
Falling net fees and a multi-year revenue decline indicate that demand has not yet recovered sufficiently to support sustained growth. Lower activity reduces operating leverage and makes it harder for cost savings alone to restore profitability, while management must rebuild the top line from a smaller base.
Read all positive and negative factors
Positive Factors
Negative Factors
Resilient cash generation
Strong operating cash generation and a net cash position provide financial resilience while reported earnings are under pressure. This supports ongoing investment, helps fund restructuring, and gives management greater flexibility to execute its recovery plan without relying heavily on additional borrowing.
Read all positive factors
Hays plc (HAS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.00B
Dividend Yield0.69%
Average Volume (3M)4.70M
Price to Earnings (P/E)―
Beta (1Y)1.09
Revenue Growth-2.81%
EPS Growth-657.14%
CountryUK
Employees8,125
SectorIndustrials
Sector Strength72
IndustryStaffing & Employment Services
Share Statistics
EPS (TTM)-0.04
Shares Outstanding1,570,291,400
10 Day Avg. Volume4,538,729
30 Day Avg. Volume4,698,194
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)1.23
Price to Sales (P/S)0.08
P/FCF Ratio8.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£69.14Price Target Upside-9.26% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.02
Revenue Forecast (FY)£5.88B
Hays plc Business Overview & Revenue Model
Company Description
Hays plc operates as a prominent global staffing and recruitment firm, with operations spanning Australia, New Zealand, Germany, the United Kingdom, Ireland, and various other international markets. The company specializes in connecting qualified,...
How the Company Makes Money
Hays primarily makes money by earning fees for matching candidates with client hiring needs. Its core revenue streams typically include: (1) Temporary/contract recruitment: Hays supplies contractors to clients and charges the client for the contra...
Hays plc Earnings Call Summary
Earnings Call Date:Aug 20, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Feb 25, 2027
Earnings Call Sentiment Neutral
The call conveyed a balanced outlook. There are clear positives: disciplined cost reduction (GBP 50m annualized savings achieved), improving consultant productivity (7% uplift and 11 consecutive quarters of improvement), pre-exceptional operating profit growth (+3%), strong cash conversion and active technology and strategy rollouts (AI agents, CRM modernization, Search & Match alpha). However, these are offset by significant top-line weakness (net fees -8%, Perm fees -12%), a high level of exceptional charges in FY '26 (GBP 89.6m) with more expected in FY '27, higher tax rates reducing EPS, and portfolio exits/impairments that depress near-term results. Overall, management has a credible structural plan (Momentum) and several operational wins, but the near-term execution involves continued restructuring pain and revenue recovery is still required to fully realize stated medium-term ambitions.Positive Updates
Profitability and Cash Resilience
Pre-exceptional operating profit increased 3% year-on-year to GBP 48.6m; cash from operations of GBP 92m with strong cash conversion of 189%; free cash flow of GBP 22m and finishing the year with net cash of GBP 20.1m.
Negative Updates
Net Fees and Revenue Decline
Like-for-like net fees decreased 8% to GBP 906m and turnover decreased 4% year-on-year; management expects a like-for-like baseline to be lower after country exits.
Read all updates
Q4-2026 Updates
Positive
Negative
Profitability and Cash Resilience
Pre-exceptional operating profit increased 3% year-on-year to GBP 48.6m; cash from operations of GBP 92m with strong cash conversion of 189%; free cash flow of GBP 22m and finishing the year with net cash of GBP 20.1m.
Read all positive updates
Company Guidance
Management guided that FY27 will deliver a further GBP50m of structural cost savings (taking cumulative structural savings to >GBP160m p.a.) but will incur a significant exceptional charge to achieve this; they expect net finance charge ~GBP12m, CapEx of GBP30–35m, and a tax rate slightly below FY26’s elevated 45%. Medium-term targets are to lift consultant net fee productivity by >50%, return to a 25%+ conversion rate and grow net fees to north of GBP1bn; near‑term trading for July–August is in line with Q4 and September (≈40% of quarterly fees) will be an important indicator. For context, FY26 net fees were GBP906m (−8%), pre‑exceptional operating profit GBP48.6m (+3%), cash from operations GBP92m (189% cash conversion), net cash GBP20.1m, pre‑exceptional EPS 1.21p (−8%), free cash flow GBP22m and CapEx GBP24.1m; FY26 also delivered GBP50m annualized savings (GBP115m since FY24), payroll reductions of GBP68m, consultant/non‑fee headcount down 12%/13%, 74 office consolidations (30 UK, 11 ANZ), disposals in 6 countries and review of 7 others (~GBP70m fees, ~530 consultants).Hays plc Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
52
Neutral
Cash Flow
60
Neutral
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.42B | 6.61B | 6.95B | 7.58B | 5.65B |
| Gross Profit | 400.00K | 24.70M | 292.60M | 426.80M | 292.30M |
| EBITDA | 48.10M | 78.20M | 87.10M | 218.90M | 116.70M |
| Net Income | -58.20M | -7.80M | -4.90M | 138.30M | 61.50M |
Balance Sheet | |||||
| Total Assets | 1.64B | 1.77B | 1.78B | 1.90B | 1.87B |
| Cash, Cash Equivalents and Short-Term Investments | 111.80M | 168.50M | 121.80M | 145.60M | 410.60M |
| Total Debt | 244.90M | 312.20M | 244.30M | 199.80M | 201.10M |
| Total Liabilities | 1.23B | 1.30B | 1.22B | 1.23B | 1.00B |
| Stockholders Equity | 403.60M | 466.70M | 557.60M | 670.30M | 871.80M |
Cash Flow | |||||
| Free Cash Flow | 59.70M | 95.60M | 72.40M | 134.90M | -13.70M |
| Operating Cash Flow | 65.80M | 102.60M | 95.80M | 164.00M | 5.10M |
| Investing Cash Flow | -23.30M | -22.70M | -20.20M | -30.10M | -18.80M |
| Financing Cash Flow | -92.50M | -65.30M | -98.80M | -280.70M | -56.40M |
Hays plc Technical Analysis
Positive
76.20
Price Trends
65.48
Negative
50.22
Positive
46.22
Positive
Market Momentum
-0.59
Positive
45.08
Neutral
14.87
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:HAS, the sentiment is Positive. The current price of 76.2 is above the 20-day moving average (MA) of 67.18, above the 50-day MA of 65.48, and above the 200-day MA of 46.22, indicating a neutral trend. The MACD of -0.59 indicates Positive momentum. The RSI at 45.08 is Neutral, neither overbought nor oversold. The STOCH value of 14.87 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:HAS.
Hays plc Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | £364.71M | 29.67 | 5.85% | 4.74% | -9.15% | -53.32% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | £41.25M | 6.63 | 17.30% | 2.32% | 18.21% | 71.90% | |
59 Neutral | £1.00B | -17.24 | -13.31% | 0.69% | -2.81% | -657.14% | |
58 Neutral | £692.28M | 55.92 | 5.95% | 2.13% | -2.55% | 7.92% | |
51 Neutral | £85.18M | -3.60 | -25.40% | 10.44% | -2.82% | -66.89% | |
48 Neutral | £15.51M | -2.05 | -56.72% | 1.89% | -1.36% | 2.52% |
* Industrials Sector Average
GB:HAS
Hays plc
63.95
8.31
14.93%
GB:EMR
Empresaria
32.00
-0.50
-1.54%
GB:PAGE
Michael Page plc
219.20
-2.44
-1.10%
GB:RWA
Robert Walters
129.50
7.00
5.71%
GB:STAF
Staffline
37.70
-3.30
-8.05%
GB:STEM
SThree plc
302.00
153.46
103.31%
Hays plc Corporate Events
Regulatory Filings and Compliance
Hays Executives Disclose Share Transactions Under Performance Plan
Neutral
Sep 25, 2026
Hays plc has disclosed share transactions by senior executives following the vesting of awards under its Performance Share Plan, underscoring the firm’s continued use of equity-based incentives to align management interests with shareholders...
Executive/Board ChangesRegulatory Filings and Compliance
Hays Discloses Executive Share Deal Under Performance Plan
Neutral
Sep 23, 2026
Hays plc disclosed a share transaction involving Interim Chief Marketing Officer and PDMR Julia Cames, who acquired 9,275 ordinary shares through the vesting of an award under the company’s Performance Share Plan on 21 September 2026. As par...
Financial DisclosuresRegulatory Filings and Compliance
Hays Publishes 2026 Annual Report and Files With UK Regulator
Neutral
Sep 22, 2026
Hays plc has published its Annual Report Accounts for the year ended 30 June 2026, making the full document available on the company’s website for shareholders and other stakeholders. The filing provides regulated information in full text, ...
Business Operations and StrategyExecutive/Board Changes
Hays Grants Major Performance Share Awards to Global Leadership
Positive
Sep 16, 2026
Hays plc has granted substantial awards of nil-cost ordinary shares to several senior executives under its Performance Share Plan. CEO and PDMR Mark Dearnley received an award over 1,992,337 shares, while CFO James Hilton and other regional CEOs, ...
Executive/Board ChangesRegulatory Filings and Compliance
Hays Executives Receive Deferred Bonus Shares and Disclose Market Transactions
Neutral
Sep 8, 2026
Hays plc has disclosed share transactions involving senior executives under regulatory requirements for persons discharging managerial responsibilities. Chief Financial Officer James Hilton received 133,965 ordinary shares at no cost through the v...
Business Operations and StrategyExecutive/Board Changes
Hays Grants Deferred Share Awards to Senior Leadership
Positive
Sep 4, 2026
Hays plc has granted significant awards of ordinary shares to several senior executives under its Deferred Annual Bonus Plan. The awards, made on 4 September 2026 at nil cost, cover CEO Mark Dearnley, CFO James Hilton and regional and functional l...
Regulatory Filings and Compliance
Hays Updates Share Capital and Voting Rights Total
Neutral
Sep 1, 2026
Hays plc has reported that as of 31 August its issued share capital comprised 1,600,433,092 ordinary shares of 1p each, with 30,141,771 of those shares held in treasury. This leaves a total of 1,570,291,321 voting rights in the company, providing ...
DividendsFinancial DisclosuresRegulatory Filings and Compliance
Hays Plc Confirms Steady Dividend in 2026 Preliminary Results
Positive
Aug 20, 2026
Hays plc has released its preliminary results for the year ended 30 June 2026, publishing the full statement via the London Stock Exchange and its investor website. The disclosure confirms the board’s decision to maintain the final dividend ...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Hays Reshapes Board Committees as Sustainability Oversight Moves to Full Board
Neutral
Aug 19, 2026
Hays plc has announced a series of board committee changes, with Helen Cunningham set to succeed Susan Murray as Chair of the Remuneration Committee after the annual general meeting on 18 November 2026, coinciding with Murray’s retirement fr...
Regulatory Filings and Compliance
Hays Updates Total Voting Rights and Share Capital Structure
Neutral
Aug 3, 2026
Hays plc has confirmed that as of 31 July its issued share capital comprised 1,600,433,092 ordinary shares, of which 30,180,866 are held in treasury, leaving 1,570,252,226 shares carrying voting rights. The company highlighted that this total voti...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Hays Publishes Q4 Trading Update and Schedules Investor Call
Neutral
Jul 10, 2026
Hays plc has issued its fourth-quarter trading statement for the three months to 30 June 2026, providing investors with an update on recent business performance and trading conditions. The detailed statement has been made available through the Lon...
Regulatory Filings and Compliance
Hays Updates Total Voting Rights Following Share Capital Adjustment
Neutral
Jul 1, 2026
Hays plc reported that as of 30 June 2026, its issued share capital comprised 1,600,433,092 ordinary shares, with 30,180,866 of these held in treasury, leaving 1,570,252,226 voting rights in circulation. The company highlighted that this total vot...
Business Operations and StrategyStock Buyback
Hays Completes Treasury Share Buyback, Holding Over 30 Million Shares
Positive
Jun 29, 2026
Hays plc has continued to execute its previously announced treasury share purchase programme, buying a total of around 8.7 million ordinary shares between 22 June and 26 June 2026 through BNP Paribas SA on the London Stock Exchange. The purchased ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.