In a trading update, international recruitment firm Hays (HAS: LSE) reported net fee income growth of 7% on a like-for-like (LFL) basis for the fourth quarter ending 30 June 2017, 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 showing balanced growth across both segments.

“We have ended our financial year with a record quarterly net fee performance and expect full year operating profit to be marginally ahead of the current market expectations (£209.5 million),” Alistair Cox, Chief Executive, said.

“Our international businesses continued to be the key drivers of growth,” Cox said. “Europe delivered strong results, led by an excellent performance in Germany, where we have increased consultant headcount by over 20% during the year. Growth in Australia remained strong and was broad-based across all states and specialisms. The underlying trends in the UK remained sequentially stable, with modest improvements in the private sector offset by a tough public sector market. Looking ahead, conditions remain good in the vast majority of our international markets. In the UK, market conditions remain stable overall. The scale, balance and diversity of the business we have built is unrivalled in our industry and our focus remains to deliver sector-leading profits and strong cash generation. These strengths, combined with a strong balance sheet and our world-class, highly experienced teams around the world, stand us in good stead and mean we continue to look to the future with confidence."

In Continental Europe & RoW, Hays’ largest division which represented 50% of group net fees, the group delivered another quarter of growth, with net fees up 11% (LFL). Net fees in the IT & Engineering business increased 15% on a like-for-like basis and the newer specialisms Accountancy & Finance grew 19% and Life Science was up 27%. Net fees in Germany were up 16% (LFL) while France was up 14% (LFL). Ten European countries grew by over 10% (LFL) including Spain, Poland, the Netherlands and Russia.

In the United Kingdom & Ireland, which represented 25% of the group, net fees decreased 5% (LFL). the Perm business was flat in the quarter while Temp decreased 9% (LFL). Public sector net fees were down 17% (LFL). In Ireland, net fees were up 26% (LFL).

In Asia Pacific, which represented 25% of group net fees, Hays delivered growth of 11%(LFL). In Australia & New Zealand, net fees were up 12% with uniform and broad-based growth across most regions and specialisms. In Asia, which accounted for 22% of the division, net fees grew 6% (LFL), partially due to easier comparators. China, the group’s second largest business in Asia, saw growth increase by 32% (LFL) while Hong Kong grew 22% (LFL) and Malaysia was up 39% (LFL). Net fees in Japan were down 8% (LFL) and Singapore declined by 9% (LFL) largely due to continuing challenging conditions in the banking market.

As of last trade Hays PLC traded at £166.40, down 0.66% on the day and 5.62% below its 52-week high of £176.30, set on 24 April 2017. Based on its current share price the company has a market value of £2.42 billion.