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8 Jan 2013 07:00
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8 January 2013
Β
ROBERT WALTERS PLC
(the "Group")
Β
Trading update for the fourth quarter ended 31 December 2012
FINANCIAL AND OPERATIONAL HIGHLIGHTS
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Gross Profit (Net Fee Income) | Q4 2012 | Q4 2011 | % change | % change (constant currency*) |
Asia Pacific | Β£23.5m | Β£22.9m | +3% | +4% |
UK | Β£12.5m | Β£12.0m | +4% | N/A |
Europe | Β£10.1m | Β£10.5m | (4%) | +2% |
The Americas and South Africa | Β£1.3m | Β£1.0m | +32% | +43% |
Group | Β£47.4m | Β£46.4m | +2% | +4% |
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Β·; Overall performance in line with expectations.
Β·; Solid fourth quarter results with Group net fee income up by 2%.
Β·; 74% of Group's net fee income generated from international business.
Β·; Global market conditions remain challenging.
Β·; Commendable UK performance despite difficult economic backdrop.
Β·; Group headcount decreased to 2,233 (30 September 2012: 2,273).
Β·; Balance sheet remains strong with current net cash of Β£12m (31 December 2011: Β£17m).
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Robert Walters, Chief Executive, commented:
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"Group net fee income for the year was Β£188.2m (2011: Β£183.6m). This is a solid performance and we expect to meet our 2012 targets.Β
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"Management will continue to use its experience of trading through cycles to maintain a stable course in a difficult economic climate and grow our business for the long term.
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"The market is still challenging and there is yet to be an indication that the situation will improve in 2013, but we will continue to selectively invest in areas which will enable us to build our market position. With limited visibility and continued uncertainty, we have already taken action to manage our cost base and will continue to do so."
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The Group will publish its final results for year ended 31 December 2012 on 26 February 2013.
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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, Chief Financial Officer | |
Pelham Bell Pottinger |
|
Archie Berens | +44 (0) 20 7861 3112 |
| aberens@pelhambellpottinger.co.uk Β |
Charles Goodwin | +44 (0) 20 7861 3117 |
cgoodwin@pelhambellpottinger.co.uk Β |
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