Hays plc first entered the Chinese market in 2006 when it acquired St George´s Harvey Nash employment agency in Shanghai., subsequently opening offices in Beijing and Suzhou. Dalian Nanjing & Shenzen are all potential cities for their plan to have a presence in 8 cities.
In October, the United Kingdom recruiter said buoyant economies in Australia and Asia boosted first-quarter results, offsetting a weak UK market amid public sector job cuts. With China being the biggest employment market it obviously makes sense to expand there.
The Sunday Telegraph has learned that the company’s board non-executive members of which include banker Lesley Knox and Alan Thomson, Hays’ chairman will meet together for the first time in China on Tuesday to discuss the expansion plan.
Alistair Cox CEO of the company has an ambition of Hays (HAS.L) become the biggest recruitment consultancy in China.
The company is in the 250 index and this expansion could push it into the FTSE 100.
Employment agencies are subject to the swings and roundabouts of the labor market which can fluctuate wildly with the world economy, but with a strong presence in China this could help Hays´s growth and share price over the next few years.
Being a long investor the fund will obviously retain it´s holding in Hays plc
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