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Robert Walters plc Makes A Loss

Robert Walters plc Makes A Loss

Half-Yearly Financial Results for the six months ended 30 June 2009

FINANCIAL SUMMARY
Net fee income (gross profit) of 50.0m (2008: 71.7m).
Loss before tax of 2.6m (2008: profit of 9.8m).
Interim dividend maintained at 1.40p per share (2008: 1.40p).
Strong cash position, with 22.5m of net cash as at 30 June 2009 (30 June 2008: 8.3m).

OPERATIONAL SUMMARY
Total headcount reduced from 1,571 at the start of the year to 1,260 at 30 June 2009 (30 June 2008: 1,687).
Maintained geographic footprint: 39 offices in 17 countries.
Contract proved more resilient than permanent business and now represents 41% (2008: 32%) of the Group's recruitment net fee income.

Robert Walters, Chief Executive, commented: "Market conditions continued to weaken during the period, but having taken the necessary action we are comfortable that headcount has reached an appropriate level given current trading activity.

"Our strategy is quite simple: to ride out this downturn, whilst maintaining a robust infrastructure to take full advantage of an upturn in economic conditions. We ended the period with 22.5m of net cash, we are maintaining our dividend and have no plans to withdraw from any of the markets in which we operate."

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