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Robert Walters plc See Significant Improvement

Robert Walters plc See Significant Improvement

ROBERT WALTERS PLC Interim management statement for the first quarter ending 31 March 2010


Group Q1 gross profit (net fee income) up 30% (27%*) to 32.6m (2009: 25.0m).

Asia Pacific Q1 gross profit up 63% (52%*) to 14.9m (2009: 9.2m).

UK Q1 gross profit up 23% to 10.1m (2009: 8.2m).

Europe Q1 gross profit down 7% (5%*) to 6.7m (2009: 7.1m).

USA & South Africa Q1 gross profit up 89% (93%*) to 1.0m (2009: 0.5m).

Net cash position continues to be strong.

Group headcount of 1,402 (31 December 2009: 1,261).

Robert Walters, Chief Executive, commented: "We have seen a significant improvement in recruitment activity in the first quarter, with Asia Pacific in particular delivering a very strong performance. Given our position as one of the leading recruitment brands in this region, the Group is well placed to take advantage of improving trading conditions. We are continuing to invest in growing our coverage across the region with a third mainland China office planned in Beijing later this year and South Korea and Vietnam identified as target markets.

"The Group is also benefiting from increased hiring activity in the UK particularly within the banking sector, however trading conditions remain challenging across some markets in Europe. As stated in our recent year-end results we have identified Latin America as a key new market and will be opening an office in Sao Paulo during the second quarter."


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