Last checked at 8 Jan 2014 07:00
8 January 2014
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Trading update for the fourth quarter ended 31 December 2013
Financial and operational highlights
Gross profit (Net fee income) | Q4 2013
| Q4 2012
| % change | % change (constant currency*) |
Group | £49.7m | £47.7m | 4% | 9% |
Asia Pacific | £21.8m | £23.5m | (7%) | 3% |
UK | £15.1m | £12.8m | 18% | N/A |
Europe | £10.8m | £10.1m | 7% | 3% |
Other International | £2.0m | £1.3m | 56% | 77% |
* Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.
§ Net fee income growth, in constant currency, across all of the Group's regions for the fifth successive quarter.
§ UK continued to perform strongly increasing net fee income by 18% with our regional businesses and Resource Solutions again the standout performers.
§ Excellent performance in Japan with the internationalisation of business continuing to drive demand for bilingual professionals.
§ Australian market conditions remain challenging and the strength of Sterling relative to the Australian dollar has significantly impacted results.
§ Solid performance in Europe underpinned by increased activity across Benelux and a robust performance in France.
§ Another good performance from Other International with our US and South Africa businesses in particular delivering strong growth.
§ Group headcount stands at 2,307 (31 December 2012: 2,233).
§ Strong balance sheet with net cash of £18.2m as at 31 December 2013 (31 December 2012: £12.0m).
Robert Walters, Chief Executive, commented:
"The Group continued to trade in line with expectations with net fee income for the year of £199.2m, an increase of 8% in constant currency despite the mixed nature of global market conditions which have prevailed this year.
"With our continued focus on cost control and productivity, we are confident that our business is well positioned to benefit from a sustained recovery."
The Group will publish its final results for the year ended 31 December 2013 on 3 March 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 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