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1
Market position
We have a clear view of where we hold leadership positions in the large, fragmented global professional recruitment market, which generated £160 billion net fees in the 12 months to December 2025 and is expected to grow by 3.4% annually over the next five years supported by long-term structural growth drivers. In every market we compete in, our ambition is clear: to grow, achieve leadership, and deliver the benefits that come with it, including higher-value roles, stronger margins, and better outcomes for clients and candidates.
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2
Structurally improving Hays
We have established a reliable track record of consultant net fee productivity growth and structural cost savings over the last three years. Our Momentum strategy targets a more than 50% increase in consultant net fee productivity over the medium term and lower cost to serve in our middle and back office functions. Over time, we believe we will return to a 25%+ conversion rate, and a significant increase in profitability, cash flow, ROCE and shareholder returns.
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3
Shareholder returns
We are highly cash-generative through the cycle and committed to delivering substantial shareholder value over the long term. Our financial strength supports value-accretive organic and inorganic growth, and allows us to return surplus capital to shareholders in the most appropriate form.
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