Last checked at 6 Oct 2015 07:00
6 October 2015
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Trading update for the third quarter ended 30 September 2015
Seventh successive quarter of double-digit growth
Financial and operational highlights
Gross profit (Net fee income) | Q3 2015
| Q3 2014
| % change | % change (constant currency*) |
|
|
|
|
|
Group | £60.4m | £56.8m | 6% | 11% |
|
|
|
|
|
Asia Pacific | £24.5m | £24.3m | 1% | 9% |
UK | £21.5m | £18.9m | 14% | 14% |
Europe | £11.4m | £10.8m | 5% | 15% |
Other International | £3.0m | £2.8m | 8% | 4% |
* Constant currency is calculated by applying prior period average exchange rates to local currency results for the current and prior years.
§ Group net fee income increased 11% year-on-year in constant currency.
§ UK grew net fee income by 14% year-on-year.
o Growth rates strongest in financial services and legal.
o Resource Solutions delivered a number of new client wins during the period and continued to produce strong net fee income growth.
§ Asia Pacific net fee income up 9% in constant currency.
o Emerging markets continued to deliver impressive rates of growth with Indonesia, Taiwan, Korea and Vietnam the standout performers.
o The Group's larger and well-established businesses in Asia, most notably Japan, Hong Kong, Thailand and Malaysia produced solid performances.
o Australia delivered a fourth successive quarter of net fee income growth in constant currency.
§ Good performance in Europe with net fee income up 15% in constant currency.
o The Netherlands, Belgium, Spain and Ireland all continued to produce strong net fee income growth.
o Contract recruitment in France continued to be active however permanent remained muted.
§ Other International, comprising the US, Middle East, South Africa and Brazil, net fee income up 4% in constant currency.
§ Group headcount of 2,820 (30 June 2015: 2,728), with a significant proportion of the headcount increase attributed to new client wins within Resource Solutions.
§ Strong balance sheet with net cash of £14.0m as at 30 September 2015 (30 June 2015: £14.6m).
Robert Walters, Chief Executive, commented:
"The Group has enjoyed another positive quarter of double-digit net fee income growth in constant currency. Both our emerging market and more well-established recruitment businesses continue to perform well, as has Resource Solutions, the Group's recruitment process outsourcing business.
"The outlook for the fourth quarter remains positive, with current trading in line with our expectations. The Group remains confident of its prospects for the full year."
The Group will publish a trading update for the fourth quarter ending 31 December 2015 on 11 January 2016.
- Ends -
Further information
Robert Walters plc Robert Walters, Chief Executive Officer 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 2,800 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 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