(Alliance News) - Shares in recruiter Robert Walters PLC fell Thursday as the firm reported a decline in fee income in a tough trading environment.
The company was trading 6.9% lower in London, at 542.00 pence per share.
In the last quarter of 2019, Robert Walters's net fee income fell 8% year-on-year, or 7%, excluding currency movements, to GBP94.2 million.
The decline in net fee income was particularly sharp in the UK, which fell 23% to GBP20.7 million. The biggest segment, Asia Pacific, fell 4% to GBP38.5 million, with Other International declining by 7% to GBP7.3 million.
Robert Walters increased net fee income by 1% in Europe, however, to GBP27.7 million. Excluding currency movements, the figure was 4% higher.
In Asia Pacific, the firm did well in several areas but performance was held back by protests in Hong Kong. The Netherlands and Spain delivered record results in Europe and the largest part, France, did well, but Germany and Switzerland were more difficult.
In the UK, hiring confidence has been hurt due to political uncertainty related to both Brexit and the general election in December.
For the entire year net fee income was 3% higher, or 2% at constant currency, and Robert Walters expects profit for 2019 to meet market expectations.
"Trading conditions in the fourth quarter proved challenging with client and candidate confidence impacted by political turbulence around Brexit, the UK general election, Hong Kong protests and the US-China trade stand-off," said Chief Executive Robert Walters.
Robert Walters will publish results for 2019 on March 3.
By George Collard; georgecollard@alliancenews.com
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Robert Walters (RWA)