Last checked at 7 Apr 2014 07:00
7 April 2014
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Interim management statement for the first quarter ended 31 March 2014
Financial and operational highlights
Gross profit (Net fee income) | Q1 2014
| Q1 2013
| % change | % change (constant currency*) |
Group | £48.1m | £46.6m | 3% | 11% |
Asia Pacific | £19.7m | £22.2m | (11%) | 2% |
UK | £15.3m | £12.7m | 21% | 21% |
Europe | £11.0m | £10.2m | 8% | 11% |
Other International | £2.0m | £1.6m | 28% | 67% |
* Constant currency is calculated by applying prior period average exchange rates to local currency results for the current and prior years.
§ Sixth successive quarter of net fee income growth in constant currency across all of the Group's regions.
§ Encouraging start to the year with net fee income for the first quarter up 11% in constant currency.
§ Good performance maintained across the UK, with finance and HR in particular delivering excellent growth in both London and the regions. Resource Solutions also continues to deliver an impressive increase in net fee income.
§ Strong performances from Japan and Hong Kong in Asia Pacific. Market conditions in Australia remain challenging, however there are some early signs of a return of market confidence.
§ Robust performance in Europe, with the Benelux region in particular growing well. Market conditions in France remain tough but we continue to increase market share and activity levels in Spain continue to improve.
§ Group headcount of 2,412 (31 December 2013: 2,307).
§ Strong balance sheet with net cash of £7.4m as at 31 March 2014 (31 March 2013: £2.4m).
Robert Walters, Chief Executive, commented:
"The Group continues to trade in line with current market expectations with net fee income for the first quarter of £48.1m, an increase of 11% in constant currency; delivering our sixth successive quarter of net fee income growth, in constant currency, across all of the Group's regions.
The Group will publish a trading update for the three months ending 30 June 2014 on 7 July 2014.
- 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 Madeleine Palmstierna | +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 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