Robert Walters net fee income rises amid growth across geographies
By Michele Maatouk
Date: Monday 15 Apr 2019
(Sharecast News) - Recruiter Robert Walters reported a jump in first-quarter gross profit on Monday amid growth across its geographies.
In the quarter to the end of March 2019, group net fee income rose 10% to £98.6m. Profit in Asia Pacific increased 9% to £36.4m, while profit in the UK and Europe was up 10% to £27.7m and £26.2m, respectively. In Other International, net fee income pushed up 22% to £8.3m.
In Asia Pacific, Japan, mainland China, the Philippines, Thailand and Vietnam delivered the strongest rates of growth, all increasing net fee income in excess of 15%.
In the UK, meanwhile, the company saw a good performance across London and the regions given ongoing Brexit-related uncertainty. In Europe, Germany and Spain grew net fee income by more than 25%. In France- its largest market in Europe - net fee income remained positive with single digit growth, despite a turbulent political backdrop.
During the period, the group increased headcount by 4% from the previous quarter to 4,277 and net cash stood at £59.5m versus £34m in the same period a year ago.
Chief executive Robert Walters said: "The group delivered a solid set of first quarter numbers, increasing net fee income by 10% year-on-year. All the group's regions delivered growth in net fee income despite economic and political uncertainty in a number of markets, particularly the UK and France. Current trading is in line with market expectations for the full year."
At 1050 BST, the shares were up 1.5% at 604.80p.
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