Robert Walters PLC Trading Statement (2790B)
January 09 2018 - 1:00AM
UK Regulatory
TIDMRWA
RNS Number : 2790B
Robert Walters PLC
09 January 2018
9 January 2018
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Trading update for the fourth quarter ended 31 December 2017
POSTIVE MOMENTUM MAINTAINED
Financial and operational highlights
Gross profit (Net Q4 2017 Q4 2016 % change % change
fee income) (constant
currency*)
--------------------- ---------- ---------- --------- ------------
Group GBP90.5m GBP76.1m 19% 22%
--------------------- ---------- ---------- --------- ------------
Asia Pacific GBP33.6m GBP31.8m 6% 12%
--------------------- ---------- ---------- --------- ------------
UK GBP26.2m GBP23.1m 13% 13%
--------------------- ---------- ---------- --------- ------------
Europe GBP22.6m GBP17.2m 31% 28%
--------------------- ---------- ---------- --------- ------------
Other International GBP8.1m GBP4.1m 97% 108%
--------------------- ---------- ---------- --------- ------------
* 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 grew 22% (19% actual) year-on-year.
-- All of the Group's regions continued to deliver strong net
fee income growth with 70% of Group net fee income derived from our
international businesses.
-- Asia Pacific net fee income up 12% (6% actual).
o In Asia, growth was broad based across both our established
and emerging markets with Japan, Hong Kong and Vietnam delivering
excellent performances.
o Strong performance across Australia and New Zealand.
o Resource Solutions continued to grow its client portfolio
across the region.
-- UK net fee income up 13%.
o Activity levels in London were highest across financial
services, commerce finance, legal and technology whilst in the
regions, Milton Keynes, St. Albans and Manchester delivered the
strongest performances.
o Resource Solutions delivered another quarter of impressive net
fee income growth.
-- Europe net fee income up 28% (31% actual).
o Outstanding results across the region with a strong blend of
growth across permanent, contract and interim recruitment
activity.
o Germany, Spain, the Netherlands and Belgium all delivered net
fee income increases in excess of 25% year-on-year.
-- Other International (North America, Brazil, the Middle East
and South Africa) net fee income up 108% (97% actual) with the
strongest performance delivered by the North America region.
-- Group headcount of 3,794 (30 September 2017: 3,697).
-- Strong balance sheet with net cash of GBP30.7m as at 31
December 2017 (31 December 2016: GBP22.5m).
Robert Walters, Chief Executive, commented:
"The Group delivered another quarter of record results with net
fee income growing 22% year-on-year. Growth was once again broad
based across permanent, contract, interim and recruitment process
outsourcing across the Group's geographic regions.
"Net fee income for the full year is up 20%. With profit
forecasts for the full year having been upgraded in response to our
December trading update, the Board confirms that trading is
comfortably in line with market expectations."
The Group will publish its full-year results for the for the
year ended 31 December 2017 on 1 March 2018.
- 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 3,700 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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