Last checked at 7 Oct 2014 07:00
7 October 2014
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Interim management statement for the third quarter ended 30 September 2014
ROBERT WALTERS DELIVERS DOUBLE DIGIT GROWTH WITH STRONG OUTLOOK FOR THE YEAR
Financial and operational highlights
Gross profit (Net fee income) | Q3 2014
| Q3 2013
| % change | % change (constant currency*) |
Group | £56.8m | £51.7m | 10% | 16% |
Asia Pacific | £24.3m | £23.7m | 2% | 11% |
UK | £18.9m | £15.6m | 21% | 21% |
Europe | £10.8m | £10.3m | 5% | 13% |
Other International | £2.8m | £2.1m | 30% | 41% |
* Constant currency is calculated by applying prior period average exchange rates to local currency results for the current and prior years.
§ Strong growth in net fee income of 10% (16%*).
§ Group has now delivered two years of consecutive quarter-on-quarter net fee income growth, in constant currency, across all regions.
§ UK business continues to perform strongly with net fee income up 21%.
o Activity levels remain highest across the regions and Resource Solutions. We are also beginning to see recruitment activity increase within the financial services market in London.
§ Net fee income across Asia Pacific increased despite strong currency headwinds.
o Our market-leading business in Japan continues to go from strength to strength whilst the performance of our larger and well established operations in Hong Kong, Singapore and Malaysia has also been excellent.
o Emerging market growth strategy continues to prove successful with net fee income increasing in excess of 50% in our newer operations of Thailand, Vietnam and Taiwan.
o Australia has entered a more stable phase with upward trends in net fee income continuing across a number of our operations.
§ Improving performance across Europe with net fee income up 5% (13%*).
o Net fee income growth strongest across Benelux, Spain and Ireland. France achieved modest growth in a challenging market.
§ The US, South Africa and Middle East all delivered excellent results during the quarter further building on the momentum we saw in the first half.
§ Group headcount of 2,580 (30 September 2013: 2,285).
§ £4.0m of own shares were purchased into the Employee Benefit Trust at an average price of £3.11 during the third quarter.
§ Strong balance sheet with net cash of £8.0m as at 30 September 2014 (30 September 2013: £20.0m).
Robert Walters, Chief Executive, commented:
"The Group has continued to perform strongly since the half-year with third quarter net fee income up 16% in constant currency. We are seeing growth across all of the Group's regions and encouragingly across both established and emerging recruitment markets. We now anticipate that full year profit before taxation will be ahead of expectations."
- Ends -
Further information
Robert Walters plc Robert Walters, Chief Executive Alan Bannatyne, Chief Financial Officer
| +44 20 7379 3333 |
Newgate Communications Fergus Wylie James Benjamin Georgia Lewis | +44 20 7680 6550 |
About Robert Walters
Robert Walters is a market-leading international specialist recruitment and recruitment process outsourcing consultancy with 53 offices 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 & support and supply chain & 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