Last checked at 7 Jul 2015 07:00
7 July 2015
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Trading update for the second quarter ended 30 June 2015
Financial and operational highlights
Gross profit (Net fee income) | Q2 2015
| Q2 2014
| % change | % change (constant currency*) |
Group | £60.0m | £53.9m | 11% | 15% |
Asia Pacific | £25.8m | £23.6m | 10% | 12% |
UK | £20.1m | £16.9m | 19% | 19% |
Europe | £11.2m | £10.9m | 3% | 16% |
Other International | £2.9m | £2.5m | 13% | 7% |
* Constant currency is calculated by applying prior period average exchange rates to local currency results for the current and prior years.
§ Strong second quarter performance with Group net fee income increasing 15% in constant currency.
§ UK net fee income up 19%.
o Growth remains strong across both London and the regions with financial services and commerce finance performing particularly well.
o Resource Solutions delivered another good quarter of net fee income growth.
§ Asia Pacific net fee income up 12% in constant currency driven by excellent progress in emerging markets and continued recovery in Australia.
o In excess of 100% net fee income growth across Vietnam, Korea, Indonesia, and Taiwan.
o Third successive quarter of growth in Australia.
o Japan and Hong Kong continuing to perform well, confirming market-leading positions.
§ Europe net fee income up 16% in constant currency with Spain, Ireland and the Netherlands the standout performers.
§ Other International, comprising the US, Middle East, South Africa and Brazil, net fee income up 7% in constant currency.
§ Group headcount of 2,715 (31 December 2014: 2,631).
§ Strong balance sheet with net cash of £14.8m as at 30 June 2015 (30 June 2014: £14.7m).
Robert Walters, Chief Executive, commented:
"We are pleased to report another strong set of quarterly results with net fee income increasing 15% in constant currency. Particularly encouraging is the exceptional growth we are seeing from our newer businesses in emerging markets in Asia. This progress, coupled with the strength of our established recruitment businesses and Resource Solutions, provides a solid platform for future growth.
"The Group's continued strong trading performance, underpinned by our ongoing focus on consultant productivity enables us to continue to deliver operational gearing. The Board is confident that despite FX headwinds, profit for the year will be ahead of current market consensus."
The Group will publish its half-yearly financial results for the six months ending 30 June 2015 on 30 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
| +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