International recruitment firm Hays (HAS: LSE) today reported net fee income growth of 6% on a like-for-like basis for the full year ended 30 June 2017 compared with the same period last year.

Net Fees, which comprise revenue less remuneration of temporary workers and other recruitment costs, were £954.6 million for the full year.

Like-for-Like growth represents organic growth of continuing operations at constant currency.

Hays reported that operating profit growth was driven by International profit growth and exchange rate gains.

“This has been a milestone year for the group,” Alistair Cox, Chief Executive, said. “Our International businesses delivered record levels of fees and profit which, together with exchange rate gains, drove overall group operating profit to over £200 million for the first time since 2008.”

“We delivered strong, broad-based growth in Europe including a record financial performance in Germany, now our largest business in the world. Growth accelerated through the year in Australia across all states. In the UK, after a marked step-down immediately after the EU Referendum, activity levels quickly stabilised and we exited the year with modest private sector growth. Overall, with 20 countries growing by 10% (like-for-like) or more, the transformation of Hays into a truly global, diversified business is evident in these results.”

In the Permanent placement business the group saw a 4% increase in net fee growth (like-for-like) over the year with increases in the Continental Europe and Rest of the World region offsetting decreases in the UK & Ireland. Hays’ Temporary placement business saw 7% net fee growth over the year which was driven primarily by Germany and Australia.

Net Fees by region was broken down as follows:

In Asia Pacific, net fees in Australia and New Zealand stood at £180.7 million, a like-for-like growth of 11% compared to last year. In Asia, net fees were £50.2 million, flat compared to the previous year. The group reported growth in China and Hong Kong (both up 15%) but saw a slowdown in Japan (-7%) and Singapore (-24%) due to what Hays states are tough trading conditions in banking-focused markets.

In the Continental Europe and Rest of the World region, the group reported that Germany showed net fee growth of 14% to £230.3 million, compared to last year. The group attributed growth to an increase in temp/contracting which was driven by IT and Engineering. Germany also reported growth in the Permanent segment. Net fees were up 11% across the rest of the division with France net fees up 16%. In total, 11 countries in Continental Europe saw like-for-like growth of more than 10%. In the Americas, the US reported like-for-like net fee growth of 7% and Canada 5%.

In the UK & Ireland net fees were down 7% due to challenging trading conditions. Temp fees were down 8% and permanent fees fell by 6%. UK regional business has been more resilient than London. Scotland & Northern Ireland grew 1% on a like-for-like basis while the South West & Wales  grew 4% and Ireland grew 14%. The group added that they took early action in FY16 to reduce costs and headcount decreased in FY17 to best defend financial performance. Hays stated that conditions remain subdued, but broadly sequentially stable. Private sector net fees were down 5% on a like-for-like basis while public sector net fees fell by 13%.

“As we enter our new year, conditions remain good in the vast majority of our markets and we see many clear opportunities to grow. Our diverse and balanced global business, together with our highly experienced management teams and our strong balance sheet means we are well positioned to capitalise on these growth opportunities while maximising earnings and cash along the way.”

As of last trade, Hays traded at £175.60, up 1.62% on the day and -0.40% 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 £2.49 billion.