International recruitment firm Hays (HAS: LSE) today reported net fee income growth of 10% on a like-for-like basis for the third quarter ending 31 March 2017, compared with the same period last year.

The group reported its 16th consecutive quarter of year-on-year growth. Hays states that Q3 had two additional trading days versus the prior year due to the timing of Easter, which this year falls entirely into Q4. This positively impacted activity levels in the major Temp and Contractor businesses, most notably Germany, Australia and the UK. In addition, Germany also benefitted from one extra trading day in the quarter.

Once the impact of trading days is taken into account, Hays estimates the exit rate for Group net fee growth to be broadly in line with the underlying performance of the quarter as a whole.

The difference between reported and like-for-like growth was primarily the result of the significant appreciation of the Euro and the Australian Dollar against Sterling.

Alistair Cox, Chief Executive, commented: “We have delivered an all-time quarterly record net fee performance, capitalising on the many growth opportunities around the group. This gives us confidence to increase our expectations for full year profits, to the top of the current range of market estimates. Growth was broad-based and driven by strong performances in our International businesses. Europe delivered excellent results, led by an all-time record performance in Germany, as we continued to invest in additional headcount. Growth in Australia accelerated further and was strong across all states. In the UK, while the public sector market remained tough, we saw continued signs of improvement in the private sector market.”

Net Fee Income by region is as follows:

In Australia & New Zealand net fees were up 15% (like-for-like). In Australia net fee growth increased further to 16% (like-for-like). Net fees were flat (like-for-like) in New Zealand, on a yearly basis.

In Asia, which accounted for 21% of the division, net fees grew 1% (like-for-like) as trading conditions stabilised although remained subdued overall. China growth was up 7% (like-for-like) while Hong Kong grew 29% (like-for-like) and Malaysia was also up 45% (like-for-like). Net fees in Japan were down 7% (like-for-like) and Singapore declined by 17% (like-for-like) largely due to continuing challenging conditions in the banking market.

In Continental Europe & Rest of World, the group’s largest division which represented 50% of group net fees, Hays delivered broad-based growth of 18% (like-for-like) and an all-time record performance. In Germany, net fees grew 23% (like-for-like) with growth in Temp & Contractor business of 22% (like-for-like) and Perm growth of 32% (like-for-like) over the year.

The rest of Continental Europe showed 15% (like-for-like) growth, with 11 countries growing by over 10% (like-for-like), including Switzerland, Poland and the Netherlands. Meanwhile, France, the second largest business in the division, showed growth of 14% (like-for-like), year-on-year.

In Southern Europe, despite tougher comparators, Spain delivered an all-time record performance and grew 22% (like-for-like) while net fees in Italy were broadly flat (like-for-like), year-on-year.

In the United Kingdom & Ireland, which represented 26% of the group, net fees decreased 4% on a like-for-like basis, year-on-year. Net fees in the group’s private sector business, representing 74% of the division, were down 1% (like-for-like). Net fees in the Perm business were also down 1% (like-for-like) in the quarter. The Temp business was down 6% (like-for-like), primarily as a result of continued tough market conditions in the public sector, exacerbated by the uncertainties created by the recent implementations of the IR35 regulations. Overall, public sector net fees were down 13% (like-for-like). All regions traded broadly in line with the overall UK business, with the exception of London, where net fees were down 8% as conditions remained challenging, and the Midlands, where net fees were flat. In Ireland net fees were up 14% (like-for-like), when compared to last year.

In the Americas net fees grew by 9% (like-for-like). Canada was up 18% (like-for-like) and the US was up 6% (like-for-like), on a yearly basis. In Latin America, both Mexico and Colombia grew in excess of 20%(like-for-like), while net fees in Brazil declined 1% (like-for-like), primarily due to tougher comparators.

Net Fee Income by segment is as follows:

“Looking ahead, conditions remain good in the vast majority of our markets, notably Australia, Europe and North America,” Cox said. “In the UK, market conditions remain in line with the underlying Q3 trends. We are unrivalled in our industry in terms of the scale, balance and diversity of the business we have built and our focus remains to drive profitable, cash-generative growth. These strengths, combined with 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."

Hays set a new 52-week high during Wednesday's trading session when it reached £170.00 down 0.36% on the day. Over this period, the share price is up 25.83%. Based on its current share price the company has a market value of £2.43 billion.