Tough banking markets weigh down on Hays Hays, which specialises in placing workers in accountancy, construction and IT jobs, said public sector fees returned to positive year-on-year growth - the first time since the third quarter of 2009 - but this was more than offset by weak private sector momentum. Alistair Cox, chief executive, said: "Trading conditions in many markets became increasingly challenging through the quarter as concern about the global economy reduced confidence amongst our clients and candidates, particularly in the permanent recruitment markets." However, Hays" international business, which accounts for 71pc of group income, delivered "good growth" of 8pc, Mr Cox said. "Looking ahead, I expect overall conditions to remain challenging but growth opportunities do still exist," he said. Analysts said Hays continued to operate well, with net debt of £135m, down from £160m at the end of quarter three, largely due to "rigorous" cost control. However, analysts at Canaccord, who reiterated their "hold" recommendation on Hays" stock, said the share price would "continue to drift" until there is a meaningful pick up in macroeconomic sentiment