International specialist recruitment firm PageGroup (MPI: LSE) reported revenue for the six months ending 30 June 2017 of £673.1 million, an increase of 8% in constant currency compared with £575.9 million during the same period last year.

"Movements in foreign exchange rates as a result of a weaker Sterling have benefited our first half results by £28 million of gross profit and £6 million of operating profit,” Ingham said. “At June exchange rates, we anticipate the benefit in the second half to be greatly reduced, at £2 million of gross profit, with a marginal benefit to operating profit,” Steve Ingham, Chief Executive Officer, said.

"We experienced some improved macro-economic conditions, particularly in Asia (ex-Singapore), Continental Europe, and Latin America (ex-Brazil), which helped drive growth in the first half. However, challenging market conditions continued in some of our larger markets, including Brazil, Singapore and the UK.

"We made significant investments in our fee earner headcount over the last 12 months, particularly in France, the US and Latin America, ex. Brazil, up 19%, 28% and 22%, respectively. These investments delivered a strong return, with gross profit growth of 24%, 16% and 24%. We will continue to make headcount investments into our Large, High Potential markets, which represented only 22% of the Group in 2010. These markets now represent 31% of the Group and grew 12% in the first half. We will also continue to make headcount investments into those other markets with favourable trading conditions.

"Fee earner headcount grew 276 (+5.9%) to end the half year at a record level for the Group of 4,987. With our continued focus on operational efficiencies, we maintained our record fee earner to operational support staff ratio of 77:23. Total headcount at the end of the first half was 6,448.

"The Board has announced an interim dividend of 3.90 pence per share, an increase of 4.0% over last year as a result of our improved trading performance and strong balance sheet. In addition, the Group is pleased to announce today a special dividend of £40m (12.73 pence per share), making a third consecutive year of special dividends, in line with its intention to return surplus capital to shareholders. Taking both dividend payments together, this amounts to a cash return to shareholders of £52.3 million payable on 11 October 2017.

"We are pleased with our first half performance, but remain mindful that a number of political and macro-economic uncertainties will continue through 2017. We will continue to focus on driving profitable growth, as we did in the first half, whilst remaining able to respond quickly to any changes in market conditions," Ingham said.

By geography, the company reported revenue growth as follows:

Gross profit, broken down geographically, was as follows:

EMEA is the group's largest region, contributing 46% of group first half gross profit. The largest businesses in France, Germany and Spain, together representing 59% of the region by gross profit, grew 24%, 12% and 19% respectively. In France, Page Personnel, which represents 64% of the business, had a record first half performance, growing 27%. Overall, nine countries, representing 75% of the region, delivered double-digit growth during the first half of the year. Business in the Middle East & Africa grew 4%, driven by South Africa and a slight improvement in trading conditions in the UAE.

In the UK, representing 21% of Group first half gross profit, revenue and gross profit declined with Brexit related uncertainty impacting clients' decision-making.

In Asia Pacific, Asia, comprising 14% of the Group and 71% of Asia Pacific, grew 7%. The group continued to see improvements in Greater China which grew 9% and saw strong performances from businesses in Mainland China, where the group has a higher proportion of domestic clients. Elsewhere in Asia, India, Indonesia and Malaysia combined grew 19%. However in Singapore, where market conditions remained challenging, gross profit fell 18%. In Australasia, where Australia grew 2%, Western Australia returned to growth, up 16%, with New South Wales delivering 5% growth. Queensland and Victoria both had single-digit declines.

In the Americas, North America saw growth of 13%, though conditions remained challenging in the now smaller New York Financial Services market, which was down 16%. Latin America was up 15%. Brazil (34% of Latin America) was flat overall and remained profitable; it also returned to growth in the second quarter.

Looking ahead, Pagegroup said, “As we stated in our second quarter trading update, we are pleased with our first half performance, but remain mindful that a number of political and macro-economic uncertainties will continue through 2017. We will continue to focus on driving profitable growth, as we did in the first half, whilst remaining able to respond quickly to any changes in market conditions.”

Pagegroup set a new 52-week high during today's trading session when it reached £511.50. Over this period, the share price is up 43.37%. Based on its current share price the company has a market value of £1.63 billion.