10 July 2018

Robert Walters Group releases Q2 2018 trading update

Robert Walters, Chief Executive

The Robert Walters Group today released its Q2 2018 trading update, for the period ended 30 June 2018. The Group delivered a strong second quarter performance with net fee income up 18% year-on-year to £100m. 

Robert Walters, Chief Executive, commented: "The Group delivered another quarter of strong net fee income growth across all regions. We have continued to benefit from the diversity of both our international footprint and recruitment revenue streams, with net fee income for the first six months of the year up 18% in constant currency (15% actual).”

Financial and operational highlights

Gross profit (Net fee income) Q2 2018 Q2 2017 % change % change (constant currency*)
Group £100.0m £86.3m 16% 18%
Asia Pacific £40.5m £35.7m 13% 18%
UK £27.4m £24.4m 12% 12%
Europe £24.6m £20.0m 23% 21%
Other International £7.5m £6.2m 21% 29%
*Constant currency is calculated by applying prior period average exchange rates to local currency results for the current and prior years.
  • Strong second quarter performance with Group net fee income up 18% (16% actual).
  • Net fee income grew across all of the Group’s regions and business lines including permanent, contract, interim recruitment and recruitment process outsourcing.
  • Asia Pacific net fee income up 18% in constant currency (13% actual).
    • Japan, Indonesia, the Philippines and Vietnam delivered the strongest rates of net fee income growth.
    • Good performance in Australia with Perth, Melbourne and Adelaide the standout performers.
  • UK net fee income up 12%.
    • Activity levels continued to be highest in the UK regions with Manchester, Milton Keynes and St. Albans in particular performing well.
    • Our new office in Leeds has started strongly.
    • In London, legal and IT recruitment delivered strong net fee income growth.
  • Europe net fee income up 21% in constant currency (23% actual).
    • Excellent performance continued across the region with all markets delivering net fee income growth.
    • Germany, Portugal, Spain and Switzerland produced the strongest rates of growth, all increasing net fee income in excess of 25%.
    • New office opened in Hamburg, our third in Germany, to further capitalise on opportunities for growth in this high potential market.
  • Other International (Brazil, Canada, South Africa, the Middle East and the USA) net fee income up 29% in constant currency (21% actual).
    • Strong performance particularly across North America and the Middle East.
  • Group headcount of 3,997 (31 March 2018: 3,894).
  • Strong balance sheet with net cash of £22.9m as at 30 June 2018 (30 June 2017: £18.4m).

The Group will publish its half-yearly results for the six months ended 30 June 2018 on 26 July 2018.

For further investor information visit our website: http://investors.robertwalters.com/

Further information

Robert Walters plc                            +44 20 7379 3333
Robert Walters, Chief Executive
Alan Bannatyne, Chief Financial Officer

Newgate Communications                +44 20 7680 6550
Emma Kane
Charlotte Coulson

About Robert Walters

Robert Walters is a market-leading international specialist professional recruitment group with over 3,900 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.