Interim management statement for the third quarter ended 30 September 2011
FINANCIAL AND OPERATIONAL HIGHLIGHTS
Gross Profit (Net Fee Income)
% change (constant currency*)
The Americas and South Africa
· 75% of Group's net fee income generated from international businesses.
· Strong growth in France and Germany: second German office opened in Frankfurt.
· Further investment in Asia, with the opening of the Group's first office in Indonesia.
· UK market conditions remain challenging.
· Recently opened office in Sao Paulo, the Group's first in South America, continues to perform well.
· Group headcount of 2,001 (30 June 2011: 1,932).
· All major office moves (London, Singapore and Sydney) successfully completed.
· Balance sheet remains strong, with net cash in excess of £5m as at 30 September 2011 (£10.7m as at 30 June 2011).
Robert Walters, Chief Executive, commented:
"During the third quarter, we have increased Group net fee income and achieved strong growth across our international businesses. Net fee income growth, whilst positive, has slowed as markets have become more challenging. Group headcount increased by 4% to 2,001, mainly in Asia and Continental Europe and year to date we have opened five offices, two in new countries. The Group is in a robust position as a result of this strategy of international growth and diversification and we continue to invest in those markets where longer term growth opportunities are strongest."
The Group will publish its fourth quarter and full year trading update on 6 January 2012.
* Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.