The results, published this morning, reveal group NFI increased from £396.9m in H2 2015 to £465.5m in H2 2016, driven by year-on-year increases in NFI in Continental Europe & Rest of World (up 10%) and Asia-Pacific (up 6%).

However, NFI fell 10% in the UK & Ireland over the same period, with the group taking early action to cut costs and defend profits against a backdrop of “tough but broadly stable” markets across the half as a whole. 

The group’s UK & Ireland private sector business saw a marked reduction in activity in the initial period following the UK’s vote to leave the European Union, but this stabilised quickly with the group witnessing early signs of improvement at the end of H2 2016. Conditions for the group’s UK & Ireland public sector business remained challenging throughout the half, however.

Commenting on the results, CEO Alistair Cox pointed to good first half, with further net fee and profit growth and strong cash generation.

“Conditions remained supportive in many key markets, especially Germany, our most profitable business, where we delivered another all-time record performance, and Australia where activity accelerated significantly through the half. 

“In the UK, after a marked step-down immediately after the EU Referendum, markets quickly stabilised and we saw early signs of improvement towards the end of the half in the private sector recruitment market, which have continued into the start of the second half.

“The vast majority of our markets remain positive, we have many opportunities to grow and we look to the future with confidence.”