Date: Thursday 26 Feb 2015
LONDON (ShareCast) - The growing confidence in the corporate world helped London-listed staffer Robert Walters to increase full year operating profit by a whopping 80% to £18.2m.
Hot off the heels from rival recruiter Hays' bumper full year earnings released on 25 February, Robert Walters struck a similar bullish tone on its key markets, particularly the UK.
The group said that UK performance saw net fee income, a key profit measure in the recruitment industry, increasing by 24% driven by growth across both London and the regions.
Europe's net fee income rose by 10% in constant currency, fuelled by strong growth in France and Benelux while Spain delivered record net fee income.
Elsewhere, Asia Pacific net fee income was up by 8% in constant currency while other international net fee income grew by 35% in constant currency, notably the Middle East business where net fee income more than doubled year-on-year.
Overall, net fee income rose to £215.3m last year from £199.2m while group revenue was up 14% at £679.6m. As a result, the company lifted its final dividend by 13% to 4.35p per share.
Broker Investec Securities said the company's robust performance across all geographies serves to vindicate management's decision to invest in the business through the downturn. "With a strong out-turn in FY'14 and early trading in 2015 in line with expectations, we are increasingly confident in the group's prospects going forward," added Investec.
Chief executive, Robert Walters described the performance as 'excellent' and noted that early trading in 2015 has been in line with expectations. "Whilst we are mindful of continued Eurozone uncertainty, we believe we are very well positioned to capitalise on both current and future growth opportunities," said Walters.
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