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6 Jul 2011 07:00
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6 July 2011
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ROBERT WALTERS PLC
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Trading update for the second quarter ended 30 June 2011
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FINANCIAL AND OPERATIONAL HIGHLIGHTS
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Gross Profit (Net Fee Income) | Q2 2011 | Q2 2010 | % change | % change (constant currency*) |
Asia Pacific | Β£25.1m | Β£19.5m | +28% | +25% |
UK | Β£12.1m | Β£11.6m | +5% | N/A |
Europe | Β£10.6m | Β£7.8m | +35% | +31% |
The Americas and South Africa | Β£1.5m | Β£0.8m | +82% | +91% |
Group | Β£49.3m | Β£39.7m | +24% | +21% |
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Β·; Strong results, driven by international businesses, with 75% of net fee income now derived from outside of the UK (2010: 71%).
Β·; Europe grew strongly, particularly in France and in the Group's newly established business in Germany.
Β·; Asia Pacific delivered a solid performance:
o Fourth mainland China office opened in Nanjing.
o First office opened in Vietnam in Ho Chi Minh City.
Β·; Strong growth from the Group's recently opened business in Sao Paulo.
Β·; Net fee income in the UK has grown against a difficult economic backdrop.
Β·; Group headcount of 1,932 (31 December 2010: 1,735).
Β·; Net cash position remains strong, in excess of Β£10m as at 30 June 2011 (Β£12.9m as at 30 June 2010).
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Robert Walters, Chief Executive, commented:
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"The Group performed well across all regions during the second quarter and as a result net fee income for the half year was up 23% year on year. This has been largely driven by our international businesses, which now represent 75% of the Group's net fee income.
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"Our future investment plans reflect the Group's ongoing commitment to expanding in markets offering the best opportunities for growth. Further office openings in Indonesia, Taiwan and Germany are planned during the second half of the year."
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The Group will publish its Half-yearly Financial Results for the six months ended 30 June 2011 on Thursday 4 August 2011.
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Β * Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.
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ENQUIRIES:Robert Walters plc | +44 (0) 20 7379 3333 |
Robert Walters, Chief Executive | |
Alan Bannatyne, Group Finance Director | |
Pelham Bell Pottinger |
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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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