* Constant currency is calculated by applying prior period exchange rates to local currency results for the current and prior periods.
- 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).
- 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.
Robert Walters plc +44 (0) 20 7379 3333
Robert Walters, Chief Executive
Alan Bannatyne, Chief Financial Officer
Williams Nicolson +44 (0) 77 6734 5563
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.
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.