Robert Walters PLC Q1 Trading Statement (1072C)
April 11 2017 - 1:00AM
UK Regulatory
TIDMRWA
RNS Number : 1072C
Robert Walters PLC
11 April 2017
11 April 2017
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Trading update for the first quarter ended 31 March 2017
Financial and operational highlights
Gross profit (Net Q1 2017 Q1 2016 % change % change
fee income) (constant
currency*)
--------------------- ---------- ---------- --------- ------------
Group GBP78.3m GBP59.0m 33% 20%
--------------------- ---------- ---------- --------- ------------
Asia Pacific GBP31.7m GBP24.6m 29% 10%
--------------------- ---------- ---------- --------- ------------
UK GBP23.9m GBP18.9m 27% 27%
--------------------- ---------- ---------- --------- ------------
Europe GBP18.0m GBP12.8m 40% 25%
--------------------- ---------- ---------- --------- ------------
Other International GBP4.7m GBP2.7m 74% 47%
--------------------- ---------- ---------- --------- ------------
* 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 20% (33%
actual) year-on-year.
-- Asia Pacific net fee income up 10% (29% actual).
o In Asia, Japan continued to perform well and our emerging
markets of Vietnam and Indonesia produced the strongest rates of
net fee income growth. Mainland China continued to be challenging
although Hong Kong returned to growth.
o Double-digit net fee income growth in Australia and continued
strong performance in New Zealand.
o Resource Solutions successfully grew its client portfolio and
we continue to invest in growing this service offering across the
region.
-- UK net fee income up 27%.
o Notable upturn in financial services recruitment activity in
London plus good performances in legal recruitment and the UK
regions.
o Strong net fee income growth in Resource Solutions and
continued headcount growth to support new business wins.
-- Europe net fee income up 25% (40% actual).
o Excellent performance across the region with all markets
growing net fee income.
o Spain, Germany and the Netherlands produced the strongest
rates of growth, all increasing net fee income in excess of
25%.
o France, the region's largest business, also performed well
increasing net fee income by 20%.
-- Other International (North America, Brazil, the Middle East
and South Africa) net fee income up 47% (74% actual) with the
strongest growth across North America.
-- Group headcount of 3,369 (31 December 2016: 3,229).
-- Strong balance sheet with net cash of GBP13.3m as at 31 March
2017 (31 March 2016: GBP19.2m).
Robert Walters, Chief Executive, commented:
"It's been a positive start to the year with Group net fee
income increasing by 20%. We remain confident about the Group's
prospects for the full year."
The Group will publish a trading update for the three months
ending 30 June 2017 on 12 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 3,300 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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