Hays will make £100m payment to shareholders in August

The FTSE 250 recruiter Hays (LON:HAS) is reinstating dividend payouts as more people are being hired for new jobs.

Alistair Cox, chief executive at Hayes, said:

“Finally, with recovery in fees and our profits accelerating in Q2, this provides us with confidence to resume paying core dividends at our full-year results in August.”

“We have also identified £150 million of surplus capital, which we also intend to return to shareholders in phases via special dividends, again commencing at our results in August,” Cox continued.  

Cox anticipates growth in employment in technology, life sciences and the green economy, as hiring levels rebound.

Hays plans to payout the surplus cash to shareholders in two phases. The first being a £100m payment in August. 

Shares in the recruiter finished the day’s trading 3% down at 153.3p. Hays shares are 7% up year-to-date from 143.3p

Alistair Cox praised his employees’ efforts since the beginning of the pandemic:

“We have helped over 200,000 talented people find their next job and provided advice, guidance and training to millions of others,” Cox said.

“We have prioritised the wellbeing of our own people and Temps, and I am proud of the steadfast way all our colleagues have adapted to the changing world, helping their clients and candidates at a time of great need.”

“Their resilience, together with the investments we have made across our business, delivered improving profit momentum through the half with overall trading distinctly stronger than we had earlier anticipated.”