Last checked at 7 Jul 2014 07:00
7 July 2014
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Trading update for the second quarter ended 30 June 2014
Financial and operational highlights
Gross profit (Net fee income) | Q2 2014
| Q2 2013
| % change | % change (constant currency*) |
Group | £53.9m | £51.1m | 5% | 12% |
Asia Pacific | £23.5m | £24.3m | (3%) | 9% |
UK | £17.0m | £14.0m | 21% | 21% |
Europe | £10.9m | £10.7m | 2% | 6% |
Other International | £2.5m | £2.1m | 17% | 31% |
* Constant currency is calculated by applying prior period average exchange rates to local currency results for the current and prior years.
§ Seventh successive quarter of net fee income growth in constant currency across all of the Group's regions.
§ Good performance maintained across the UK, with accounting and legal the standout performers in both London and the regions. Resource Solutions continues to perform well delivering an impressive increase in net fee income.
§ In Asia Pacific, Japan, Hong Kong, Malaysia and Thailand produced the strongest performances further cementing our market-leading positions in these markets. Australia remains tough, particularly in the major metropolitan hubs; however, a number of our smaller satellite and regional offices returned to growth.
§ Robust results in Europe with the Benelux region continuing to perform well. Permanent recruitment activity levels in France remained relatively subdued but contract grew strongly. Spain continues to rebound, doubling net fee income year-on-year.
§ Our recently opened operations in San Francisco and Dubai delivered excellent net fee income growth.
§ Group headcount of 2,497 (31 December 2013: 2,307).
§ Strong balance sheet with net cash of £14.7m as at 30 June 2014 (30 June 2013: £6.9m).
Robert Walters, Chief Executive, commented:
"This performance serves to highlight the strength, depth and diversity that the Group has in terms of both geography and discipline and is testament to our decision to invest in the business throughout the downturn. The performance is encouraging particularly given the challenging market conditions that continued to prevail in France and Australia, two of the Group's largest markets.
"With net fee income for the first half up 12% in constant currency, the Group is confident that full year profit before taxation will be at the upper end of market expectations."
The Group will publish its half-yearly financial results for the six months ended 30 June 2014 on 1 August 2014.
- Ends -
Further information
Robert Walters plc Robert Walters, Chief Executive Alan Bannatyne, Chief Financial Officer
| +44 20 7379 3333 |
Newgate Communications Fergus Wylie James Benjamin Madeleine Palmstierna | +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, secretarial & support and supply chain & 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