Hays (HAS: LSE), the sixth largest staffing firm in the world, today reported net fee income growth of 10% on a like-for-like basis for the third quarter ended 31 March 2018, compared with the same period last year and the 20^th consecutive quarter of year-on-year growth. 

Growth in net fees was driven by Hays’ international business which represents 76% of the group's net fees. Hay added that currency exchange rates had an impact on reported net fee growth. Hays also stated that Easter had a minor impact on the group’s net fees.

"We have delivered another good quarter with 20 of our 33 markets achieving double-digit growth, including nine all-time records, and our International businesses up 15% overall,” Alistair Cox, Chief Executive, said. “Our largest overseas businesses of Germany, Australia and France grew strongly, and we saw excellent progress in the Americas and Asia. The UK remains subdued, although overall that business was broadly stable.”

In Australia and New Zealand, growth was led by Hays’ Temp business, which represented 65% of net fees and grew 13%. Net fees in the Perm business were up 10%.

Australia recorded 14% growth while net fees in New Zealand (which represents 6% of Australia and New Zealand net fees) fell 15%, over the year.

In Germany, the Temp & Contractor business, which represents 85% of the division's net fees, grew by 14%. Permanent was up 30%.

In the United Kingdom & Ireland, the group’s Permanent business was down 6% in the quarter, while the Temp business was flat in the quarter.

The group’s Rest of World division, which includes 28 markets, recorded net fee growth of 15%, with 17 markets growing by more than 10%, including eight all-time quarterly records.

Europe, excluding Germany, recorded net fee growth of 11%. Net fees were up 23% with China recording the highest growth of 51%.

Net fee growth in the Americas grew by 24%, led by the USA which recorded a growth of 34%.

Net Fee growth by segment was reported as follows.

The group’s Temp business represented 58% of group net fees, while net fees in the group’s Perm business accounted for 42% of quarterly group net fees.

“Looking ahead, conditions remain positive in the vast majority of our markets,” Cox said. “With the largest and most balanced global platform in our industry, combined with our focus on investments to drive profitable, cash-generative growth, we are very well-positioned to capitalise on the many opportunities we currently see in our markets. We continue to look to the future, including our five-year plan to broadly double profits by 2022, with confidence."

As of last trade Hays traded at £182.80, down 1.83% on the day and 11.35% below its 52-week high of £206.20, set on 29 January 2018. Based on its current share price the company has a market value of £2.70 billion.