That’s according to a trading update for Q1 2018, released this morning.

While the group has seen overall group GP rise 12.3% in constant currency on the previous year from £170.2m in Q1 2017 to £187.7m in Q1 2018, with GP up 18.2% in EMEA, 13.8% in Asia Pacific and 20.4% in the Americas in constant currency, GP declined 7.1% in the UK.

Commenting on the group’s performance, CEO Steve Ingham said: “The group delivered a record quarterly GP in Q1 of £187.7m, growing 12.3% in constant currencies and 10.3% in reported rates.

“Our large, high potential markets grew collectively 21%, following continued significant investment in our fee earner headcount. Germany delivered a record quarter with growth of 28%. There was another strong quarter of growth in Greater China, up 17% and South-East Asia up 19%. The US grew 17% and Latin America 26%.

“Elsewhere, France, 17% of the group, continued its recent success with growth of 18%. The UK was down 7.1%, impacted by the timing of Easter and a tough year-on-year comparator, with market sentiment continuing to be weak.

“We were encouraged to see improving performances from markets that had previously been challenging: in Australia, Brazil and Singapore, up 6%, 12% and 19% respectively.

“Adverse foreign exchange movements during Q1 impacted performance, decreasing reported GP by 2 percentage points, or around £3m. Our focus on investing in our large, high potential markets, as well as in businesses experiencing strong growth, resulted in fee earner headcount growth of 183 (+3.3% on December 2017), giving a new record total headcount for the group of 7,311. 

“We are pleased with the strong group performance in Q1, which was achieved despite the timing of Easter, and we are encouraged by the growth seen in the majority of our markets. However, a number of macro-economic uncertainties remain, including Brexit in the UK, challenges in Catalonia, potential impact from strikes in France and Brazil’s forthcoming elections. Looking ahead, we will continue to focus on driving profitable growth, while being able to respond quickly to any changes in market conditions.

“At this early stage of the year, we are comfortable with current market consensus for full-year operating profit of £132m.”

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