International recruitment firm Hays (HAS: LSE), the sixth largest staffing firm in the world and the biggest in the UK, today reported net fee income growth of 13% on a like-for-like basis for the second quarter ended 31 December 2017, compared with the same period last year.

The group’s net fee increase was driven by growth across Continental Europe and Rest of World as well as Asia Pacific.

Hays’ also reported growth for the temporary and permanent business segments during the second quarter, on both a reported and like-for-like basis.

"We have delivered another strong quarter of broad-based growth with net fees up 13% and 24 of our 33 countries delivering double-digit growth,” Alistair Cox, Chief Executive, Hays, said. “Performance in Continental Europe was excellent, led by Germany, our largest business, which grew by 19% and where we continued to materially invest in consultant headcount. Australia delivered another strong, market-leading performance and in Asia we delivered excellent growth. In the UK our business remained stable overall.”

Within the Asia Pacific region, Australia & New Zealand net fees were up 14% (LFL), led by the group’s permanent business. Growth in Australia was up 14%, which was led by the private sector. New Zealand returned to growth, with net fees up 3%.

In Asia, which accounted for 23% of division fees, growth was reported at 24%. The group’s largest market, Japan, grew by 19% and fees were also up by 25% in China, 51% in Hong Kong and 76% in Malaysia.

The group’s largest division of Continental Europe & Rest of the World saw like-for-like growth of 17%, which the group said was well balanced across its markets as 18 of their 23 countries grew in excess of 10%.

In Germany, net fees grew 19%. Meanwhile, Europe (excluding Germany) grew by 16% with twelve countries growing by more than 10%. Eight European countries also produced record quarterly net fees in Q2, including France, the group’s second largest business in the region, which showed growth of 14%. Hays’ third and fourth largest European businesses, Belgium and Switzerland, grew by 22% and 15% respectively.

Net fees in the group’s Americas businesses grew by 16%, with five of Hays’ six countries growing in excess of 10%. The US reported growth of 16%, while both Brazil and Canada each grew by 15%.

In the United Kingdom & Ireland, Hays stated that business was stable and net fees increased by 1%. In the private sector, which represents 74% of divisional net fees, Hays grew by 4%. Permanent business was up 3%, but Temporary business was down 1% as it continued to be negatively impacted by tough market conditions in the public sector, as well as the annualised impact of IR35 regulations. Overall, public sector net fees fell by 8%.

All regions traded broadly in line with the overall UK business, with the exception of the South West and Wales which grew by 8%, and the Midlands which fell by 7%. London was up 1% year-on-year. In Ireland, net fees were up 11%.

“Whilst activity levels at the start of the New Year will be an important driver of the group's second half performance, we continue to see strong trading conditions in the vast majority of our international markets,” Cox said. “Our diverse and balanced global business, together with our highly experienced management teams and our strong balance sheet means we are well-positioned to capitalise on the many clear growth opportunities we currently see in most of our markets, while maximising earnings and cash along the way".

As of last trade Hays traded at £194.00, up 3.03% on the day and 0.77% below its 52-week high of £195.51, set on 4 October 2017. Based on its current share price the company has a market value of £2.73 billion.