International recruitment firm Hays (HAS: LSE) reported net fees rose 2% on a like-for-like basis in the company’s fiscal second quarter ended 31 December 2016. Like-for-like excludes the impacts of acquisitions and currency. Net fees rose 17% on an actual basis with the difference primarily the result of significant appreciation of the euro and Australian dollar against the British pound.

“Performance across Continental Europe was broad-based, as nine countries delivered double-digit growth (like-for-like) and we saw good performances in both Germany and France, our two largest businesses in Europe”, Chief Executive Alistair Cox said. “In Australia market confidence in the private sector continued to improve and our growth accelerated significantly. In the UK, while conditions remained tough, we saw an improvement in private sector markets in December.”

Conditions remained good in the majority of the markets, especially in Europe, Australia and the Americas, Cox said. The UK and public sector markets remain tough, but the company is seeing early signs of improvement in the private sector market.

The following change are reported on a like-for-like basis:

The temp business, which accounted for 59% of Group net fees in the quarter, grew by 3% while net fees in the perm business increased by 1%.

In Australia & New Zealand net fees were up 11%. The perm business was up 7% and Temp, which represented 66% of net fees in the quarter, was up 12%.

In Asia, which accounted for 22% of the division, trading conditions remained challenging and net fees decreased 5%, according to Hays. China delivered growth of 10% and Hong Kong grew 17%. Net fees in Japan were down 8% and net fees in Singapore declined by 34% largely due to continuing challenging conditions in the banking market.

Continental Europe & Rest of the World represented 50% of group net fees. In Germany, net fees grew 7%. The rest of Continental Europe delivered 9% growth, with nine countries growing by more than 10%. In Southern Europe, growth continued to slow versus tougher comparators, with Spain growing 3% while Italy was up 19%.

In the Americas net fees grew by 5%. With growth in Canada, up 5%, the US up 8%, and Brazil, where the group grew 19%. Net fees in Mexico declined 32%, in part due to more challenging market conditions, according to Hays.

In trading yesterday Hays PLC (HAS:LSE) set a new 52-week high when it reached £165.00. Over this period, the share price is up 32.58% and down 0.82% on the day. Based on its current share price the company has a market value of £2.23 billion.