TIDMRWA
RNS Number : 3454D
Robert Walters PLC
09 October 2018
9 October 2018
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Trading update for the third quarter ended 30 September 2018
RECORD QUARTER; NET FEE INCOME UP 13%
Financial and operational highlights
Gross profit (Net fee Q3 2018 Q3 2017 % change % change
income) (constant
currency*)
Group GBP101.2m GBP90.7m 12% 13%
----------- ---------- --------- ------------
Asia Pacific GBP41.2m GBP35.9m 15% 18%
----------- ---------- --------- ------------
UK GBP27.9m GBP26.9m 4% 4%
----------- ---------- --------- ------------
Europe GBP24.3m GBP20.1m 21% 22%
----------- ---------- --------- ------------
Other International GBP7.7m GBP7.9m (2%) (1%)
----------- ---------- --------- ------------
* Constant currency is calculated by applying prior period
average exchange rates to local currency results for the current
and prior years.
-- Group net fee income up 13% (12% actual) year-on-year with
Asia Pacific and Europe producing the strongest rates of growth.
Second consecutive quarter of net fee income in excess of
GBP100m.
-- Investment in further expanding the Group's international
footprint with new offices opened in Geneva and Los Angeles.
-- Growth continued to be broad based across permanent,
contract, interim and recruitment process outsourcing.
-- Asia Pacific net fee income up 18% (15% actual).
o Unrivalled footprint across both emerging and established
recruitment markets.
o Japan, Hong Kong, Indonesia, Taiwan, the Philippines and
Thailand delivered the strongest growth, all increasing net fee
income in excess of 25%.
o Continued good performance across Australia and New
Zealand.
-- UK net fee income up 4%.
o Recruitment activity levels remain highest across the UK
regions, with Birmingham, Manchester and Milton Keynes producing
the strongest rates of net fee income growth.
o In London, legal recruitment was particularly active, whilst
pockets of growth emerged in financial services albeit from a low
base.
-- Europe net fee income up 22% (21% actual).
o Excellent performance continued across the region. Strong
growth across permanent, contract and interim recruitment.
o Germany, Portugal, Spain and the Netherlands all produced
record performances increasing net fee income in excess of 20%.
o France, our largest business in the region, increased net fee
income by 18%.
-- Other International (North America, Brazil, the Middle East
and South Africa) net fee income down 1% (2% down actual).
-- Group headcount up 4% to 4,157 (30 June 2018: 3,996).
-- Strong balance sheet with net cash of GBP41.3m as at 30
September 2018 (30 September 2017: GBP12.6m).
Robert Walters, Chief Executive, commented:
"The Group has delivered a record third quarter performance with
net fee income growing 13% in constant currency and the Board
remains confident that profit before tax for the full year will be
in line with current market expectations. During the quarter, we
have continued to invest in further growing our international
footprint with the opening of new offices in Geneva and Los Angeles
and have also increased headcount in those markets and disciplines
offering the best opportunities for accelerated growth.
"The Group's truly global presence covering both emerging and
established markets and our blend of revenue streams across both
recruitment and recruitment process outsourcing means we are well
positioned to further benefit from market opportunities as they
arise."
The Group will publish a trading update for the fourth quarter
ending 31 December 2018 on 10 January 2019.
- Ends -
Further information
Robert Walters plc
Robert Walters, Chief Executive
Alan Bannatyne, Chief Financial
Officer +44 20 7379 3333
Newgate Communications
Emma Kane
Charlotte Coulson +44 20 7680 6550
About Robert Walters
Robert Walters is a market-leading international specialist
professional recruitment group with over 4,100 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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