Date: Thursday 04 Dec 2014
LONDON (ShareCast) - Recruitment consultancy company Robert Walters raised its full year profit estimates for the third time in 2014.
The group, which operates in 24 different countries, cited strong trading across all its regions in the first two months of the fourth quarter and added it expected full year profit to be "materially" ahead of expectations.
Analysts had forecast pre-tax profit of £14m and revenue of £647m for the year to 31 December.
"Whilst the global macro environment clearly remains variable, Robert Walters continues to benefit from its significant exposure to the Asia Pacific market and the continued recovery in the UK," Investec analyst Andrew Gibb said in a note on Thursday.
Following the announcement, Panmure Gordon raised its rating on the stock from 'hold' to 'buy' and increased its target price from 329p to 353p.
Robert Walters shares leaped 10.99% to 303.00p at 10:52 on Thursday.