Last checked at 8 Apr 2015 07:00
8 April 2015
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Interim management statement for the first quarter ended 31 March 2015
Financial and operational highlights
Gross profit (Net fee income) | Q1 2015
| Q1 2014
| % change | % change (constant currency*) |
Group | £53.9m | £48.1m | 12% | 15% |
Asia Pacific | £21.2m | £19.7m | 8% | 8% |
UK | £18.6m | £15.3m | 22% | 22% |
Europe | £11.1m | £11.0m | 1% | 12% |
Other International | £3.1m | £2.0m | 53% | 44% |
* Constant currency is calculated by applying prior period average exchange rates to local currency results for the current and prior years.
§ Strong start to the year with Group net fee income up 15% in constant currency.
§ Excellent growth in the UK with net fee income increasing 22%.
o Broad-based upturn in permanent recruitment activity across both London and the regions.
o Resource Solutions continued to deliver impressive net fee income growth.
§ Asia Pacific net fee income up 8% in constant currency.
o Second successive quarter of growth in Australia reflecting the early signs of a recovery in client and candidate confidence.
o Our well-established, market-leading businesses across Asia all performed well.
o Emerging markets of Thailand, Vietnam and Indonesia continued to deliver significant year on year increases in net fee income.
§ Solid performance in Europe with net fee income up 12% in constant currency.
o Contract business in France and Benelux continued to perform well.
o Permanent recruitment activity levels remained strong in Spain and Ireland.
§ Other International, comprising the US, Middle East, South Africa and Brazil, net fee income up 44% in constant currency.
o US continues to grow strongly. Middle East increased net fee income in excess of 100% year on year.
§ Group headcount of 2,708 (31 December 2014: 2,631).
§ Strong balance sheet with net cash of £13.1m as at 31 March 2015 (31 March 2014: £7.4m).
Robert Walters, Chief Executive, commented:
"We had a strong first quarter increasing net fee income in constant currency by 15%. The Group has real strength, depth and diversity in terms of geography and discipline and it has been very pleasing to see excellent results from both our established and emerging recruitment businesses and from Resource Solutions, the Group's recruitment outsourcing business.
"The strong growth in net fee income, coupled with our ongoing focus on increasing consultant productivity has enabled the Group to continue to benefit from operational gearing. The Board is therefore confident that profit for the year will be ahead of current market expectations."
The Group will publish a trading update for the three months ending 30 June 2015 on 7 July 2015.
- Ends -
Further information
Robert Walters plc Robert Walters, Chief Executive Alan Bannatyne, Chief Financial Officer
| +44 20 7379 3333 |
Newgate Communications Fergus Wylie Madeleine Palmstierna Georgia Lewis | +44 20 7680 6550 |
About Robert Walters
Robert Walters is a market-leading international specialist recruitment consultancy with over 2,700 staff spanning 24 countries. We specialise in the placement of the highest calibre professionals across the disciplines of accountancy and finance, banking, engineering, HR, IT, legal, sales, marketing, secretarial and support and supply chain and procurement. Our client base ranges from the world's leading blue-chip corporates and financial services organisations through to SMEs and start-ups.
Businesses worldwide rely on us to find the very best specialist professionals to drive their business forward and those same professionals trust us to manage their long-term careers.
www.robertwalters.com