Last checked at 7 Jan 2015 07:00
7 January 2015
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
STRONG MOMENTUM CONTINUES IN FOURTH QUARTER
Trading update for the fourth quarter ended 31 December 2014
Financial and operational highlights
Gross profit (Net fee income) | Q4 2014
| Q4 2013
| % change | % change (constant currency) |
Group | £56.2m | £49.7m | 13% | 17% |
Asia Pacific | £23.0m | £21.8m | 5% | 11% |
UK | £19.1m | £15.1m | 27% | 27% |
Europe | £11.5m | £10.8m | 6% | 13% |
Other International | £2.6m | £2.0m | 27% | 27% |
§ Strong growth across all of the Group's regions and, significantly, in both established and emerging recruitment markets.
§ Exceptional performance in the UK with net fee income increasing by 27% year on year.
o Recruitment activity in the regions has remained strong, encouragingly, we are also seeing increased activity in permanent financial services recruitment in London.
o Resource Solutions, the Group's recruitment process outsourcing business continued to deliver excellent growth.
§ Asia Pacific net fee income up 11% in constant currency.
o Strong performance across Asia in both well-established businesses such as Singapore, Japan and Malaysia and in emerging markets such as Indonesia, Taiwan, Thailand and Vietnam.
o Australia, the region's largest business, continues to stabilise.
§ Solid growth in Europe with net fee income up 13% in constant currency.
o Net fee income growth rates highest in Spain and Ireland.
o Good performances from our businesses in Belgium and the Netherlands and a robust result in France, where our contract business continues to perform well.
§ Group headcount stands at 2,629 (31 December 2013: 2,307).
§ Strong balance sheet with net cash of £14.0m as at 31 December 2014 (31 December 2013: £18.2m).
Robert Walters, Chief Executive, commented:
"The Group continued to perform strongly in the fourth quarter. This excellent finish to the year means net fee income for the full year is £214.9m, an increase of 14% in constant currency.
"The benefits of our decision to invest in both established and emerging recruitment markets throughout the downturn have been evident in our ability to leverage operational gearing to produce such a strong performance in 2014.
"We continue to remain mindful of the current economic volatility in some of our largest markets."
The Group will publish its final results for the year ended 31 December 2014 on 26 February 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 Georgia Lewis | +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