Hays Preliminary Results – Year to 06/2002

Correction to segmental information at end of statement, Before goodwill
amortisation and exceptional items. Personnel 2002 operating profit to read
122.5 £m not 112.5 £m.

10th September 2002

Hays plc

PRELIMINARY RESULTS FOR THE YEAR TO 30 JUNE 2002

Financial highlights:

Year to 30 June 2002 2001

Profit and loss account

Turnover from continuing operations £2,434.4m £2,430.1m

Operating profit * £247.3m £298.0m

Profit before tax * £232.1m £271.7m

Earnings per share * 9.40p 11.01p

Dividend per share 4.68p 4.07p

Cashflow

Free cash flow before acquisitions and disposals £143.0m £79.2m

Interest cover * 13x 11x

Net debt £232.0m £320.9m

* Before goodwill amortisation and exceptional items.

Earnings per share in 2001 has been restated on adoption of FRS 19 “Deferred
Tax”.

Business Highlights:

Group

* Continued organic investment and increasing business focus.

* Strong cash flow, with a net cash inflow of £143 million before
acquisitions and disposals.

* Net debt reduced by £89 million to £232 million.

Personnel

* Outstanding result in difficult market conditions.

* Continued investment in new offices and geographic expansion.

* Major growth in recruitment management contracts.

Commercial

* Hays IMS reorganisation lays foundation for further growth.

* NMIS contract suffers delays in Police Force implementation.

* Strong growth in offshore processing operations.

Mail & Express

* Structured to benefit from liberalisation of the UK mail market.

* Operations on the Continent return to profit.

Logistics

* Overall performance in line with the market.

* New contract wins and major contract renewals strengthen the move away from
commodity services.

Bob Lawson, Chairman, commented:

“Our strong cash flow and new contract wins re-affirm the resilience of our
businesses in difficult market conditions.

The excellent sales and profit performance of Hays Personnel fully endorse our
commitment to remain focussed in specialist recruitment whilst continuing to
develop new market sectors. As more new offices are opened outside the UK we
are demonstrating that our business model is equally valid in other geographic
markets.

Mail & Express demonstrated its inherent resilience and maintained its profits
whereas Commercial and Logistics have been more affected by the economic
downturn.

Service excellence, combined with our strong cash flow, will ensure that Hays
is well positioned for the upturn when it happens”.

Enquiries:

Bob Lawson Chairman 01483 302203

Hays plc