International recruitment firm Robert Walters (RWA: LSE) provided a trading update for the fourth quarter ended 31 December 2017.

Group net fee income increased by 22% in constant currency to £90.5 million, compared to £76.1 million during the same period last year.

Robert Walters, Chief Executive, commented on the results, "The group delivered another quarter of record results with net fee income growing 22% year-on-year (CC). Growth was once again broad based across permanent, contract, interim and recruitment process outsourcing across the group's geographic regions.”

Walters added that forecasts for the full year have been upgraded in response to the group’s December trading update. Furthermore, he added that the Board confirmed that trading is in line with market expectations.

Robert Walters reported that 70% of group net fee income was derived from the group’s international businesses.  

“In Asia, growth was broad based across both our established and emerging markets with Japan, Hong Kong and Vietnam delivering excellent performances,” the group announced. The group added that during the fourth quarter, there was a strong performance across Australia and New Zealand. Meanwhile, Resource Solutions continued to grow its client portfolio across the region.

In the UK, where net fee income increased by 13% (CC), Robert Walters stated that activity levels in London were highest across financial services, commerce finance, legal and technology while in the regions, Milton Keynes, St. Albans and Manchester delivered the strongest performances. The group added that Resource Solutions delivered another quarter of impressive net fee income growth.

In Europe the group reported “outstanding results across the region with a strong blend of growth across permanent, contract and interim recruitment activity.” Germany, Spain, the Netherlands and Belgium all delivered net fee income increases in excess of 25% (CC) year-on-year.

In Other International (North America, Brazil, the Middle East and South Africa), net fee income was up 108% (CC) with the strongest performance delivered by the North America region.

The group will publish its full-year results for the for the year ended 31 December 2017 on 1 March 2018.

As of last trade, Robert Walters traded at £650.00, down 1.22% on the day and 1.52% below its 52-week high of £660.00, set on 8 January 2018. Based on its current share price the company has a market value of £495.45 million.