International recruitment firm Robert Walters (RWA: LSE) reported revenue of £451.4 million for the six months ending 30 June 2016, an increase of 17% in constant currency compared with £377.6 million last year.

Revenue and Gross Profit during H1 2016 was as follows:

“The Group achieved a 9% increase in net fee income in constant currency, with growth rates strongest in our Asia Pacific and Continental European regions,” Robert Walters, Chief Executive, said. “Profits in the first half were impacted by weakness in the UK due to uncertainty surrounding the EU referendum and significant investment in Resource Solutions to support two new and large scale client wins. Both engagements will be profitable in the second half. “The results highlight the strength of our global, diversified business with our blend of revenue streams covering permanent, contract, interim and recruitment process outsourcing and a geographic footprint spanning 25 countries including many of the world’s fastest growing and emerging recruitment markets. Current trading is in line with market expectations for the full year.”

Growth was strongest in the Asia Pacific and Continental European regions, which together now account for 64% of the group’s net fee income. Asia Pacific net fee income up was 15% (10% in constant currency) to £54.0 million (2015: £47.0m). Operating profit for the region was up 35% (16% in constant currency) to £6.4 million (2015: £4.7 million).

Japan, the company’s largest business in the region, Taiwan, Indonesia and Thailand all delivered record performances. Meanwhile, Australia produced the strongest growth rates in four years. Robert Walters also opened its first office in the Philippines (link).

UK net fee income was up 4% to £40.2m (2015: £38.7 million) producing an operating profit of £1.8m (2015: £2.8 million). This was a weaker performance against an uncertain political and economic backdrop. Europe net fee income was up 27% (19% in constant currency) to £28.2 million (2015: £22.3 million) and operating profit more than doubled to £2.1 million (2015: £1.0 million).

In trading today, Robert Walters traded at £295.00, down 1.67% on the day and 21.90% above the 52 week low of £242.00 set on 28 June 2016. Based on its current share price, the company has a market value of £232.27 million.