Robert Walters PLC Trading Statement (7644K)
July 12 2017 - 2:00AM
UK Regulatory
TIDMRWA
RNS Number : 7644K
Robert Walters PLC
12 July 2017
12 July 2017
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Trading update for the second quarter ended 30 June 2017
RECORD RESULTS
Financial and operational highlights
Gross profit (Net Q2 2017 Q2 2016 % change % change
fee income) (constant
currency*)
--------------------- ---------- ---------- --------- ------------
Group GBP86.3m GBP69.3m 25% 16%
--------------------- ---------- ---------- --------- ------------
Asia Pacific GBP35.8m GBP29.4m 21% 10%
--------------------- ---------- ---------- --------- ------------
UK GBP24.3m GBP21.6m 13% 13%
--------------------- ---------- ---------- --------- ------------
Europe GBP20.0m GBP15.4m 30% 19%
--------------------- ---------- ---------- --------- ------------
Other International GBP6.2m GBP2.9m 112% 86%
--------------------- ---------- ---------- --------- ------------
* Constant currency is calculated by applying prior period
average exchange rates to local currency results for the current
and prior years.
-- Record quarter for the Group with net fee income up 16% (25%
actual) year-on-year.
-- 72% of the Group's net fee income derived from our
international businesses.
-- Asia Pacific net fee income up 10% (21% actual).
o In Asia, Japan, Hong Kong and Malaysia delivered strong rates
of net fee income growth.
o New Zealand continued to grow strongly whilst in Australia,
growth rates were highest in Queensland and South Australia.
o Resource Solutions continued to grow its client portfolio
across the region.
-- UK net fee income up 13%.
o Activity was strongest across financial services, commerce and
IT recruitment in London. The UK regions also produced good growth
with St Albans and Milton Keynes the standout performers.
o Another quarter of strong net fee income growth in Resource
Solutions.
-- Europe net fee income up 19% (30% actual).
o Excellent performance continued across the region, with Spain
delivering an outstanding result, increasing net fee income in
excess of 70%.
o Broad based growth across permanent, contract and interim
recruitment.
-- Other International (North America, Brazil, the Middle East
and South Africa) net fee income up 86% (112% actual) with the
strongest growth delivered by the North America region.
Encouragingly, Brazil also delivered impressive net fee income
growth albeit from a small base.
-- Group headcount of 3,495 (31 March 2017: 3,369).
-- Strong balance sheet with net cash of GBP18.4m as at 30 June
2017 (30 June 2016: GBP8.7m).
Robert Walters, Chief Executive, commented:
"The Group has delivered another record performance in the
second quarter again benefiting from our international footprint
and the breadth of recruitment solutions we provide.
"Net fee income for the first six months of the year is up 18%
and the Board is confident that profit before tax for the full year
will be ahead of current market expectations."
The Group will publish its half-year results for the six months
ended 30 June 2017 on 26 July 2017.
- Ends -
Further information
Robert Walters plc
Robert Walters, Chief
Executive
Alan Bannatyne, Chief
Financial Officer +44 20 7379 3333
Newgate Communications
Steffan Williams
Charlotte Coulson +44 20 7680 6550
About Robert Walters
Robert Walters is a market-leading international specialist
professional recruitment group with over 3,400 staff spanning 28
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
and support 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. The Group's
outsourcing division, Resource Solutions is a market leader in
recruitment process outsourcing and managed services.
www.robertwalters.com
Forward looking statements
This announcement contains certain forward-looking statements.
These statements are made by the directors in good faith based on
the information available to them at the time of their approval of
this announcement and such statements should be treated with
caution due to the inherent uncertainties, including both economic
and business risk factors, underlying any such forward-looking
information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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