International recruitment firm Hays (HAS: LSE) has reported net fee income growth of 8% on a like-for-like (LFL) basis for the fourth quarter ending 30 June 2016, compared with the same period last year.

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

“We delivered a good performance to end our financial year and expect full year profits to be ahead of current market expectations,” Alistair Cox, Chief Executive, said. “We have also achieved our goal of eliminating the Group’s net debt. Europe delivered further excellent growth, benefiting from all-time record performances in Germany and France, among 13 European countries to grow by over 20% (LFL). Our Australian business continued its recovery, with strong growth in New South Wales, Victoria and in the public sector markets, partially offset by continued tough conditions in the mining-focused regions.”

“In the UK the public sector recruitment market remained challenging, while private sector sentiment weakened in the run up to the EU Referendum. Looking ahead, conditions in most international markets remain supportive and although there is significantly increased uncertainty in the UK, it is too early to say how the result of the Referendum will impact our results going forward. We have consciously built the most diverse, balanced and resilient global business in our industry, across 20 specialisms in 33 countries,” Cox said.

“We have a strong balance sheet, experienced management teams around the world and deep expertise in the Temporary, Contractor and Permanent recruitment markets,” Cox said. “These combined attributes are unique and more important than ever. At times like this they stand us in good stead, and we remain well placed to continue to deliver sector-leading profits and cash generation.”

According to Hays, the fact that Easter this year fell entirely into the third quarter positively impacted activity levels in the fourth quarter across the major Temp and Contractor businesses, most notably Germany, Australia, and the UK.

In Asia Pacific, which represented 23% of Group net fees, Hays delivered growth of 4% (LFL). In Australia & New Zealand net fees were up 6% (LFL) Moreover, permanent business was up 1%(LFL) and Temporary, which represented 66% of net fees in the quarter, was up 8%(LFL).

In Asia, which accounted for 24% of the division, net fees decreased 1%(LFL) . China delivered 6% (LFL) growth, while net fees in Japan were down 1%(LFL) and Singapore declined by 23% (LFL) due largely to more challenging conditions in the banking market.

In Continental Europe & RoW, the largest division which represented 46% of Group net fees, Hays delivered broad-based growth of 21%(LFL).

Growth was 23% in Germany on a Like For Like basis. Meanwhile, growth in the Germany Temp & Contractor business was 21% (LFL) and Permanent grew 34% (LFL).

In Brazil although conditions remained challenging, net fees increased 9%(LFL) and Hays delivered growth across the rest of its Latin America businesses. The group’s US business delivered broad-based growth of 12% (LFL) driven by the roll out of their newer specialisms including Construction & Property. Net fees in Canada grew by 15%(LFL).

In the United Kingdom & Ireland, which represented 31% of Group net fees, net fees decreased 4% (LFL). The group’s Temp business was down 6% (LFL) primarily as a result of further challenging conditions in public sector markets. The Permanent business declined by 1%(LFL) as increased caution among clients resulted in activity levels weakening towards the end of the quarter.

In trading today, Hays traded at £112.60, up 4.26% on the day and 23.60% above the 52 week low of 91.10 set on 6 July 2016. Based on its current share price the company has a market value of £1.54 billion.