Hays to expand share buyback programme

Hays updated the market on its share buyback programme on Friday, reporting that in the six months ended 31 December, 50.2 million shares were purchased and cancelled at a cost of £57.6m.

The FTSE 250 recruitment firm initially announced a buyback of up to £63m worth of shares in June last year.

It said it had now entered a further agreement with Jefferies to repurchase up to a further £18.2m worth of shares between now and the end of June.

“As announced on 28 April, the purpose of the programme is to reduce the total issued share capital of the company,” the board said in its statement.

“Jefferies will purchase the company's ordinary shares as principal and sell them on to the company in accordance with the terms of their engagement.

“The company intends to cancel the shares it purchases through the programme.”

At 1015 GMT, shares in Hays were up 0.92% at 120.2p.

Reporting by Josh White for Sharecat.com.