Hays plc - Strong Q2; further material upgrades to consensus

Davy Research
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Hays has released its Q2 trading update for the period to end-December 2021. Net fee growth and the fiscal 2022E outlook is significantly ahead of expectations once more. We continue to see significant leverage into 2023E and beyond, while the scope for strong medium-term special dividends remains, considering the strength of the net cash position.