Robert Walters Regulatory News (RWA)

ROBERT WALTERS PLC

(the "Company", or the "Group")

Half-yearly financial results for the six months ended 30 June 2013

Robert Walters, the leading international recruitment consultancy, today announces its half-yearly financial results for the six months ended 30 June 2013.

FINANCIAL HIGHLIGHTS

§ Revenue up 5% to £288.8m (2012: £275.0m).

§ Net fee income (gross profit) up 6% (6%*) to £97.8m (2012: £92.4m).

§ Operating profit up 10% (16%*) to £3.8m (2012: £3.4m).

§ Profit before taxation up 19% to £3.7m (2012: £3.1m).

§ Basic earnings per share of 3.3p (2012: 2.9p).

§ Interim dividend increased by 5% to 1.54p per share (2012: 1.47p).

§ Net cash of £6.9m as at 30 June 2013 (30 June 2012: £4.6m).

OPERATIONAL HIGHLIGHTS

§ Solid performance in line with expectations.

§ Net fee income increased across all regions:

§ Asia Pacific up 1% (3%*) to £46.5m (2012: £45.9m).

§ UK up 12% to £26.7m (2012: £23.9m).

§ Europe up 5% (2%*) to £20.9m (2012: £19.9m).

§ Other International up 40% (44%*) to £3.7m (2012: £2.7m).

§ The Group has opened 17 offices over the last three years and is focused on maximising the return from this investment and increasing productivity from these businesses. No further offices will be opened this year.

§ Healthy balance of permanent and contract recruitment net fee income: 70%:30% (2012: 69%:31%).

§ Group headcount stands at 2,212 (2012: 2,159) with the increase due to another strong performance from our Resource Solutions business.

* Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.

Robert Walters, Chief Executive, said:

"We have delivered a solid first half performance, achieving increased net fee income and market share across all of the Group's regions. The first half results are encouraging and we are focused on generating increased productivity from our existing businesses across the globe whilst continuing to carefully manage the Group's cost base.

"Global market conditions are mixed and visibility is limited, however we are seeing positive signs across some markets. The Group's market-leading international brand, diverse and robust blend of revenue streams and strong balance sheet means that the Group is exceptionally well positioned to benefit from a sustained recovery."

The Company will hold a presentation for analysts at 11.00am on Thursday 1 August at 11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB.

The Company will publish an interim management statement for the third quarter ending 30 September 2013 on 8 October 2013.

 Further information

Robert Walters plc

Half-yearly financial results for the six months ended 30 June 2013

Interim Management Report

The Group has delivered a solid and encouraging performance during the first half of the year with net fee income growing across all of the Group's regions. The Group's long-term strategy of geographic expansion and discipline diversification has created competitive strength and enabled us to grow market share.

Revenue was up 5% to £288.8m (2012: £275.0m) and gross profit (net fee income) increased by 6% (6% in constant currency) to £97.8m (2012: £92.4m). Operating profit increased by 10% (16% in constant currency) to £3.8m (2012: £3.4m) delivering a profit before taxation increase of 19% to £3.7m (2012: £3.1m). The Group maintained a strong balance sheet and improved its net cash position to £6.9m as at 30 June 2013 (30 June 2012: £4.6m).

Two new offices, Dubai and Ghent, were opened during the first quarter. However, as noted within the Group's first quarter interim management statement, no further offices will be opened this year. Having opened 17 offices over the past three years, the Group is focused on maximising the return from this investment and increasing productivity within these new and exciting businesses.

Permanent recruitment now represents 70% (2012: 69%) of the Group's recruitment net fee income. The Group has a strong blend of permanent, contract and interim recruitment income streams and a market-leading recruitment process outsourcing business in Resource Solutions. Clients are increasingly wishing to work with a partner with global recruitment capabilities and the Group's ability to provide an end-to-end solution creates a significant competitive advantage.

Resource Solutions continues to deliver positive returns. Net fee income grew strongly during the first half; underpinned by 11 new client wins across the UK and Asia.

Group headcount stands at 2,212 (2012: 2,159) with growth of the Resource Solutions business driving the increase.

Asia Pacific (48% of net fee income)

Revenue was £133.9m (2012: £134.7m) and net fee income increased by 1% (3% in constant currency) to £46.5m (£47.3m in constant currency) (2012: £45.9m) delivering an operating profit of £3.3m (£3.5m in constant currency) (2012: £3.3m).

In Australia, despite a slowdown in our Perth and Brisbane offices, we have continued to grow our market share. This is a testament to the quality and strength of our business as a whole and the success of our recent strategy of opening offices outside traditional city centre locations to service the corporate and SME markets.

In Asia, our Japan and Malaysia businesses performed particularly well. It was also pleasing to see a number of our newer and smaller operations in Thailand, Vietnam and Indonesia producing strong net fee income growth. Our Singapore and Hong Kong businesses delivered solid first half performances whilst our recent restructure of our senior management team in China is beginning to show positive results.

Resource Solutions in Asia has started well winning five new client engagements during the period.

United Kingdom (27% of net fee income)

Revenue in the UK business was £105.1m (2012: £93.4m) and net fee income increased by 12% to £26.7m (2012: £23.9m) delivering an operating profit of £0.4m (2012: £nil).

Our UK business has performed well, with our regional offices - Guildford, Milton Keynes, Birmingham and Manchester - delivering a particularly strong performance across Commerce Finance, HR, Legal and IT.

Resource Solutions recorded another strong performance during the first half of the year, securing six new client wins across both the financial services and corporate sectors.

Europe (21% of net fee income)

Revenue was £46.1m (2012: £44.0m) and net fee income increased by 5% (2% in constant currency) to £20.9m (£20.3m in constant currency) (2012: £19.9m) delivering an operating profit of £0.2m (£0.2m in constant currency) (2012: £0.3m).

Our business in France, the Group's largest in the region, has produced a remarkably resilient performance and grown market share despite the well-publicised backdrop of economic and political uncertainty. We continue to closely manage our cost base and absorbed £0.5m redundancy costs during the period.

Germany again delivered strong net fee income growth. Market conditions in the Benelux region have improved and we opened a new Walters People office in Ghent during the first quarter. Our business in Ireland continues to perform well. However, elsewhere across the region, recruitment activity levels remain muted.

Other International (4% of net fee income)

Revenue was £3.8m (2012: £2.9m) and net fee income increased by 40% (44% in constant currency) to £3.7m (£3.8m in constant currency) (2012: £2.7m) delivering an operating loss of £0.1m (£0.1m operating loss in constant currency) (2012: operating loss of £0.2m).

Improved confidence in the US underpinned a solid performance in our New York office, whilst our new business in San Francisco continued to deliver strong net fee income growth. In Brazil, our operations in Sao Paulo and Rio de Janeiro have returned to growth. South Africa continues to be a success story with net fee income growing strongly. The Group has invested in the Middle East, opening its first office in the region in Dubai.

Cash flow

The Group maintained a strong net cash position of £6.9m as at 30 June 2013 (30 June 2012: £4.6m). Working capital in the period has increased by £5.7m and notable cash outflows included a dividend of £2.7m, £1.9m of tax payments and capital expenditure of £1.2m.

Dividend

The interim dividend will be increased by 5% to 1.54p per share (2012: 1.47p) and will be paid on 18 October 2013 to those shareholders on the Company's register as at 6 September 2013.

Treasury management, currency risk and other principal risks and uncertainties affecting the business

The Group does not have material transactional exposures although is exposed to translation differences on the profits and cash flows generated in its overseas operations. Overseas currency balances that are surplus to local working capital requirements are converted on a regular basis to Pounds Sterling. The main functional currencies of the Group are Pounds Sterling, the Euro, Australian Dollar and the Japanese Yen.

The other principal risks and uncertainties affecting the Group's business activities remain those detailed within the Operating and Financial Review section of the Annual Report and Accounts for the year ended

31 December 2012, namely the economic environment, people management, brand and reputation, laws and regulation and technology. The Board does not foresee a material change in respect of these factors for the remainder of the year.

Outlook

The first half results are encouraging and we are focused on generating increased productivity from our existing businesses across the globe whilst continuing to carefully manage the Group's cost base.

Global market conditions are mixed and visibility is limited, however we are seeing positive signs across some markets. The Group's market-leading international brand, diverse and robust blend of revenue streams and strong balance sheet means that the Group is exceptionally well positioned to benefit from a sustained recovery.

ROBERT WALTERS PLC

Half-yearly Financial Results 2013

CONDENSED CONSOLIDATED INCOME STATEMENT

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

AND EXPENSE

ROBERT WALTERS PLC

Half-yearly Financial Results 2013

CONDENSED CONSOLIDATED BALANCE SHEET

ROBERT WALTERS PLC

Half-yearly Financial Results 2013

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

ROBERT WALTERS PLC

Half-yearly Financial Results 2013

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

ROBERT WALTERS PLC

Half-yearly Financial Results 2013

NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS

1. Statement of accounting policies

Basis of preparation

The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards ('IFRSs') as adopted by the European Union.

The condensed set of financial statements has been prepared with in accordance with the International Accounting Standard 34 'Interim Financial Reporting', as adopted by the European Union.

The accounting policies applied by the Group are as set out in detail in the Annual Report for the year ended 31 December 2012.

The Group was profitable for the period and has considerable financial resources including £6.9m of net cash at 30 June 2013 together with a diverse range of clients and suppliers across different geographic locations and sectors. As a consequence, the Directors believe the Group is well placed to manage its business risks successfully.

After making enquiries, the Directors have formed a judgement, at the time of approving the half-yearly financial results, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months. For this reason the Directors continue to adopt the going concern basis in preparing the condensed set of financial statements.

2. Financial information

The financial information on pages 6 to 14 was formally approved by the Board of Directors on 31 July 2013. The financial information set out in this document does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts prepared under IFRSs for the year ended 31 December 2012 for Robert Walters plc have been delivered to the Registrar of Companies. The auditor's report on these accounts was not qualified, did not draw attention to any matters by way of emphasis and did not contain statements under section 498(2) or (3) of the Companies Act 2006.

The financial information in respect of the period ended 30 June 2013 is unaudited but has been reviewed by the Company's auditor. Their report is attached on page 15. The financial information in respect of the period ended 30 June 2012 is also unaudited.

3. Currency conversion

The reporting currency of the Group is Pounds Sterling and the condensed set of financial statements has been prepared on this basis.

The condensed consolidated income statement for the period 30 June 2013 has been prepared using, among other currencies, average exchange rates of € 1.1762 to the Pound (period ended 30 June 2012: €1.2157; year ended 31 December 2012: €1.2331); ¥147.453 to the Pound (30 June 2012: ¥125.750; 31 December 2012: ¥126.524) and AU$1.5240 to the Pound (30 June 2012: AU$1.5285; 31 December 2012: AU$1.5312).

The condensed consolidated balance sheet as at 30 June 2013 has been prepared using the exchange rates on that day of €1.1698 to the Pound (30 June 2012: €1.2418; 31 December 2012: €1.2234); ¥150.871 to the Pound (30 June 2012: ¥124.219; 31 December 2012: ¥138.856) and AU$1.6661 to the Pound (30 June 2012: AU$1.5373; 31 December 2012: AU$1.5590).

ROBERT WALTERS PLC

Half-yearly Financial Results 2013

*For the purposes of segmental information, unallocated corporate assets and liabilities include cash, bank loans, corporation and deferred tax balances.

ROBERT WALTERS PLC

Half-yearly Financial Results 2013

The tax charge is based on the expected annual tax rate of 35.5% (2012: 33.5%) on profit before taxation.

The proposed interim dividend was approved by the Board on 31 July 2013 and has not been included as a liability at 30 June 2013.

ROBERT WALTERS PLC

Half-yearly Financial Results 2013

ROBERT WALTERS PLC

Half-yearly Financial Results 2013

9. Bank loans

In November 2012, the Group extended its three-year committed financing facility, which was increased to £30.0m until November 2015. At 30 June 2013, £18.7m was drawn down under this facility.

10. Related party transactions

There have been no related party transactions or changes in the related party transactions described in the latest Annual Report, that have had a material effect on the financial position or performance of the Group in the first six months of the financial year.

11. Registered office

The Company's registered office is located at 11 Slingsby Place, St Martin's Courtyard, London, WC2E 9AB.

RESPONSIBILITY STATEMENT

We confirm to the best of our knowledge:

a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';

b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

c) the interim management report and note 10 includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

By order of the Board,

Alan Bannatyne

Chief Financial Officer

31 July 2013

ROBERT WALTERS PLC

Half-yearly Financial Results 2013

INDEPENDENT REVIEW REPORT TO ROBERT WALTERS PLC

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2013 which comprises the condensed consolidated income statement, the condensed consolidated statement of comprehensive income and expense, the condensed consolidated balance sheet, the condensed consolidated cash flow statement, the condensed consolidated statement of changes in equity, and related notes 1 to 11. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in the half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2013 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Deloitte LLP

Chartered Accountants and Statutory Auditor

London, United Kingdom

31 July 2013