Interim management statement for the first quarter ended 31 March 2012
FINANCIAL AND OPERATIONAL HIGHLIGHTS
Gross Profit (Net Fee Income)
% change (constant currency*)
The Americas and South Africa
· 74% of Group's net fee income generated from international business.
· New office opened in San Francisco. The Group now has 48 offices in 23 countries.
· Balance sheet remains strong, with net cash of £8.8m as at 31 March 2012 (31 December 2011: £17.1m).
· Group headcount of 2,100 (31 December 2011: 2,047).
Robert Walters, Chief Executive, commented:
"The Group produced a record level of net fee income for the first quarter; successfully growing net fee income across all of our regions against what remains a challenging economic backdrop.
"As I stated in our year-end results announcement in March, there is still a degree of caution amongst clients and candidates which does vary from region to region and sector to sector. We therefore continue to manage costs sensibly whilst investing where sentiment and long-term growth opportunities are strongest."
The Group will publish a trading update for the six months ended 30 June 2012 on 5 July 2012.
* Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.
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