LONDON (ShareCast) - (Sharecast News) - Recruiter Robert Walters posted a jump in full-year profit and revenue on Friday as it said 2019 has started well.
In the year to 31 December 2018, pre-tax profit rose 21% to £49.1m on revenue of £1.23bn, up 6% from 2017. Net fee income increased 14% to £392m and the company hiked its final dividend per share 15% to 10.7p.

The group, which now derives 73% of its income from outside of the UK, said its performance was driven mainly by Europe and Asia Pacific.

Net fee income in Europe was up 25% to £100.8m, while Asia Pacific saw a 13% increase to £154.1m and Other International net fee income rose 10% to £29.7m.

In the UK, meanwhile, net fee income was up 7% to 107.5m, with candidate and client confidence increasingly cautious due to Brexit uncertainty.

Robert Walters said activity levels were strongest outside of London, with Manchester, Birmingham and Leeds well positioned as regional technology and commerce hubs.

Chief executive Robert Walters said: "The group has delivered another strong set of results. Our ability to produce a significant increase in profitability whilst also continuing to invest for the future with new country and office openings is testament to the success of our long-term strategy of international expansion and recruitment discipline diversification.

"It's inevitable that the current uncertainty surrounding Brexit will continue to affect client and candidate confidence in the UK. We are a truly global business with 73% of net fee income derived from outside of the UK, a global footprint covering 30 countries and well-established operations in all those locations that might benefit from any potential movement of business and staff from the UK."

Walters said 2019 has started well, in line with the board's expectations, and the group is well positioned to continue to take advantage of market opportunities as they arise.

Also on Friday, the company announced that Giles Daubeney will be stepping down as deputy CEO at the annual general meeting in May, having worked at the recruiter for more than 30 years.

At 1345 GMT, the shares were up 9.1% to 574p.

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