Hays (HAS: LN) reported net fee income growth of 4% on a like-for-like (LFL) basis for the third quarter ending 31 March 2016, compared with the same period last year.

Net fee income from temporary staffing increased by 2% LFL compared with Q3 2015, while permanent recruitment net fee income was up by 8% LFL over the same period. The timing of Easter, which fell in the third quarter for 2016, negatively impacted activity levels in the major temp and contractor businesses.

“We had a good start to the second half and delivered our twelfth consecutive quarter of year-on-year growth (LFL),” Alistair Cox, Chief Executive of Hays, said. “Europe delivered excellent results, including a strong underlying performance in Germany and France, 13 countries growing by over 10% (LFL), and record performances in important businesses such as Belgium and Spain.”

“Elsewhere, the US, which is now our fifth largest business, delivered excellent results and grew by 25% (LFL),” Cox said. “Market conditions in Australia remained stable but mixed, with strong growth in New South Wales, Victoria and in the public sector markets, offset by continued tough conditions in the mining-focused regions. In the UK the public sector recruitment market remained challenging, while private sector sentiment was cautious, but activity was stable overall.”

Geographically, net fee income growth during the third quarter was broken down as follows:

In Asia Pacific, which represented 22% of Group net fees, Hays delivered growth of 3%. Net fees in Australia grew by 3%.

Construction and Property staffing, the largest specialism in Australia, delivered growth of 7% (LFL) and IT grew 9% (LFL).

 In Asia, which accounted for 24% of the division, net fees grew 5% (LFL). Japan, the largest business in Asia, delivered 4% (LFL) growth and China delivered strong 11%(LFL) growth, while Singapore grew by 3% (LFL).

In Continental Europe & RoW, the largest division, which represented 45% of Group net fees, the company delivered growth of 11% (LFL).

In Brazil, net fees increased 23% (LFL) and Hays delivered strong growth across the rest of Latin America. The US business, incorporating executive search firm Veredus, delivered broad-based growth of 25%(LFL) driven by the core IT Contracting business and the roll out of newer specialisms. In Canada, net fees decreased by 9% (LFL) due to challenging conditions in the resources focused regions, and general macro-economic uncertainties.

In the United Kingdom & Ireland, which represented 33% of Group net fees, net fees decreased 3% (LFL). By region, other than Scotland which delivered growth of 7%, and the North where net fees were down 15%, every region traded broadly in line with the overall UK business.

“Looking ahead, our good underlying financial performance around the world gives us confidence for our full year prospects,” Cox said. “Conditions in many markets remain good, and we are delivering excellent results across Europe and the US. In the UK, client sentiment remains cautious and we expect this to continue through Q4. Against this overall backdrop, our focus remains on delivering continued strong profit growth."

In trading today, Hays traded at £134.20, up 8.14% on the day and 19.18% above the 52-week low of £112.60 set on 24 Feb 2016. Based on its current share price, the company has a market value of £1.73 billion.