However, the results, published this morning, also reveal a 7% year-on-year decline in NFI for the group’s UK and Ireland business to £252.9m, with like-for-like profits declining 20% to £41.5m over the same period. The group attributed this to a marked decline in UK hiring in H1, which has stabilised since November 2016.

Overall, the group saw operating profit increase 17% to £211.5m, with NFI up 6% to £954.6m year-on-year, buoyed by 12% NFI growth in Continental Europe and the rest of the world – with Germany and France being stand-out performers – and 9% NFI growth in Asia Pacific, with Australia delivering strong growth.

Elaborating on the figures, Hays chief executive Alistair Cox said it was a “milestone” year for the group. 

“Our international businesses delivered record levels of fees and profit which, together with exchange rate gains, drove overall group operating profit to more than £200m for the first time since 2008. As a result of our strong financial and cash performance and a confident outlook, we have proposed the payment of the group's first special dividend, of £61.6m. This supplements a proposed core dividend that has itself increased by 11%, meaning the group's total dividend pay-out has more than doubled year-on-year.

“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,” he said. 

“In the UK, after a step-down immediately after the EU referendum, activity levels stabilised and we exited the year with modest private-sector growth. Overall, with 20 countries growing by 10% or more, the transformation of Hays into a global, diversified business is evident in these results.

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