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4 Oct 2012 07:00
4 October 2012
ROBERT WALTERS PLC
Interim management statement for the third quarter ended 30 September 2012
FINANCIAL AND OPERATIONAL HIGHLIGHTS
Gross Profit (Net Fee Income) | Q3 2012 | Q3 2011 | % change | % change (constant currency*) |
Asia Pacific | £24.1m | £25.4m | (5%) | (6%) |
UK | £13.1m | £12.1m | +8% | N/A |
Europe | £9.5m | £9.2m | +3% | +14% |
The Americas and South Africa | £1.8m | £1.3m | +45% | +50% |
Group | £48.5m | £48.0m | +1% | +3% |
·; Solid third quarter results with Group net fee income up 3% on a constant currency basis. Overall, Group trading in line with expectations.
·; Sequential quarter on quarter growth in Asia Pacific.
·; Group completed the purchase of the remaining minority interest of its China business.
·; Resource Solutions, the Group's recruitment outsourcing business, has performed strongly and won a number of new clients. This is largely responsible for Group headcount increasing to 2,273 (30 June 2012: 2,159).
·; Strong net fee income growth rates in France and Germany.
·; Balance sheet remains strong with current net cash of £6.0m (30 June 2012: £4.5m).
Robert Walters, Chief Executive, commented:
"These are solid results, given a global economic backdrop that continues to be challenging. Trading conditions in the UK, Continental Europe, the Americas and South Africa remained broadly unchanged in the third quarter, whilst Asia Pacific has continued to be impacted by the ongoing weakness in the financial services sector.
"The management structures that we have in place have always allowed us to react swiftly to market conditions; and our international brand strength, geographic and discipline diversity and experienced management team leave us well placed to meet these challenges and continue to deliver positive results."
The Group will publish its fourth quarter and full year trading update on 8 January 2013.
* Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.
ENQUIRIES:
Robert Walters plc | +44 (0) 20 7379 3333 |
Robert Walters, Chief Executive | |
Alan Bannatyne, Group Finance Director | |
Pelham Bell Pottinger |
|
James Henderson | +44 (0) 20 7861 3160 |
jhenderson@pelhambellpottinger.co.uk | |
Archie Berens | +44 (0) 20 7861 3112 |
| aberens@pelhambellpottinger.co.uk
|
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