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Investment Proposition

Our strategy

On 4 March 2003, Colin Matthews announced the results of a Strategic Review that determined that Hays should transform itself into a pure specialist recruitment and HR services business. All other businesses were non-core and would be disposed. Hays' specialist recruitment and HR services business has an outstanding track record of profitable growth and excellent cash generation and is well positioned to develop strongly in a growing market. Since the announcement of the results of the Strategic Review, Hays has sold all of its former Commercial Division and its Logistics operations. The last significant remaining non-core business was Hays' Mail Division, DX. On 1st November 2004 Hays completed the demerger of this business into DX Services plc. This represented the final significant step in the transformation of Hays into a focused specialist recruitment and HR services business.

Strategy

Having made the decision to transform Hays into a pure personnel business, Hays' objective now is to establish itself as the clear-cut first choice for both professionals seeking permanent or temporary work and employers looking for the highest quality specialist recruitment and HR services.

The strategy Hays has adopted is based on seven operational objectives:

• to focus on the development of specialist professional recruitment services;
• to achieve accelerated international expansion primarily through organic growth, as well as carefully selected acquisitions;
• to maintain balanced growth in our share of the specialist permanent and temporary job markets;
• to increase our share of the public sector recruitment market;
• to enhance our range of HR services;
• to maintain high margins based on a tight yet flexible cost base and increased operational efficiencies;
• to further develop the high brand recognition of Hays internationally.

Hays aims to deliver growth in both profit and cash flow, together with a return on assets significantly above the cost of capital.

Summary

Hays operates in growth markets, where it provides complex services. The Group aims to deliver growth in both profit and cash flow, together with a return on assets significantly above the cost of capital.