28 July 2022
Half-yearly financial results for the six months ended 30 June 2022
Robert Walters Group, the leading international recruitment group, today announces its half-yearly financial results for the six months ended 30 June 2022.
Robert Walters, Chief Executive, said: “The Group delivered a record first half performance with all regions growing both net fee income and operating profit. An acute shortage of professionals coupled with growing wage inflation has resulted in a significant increase in job churn and a fierce competition for talent across all of the Group’s geographies and specialist disciplines.
“We have continued to invest in additional headcount during the first half to ensure we are able to further capitalise on the current demand for talent that exists across the globe.
“Looking ahead, we are yet to see signs of any slowdown in job market activity despite the volatile macroeconomic backdrop and inflationary pressure that is being experienced across global markets. Current trading remains in line with the recently upwardly revised market expectations."
Financial and operational highlights
| H1 2022 | H1 2021 |
% change | % change (constant currency*) | |
| Revenue | £538.6m | £468.2m | 15% | 16% |
| Gross profit (net fee income) | £210.5m | £166.2m | 27% | 27% |
| Operating profit | £27.7m | £24.1m | 15% | 17% |
| Profit before taxation | £26.4m | £22.1m | 19% | 22% |
| Basic earnings per share | 27.5p | 20.9p | 32% | n/a |
| Interim dividend per share | 6.5p | 5.4p | 20% | n/a |
Group highlights
- Record first half performance with Group net fee income up 27% (27%*) to £210.5m (£211.3m*) (2021: £166.2m) and operating profit rising by 15% (17%*) year-on-year to £27.7m (£28.4m*) (2021: £24.1m).
- Acute talent shortages and wage inflation across all geographies and specialist professional disciplines. Fierce competition for talent as demand continues to outstrip supply.
- Recruitment activity levels were strong across all forms of recruitment – permanent, contract, interim and recruitment process outsourcing.
- Permanent recruitment now represents 71% (2021: 67%) of the Group’s net fee income.
- 82% (2021: 79%) of the Group’s net fee income now derived from our international businesses.
- Opened a first office in Italy (Milan).
- Group headcount up by 16% during the first half to 4,051 (31 December 2021: 3,484).
- Group’s hybrid working model has continued to operate successfully across the globe underpinned by our long-term investment in technology.
- The Group purchased 2,024,071 shares at an average price of £6.25 for £12.7m through the Group’s Employee Benefit Trust.
- The Board has authorised a share buyback of up to £10m shares for cancellation.
- Strong balance sheet with net cash of £81.8m as at 30 June 2022 (30 June 2021: £122.8m).
Regional highlights
- Asia Pacific net fee income up 27% (27%*) to £93.7m (£93.9m*) (2021: £73.7m) and operating profit up 15% (17%*) to £16.2m (£16.5m*) (2021: £14.0m).
- Europe net fee income up 35% (39%*) to £61.1m (£62.7m*) (2021: £45.2m) and operating profit up 18% (24%*) to £7.3m (£7.7m*) (2021: £6.2m).
- UK net fee income up 8% to £38.0m (2021: £35.2m) with operating profit increasing by 8% to £3.6m (2021: £3.3m).
- Other International (the Americas, Middle East and South Africa) net fee income up 46% (38%*) to £17.7m (£16.7m*) (2021: £12.1m) and operating profit up 3% (11%*) to £0.6m (£0.7m*) (2021: £0.6m).
The Company will publish a trading update for the third quarter ending 30 September 2022 on 11 October 2022.
Further information
Robert Walters plc +44 (0) 20 7379 3333
Robert Walters, Chief Executive
Alan Bannatyne, Chief Financial Officer
Williams Nicolson +44 (0) 77 6734 5563
Steffan Williams
About Robert Walters Group
The Robert Walters Group is a market-leading international specialist professional recruitment group with over 4,000 staff spanning 31 countries. We specialise in the placement of the highest calibre professionals across the disciplines of accountancy and finance, banking, engineering, healthcare, HR, IT, legal, sales, marketing, secretarial and support and supply chain, logistics 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.
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.
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