Robert Walters (RWA: LSE), the international recruitment firm, reported revenue of £1.16 billion for the full year ending 31 December 2017, an increase of 14% in constant currency compared with the same period last year.

“We continued to benefit from both our international footprint which covers 28 countries including many of the world’s fastest-growing and exciting recruitment markets and our blend of revenue streams covering permanent, contract, interim and recruitment process outsourcing,” Robert Walters, Chief Executive, said. “The group has successfully maintained the momentum of 2017 and started the year strongly. As a result, we look ahead with confidence.”

Robert Walters reported that 71% of the group’s net fee income derived from outside of the UK. All regions grew both net fee income and operating profit.

Revenue by geography was broken down as follows.

In Asia Pacific, which made up 40% of group net fee income, net fee income increased by 11% in constant currency to £136.6 million. In Asia, the group’s most profitable single country, Japan, enjoyed saw another record year in both Tokyo and Osaka. Hong Kong had a record year, but market conditions in Singapore remained more challenging. The group reported that Australia had a good year and New Zealand had a record year. Resource Solutions won several new multi-country contracts across the region.

In the UK, which made up 29% of group net fee income, net fee income increased by 16% to £100.9 million. In the UK, candidate and client confidence levels remain somewhat cautious. However, activity levels in certain sectors and disciplines were strong. In London, the group stated that growth was strongest in technology, legal, financial services and commerce finance. In the regions, growth was broad-based with Robert Walters reporting that St. Albans and Manchester delivered the strongest rates of growth, benefiting from a focus on SMEs and the trend of a number of large businesses moving operations outside of London. Resource Solutions reported net fee income growth and entered new industry sectors winning clients in retail, mobile telecommunications, FinTech and property management.

In Europe, which made up 23% of group net fee income, fee income increased by 26% in constant currency to £80.6 million. Belgium, Germany, Portugal, the Netherlands and Spain all delivered net fee income increases in excess of 20%. The group’s French business, the largest in the region, grew net fee income by 18%.

Other International, which made up 8% of group net fee income, includes Brazil, Canada, South Africa, the Middle East and the US. Net fee income increased by 87 in constant currency to £27.1 million. Market conditions in Brazil remain challenging. However, the group reported that its business saw in excess of 50% growth in net fee income year-on-year. The group’s new business in Canada has started well according to Robert Walters, while in the US, although financial services remains tough, other market sectors, particularly technology and digital continue to be strong. The Middle East was flat year-on-year.

Robert Walters also announced that Leslie Van de Walle will be stepping down from his role as Non-executive Chairman on 1 March 2018. Carol Hui, who is currently Senior Independent Director will step into the role of Non-executive Chairman. The Board stated that it is in the process of finding an additional Non-executive Director.

Looking ahead, Robert Walters stated that it has successfully maintained the momentum of 2017 and started the year strongly and looked at the year ahead with confidence.

As of last trade, Robert Walters Plc (RWA:LSE) traded at £680.00, up 1.80% on the day and 0.58% below its 52-week high of £684.00, set on 23 January 2018. Based on its current share price the company has a market value of £503.1 million.