The UK's largest recruiter Hays has posted a 22% increase in first-half pre-tax profit.

The numbers were boosted by growth from all business areas and the company said it has made a good start to the second half of the year. Management says there are substantial opportunities for Hays in existing, emerging and new specialist recruitment markets.

Despite the strong numbers – which were above analysts' expectations – shares fell 5.3 pence, or 4.5% to 110.8p following a good rally in the run up to the results.

First-half pre-tax profit - from continuing activities - reached £122.7 million from £100.3 million in the same period last year. Like for like net fees rose 233% to £374.8 million.