International specialist recruitment firm PageGroup (MPI: LSE) reported revenue for the full year ending 31 December 2017 of £1,371.5 million, an increase of 9.8% in constant currency compared with the same period in 2016.

Steve Ingham, Chief Executive Officer of PageGroup, commented on the results, “2017 was a year of many records. We delivered our best ever gross profit for the group, as well as for each of our five Large High Potential Markets and three of our four regions. At the end of the year, we had a record number of fee earners, as well as our highest ever fee earner to operational support staff ratio.”

Ingham stated that operating profit and gross profit growth was driven by a combination of improved business performance and operational efficiencies, broadly offset by challenging economic conditions in markets such as Australia, Brazil, Singapore and the UK.

“This was achieved alongside our investments in fee earners, up 16.7%, and the cost of our strategic transformation programmes. In 2017, foreign exchange impacted our results positively, with gross profit benefiting by £29 million and operating profit by £6 million.

The group’s gross profit mix for permanent and temporary was 75% for permanent and 25% for temporary.

PageGroup stated that the EMEA region saw strong market conditions, with ten countries reporting record gross profit for the year. France, Germany and the Netherlands, together representing nearly 60% of the region by gross profit, grew 25%, 12% and 14% respectively, for the full year in constant currencies. Michael Page Interim in Germany, where the group invested heavily in temporary and contracting recruitment, grew 19%. Overall, nine countries, representing 84% of the region, delivered double-digit growth during the year. In constant currency, revenue increased 18.1% over the year.

In the UK, which represented 20% of the group’s gross profit in 2017 which represents the group’s largest single market, gross profit declined, reflecting economic uncertainty.  Revenue also declined by 3.6% in constant currency.

Asia Pacific represented 19% of the group’s gross profit in 2017, with 73% of the region being Asia and 27% Australasia. In constant currency, revenue increased 7.4% in 2017. Asia saw gross profit growth of 15% with Greater China up 14%. Australia gross profit increased slightly by 1% over the year.

The Americas represented 14% of the group’s gross profit in 2017, being North America (56% of the region) and Latin America (44% of the region). Revenue increased by 12.8% on the year. In North America, group gross profit increased by 18% in constant currency, driven by growth in the US. In Latin America, gross profit was up 14% year-on-year in constant currency. Business in Brazil returned to growth, up 3% on the year. Excluding Brazil, the other countries in the region, which made up two thirds of Latin America, saw growth of 20% and all reported record years.

Looking ahead, Ingham commented, “In 2018 we will continue to invest in our Large High Potential Markets, as well as in markets with favourable trading conditions. However, we remain cautious in several markets as we progress through the year: primarily in the UK, where we will focus on protecting margins; in Australia, where we have invested in headcount and a new office in Canberra; and in Brazil, which remains challenging, despite a stronger performance in the fourth quarter. We will, as always, continue to focus on driving profitable growth while being able to respond quickly to changes in market conditions.”

As of last trade Pagegroup traded at £496.60, down 5.14% on the day and 12.26% below its 52-week high of £566.00, set on 29 January 2018. Based on its current share price the company has a market value of £1.71 billion.