International recruitment firm Robert Walters (RWA: LSE) provided a trading update for the third quarter ended 30 September 2018. Group net fee income increased by 13% in constant currency to £101.2 million, compared to £90.7 million during the same period last year.

Net Fee Income was as follows.

Growth in the third quarter was the second consecutive quarter of net fee income in excess of £100 million. Growth continued to be broad based across permanent, contract, interim and recruitment process outsourcing.

Across the Asia Pacific region, Japan, Hong Kong, Indonesia, Taiwan, the Philippines and Thailand reported the strongest growth, all increasing net fee income in excess of 25% in constant currency (CC).

In the UK, recruitment activity levels remained highest across the UK regions, with Birmingham, Manchester and Milton Keynes producing the strongest rates of net fee income growth. In London, the group said legal recruitment was particularly active, while pockets of growth emerged in financial services albeit from a low base.

Within Europe, the group reported strong growth across permanent, contract and interim recruitment. Germany, Portugal, Spain and the Netherlands all produced record performances increasing net fee income in excess of 20% (CC). Meanwhile, France, the group’s largest business in the region, increased net fee income by 18% (CC).

Other International, which includes North America, Brazil, the Middle East and South Africa, saw net fee income decrease by 1% in constant currency.

Robert Walters, Chief Executive, commented, "The group has delivered a record third quarter performance with net fee income growing 13% in constant currency and the Board remains confident that profit before tax for the full year will be in line with current market expectations.”

“During the quarter, we have continued to invest in further growing our international footprint with the opening of new offices in Geneva and Los Angeles and have also increased headcount in those markets and disciplines offering the best opportunities for accelerated growth,” Walters said.

"The group's truly global presence covering both emerging and established markets and our blend of revenue streams across both recruitment and recruitment process outsourcing means we are well positioned to further benefit from market opportunities as they arise,” Walters said.

Robert Walters will publish a trading update for the fourth quarter ending 31 December 2018 on 10 January 2019.

As of last trade Robert Walters Plc traded at £675.60, up 5.56% on the day and 17.00% below its 52-week high of £814.00, set on 22 August 2018. Based on its current share price the company has a market value of £483.58 million.