ROBERT WALTERS PLC announces trading update
ROBERT WALTERS PLC trading update for the fourth quarter ended 31 December 2010
Group Q4 gross profit (net fee income) up 42% (37%*) to 40.6m (2009: 28.6m).
Asia Pacific Q4 gross profit up 54% (39%*) to 19.7m (2009: 12.8m).
UK Q4 gross profit up 37% (37%*) to 11.6m (2009: 8.5m).
Europe Q4 gross profit up 24% (30%*) to 8.4m (2009: 6.8m).
The Americas and South Africa Q4 gross profit up 71% (63%*) to 0.8m (2009: 0.5m).
Net cash position remains strong, in excess of 20m as at 31 December 2010.
Group headcount of 1,735 (31 December 2009: 1,269).
Robert Walters, Chief Executive, commented:
"Performance across the Group has been strong, resulting in significantly increased net fee income year on year. Group net fee income for the year ended 31 December was up 49% (43%*) to 155.3m (2009: 104.4m). Markets continued to be very active and China, in particular, has delivered excellent growth.
"We enter 2011 with confidence. We continue to invest in the areas where we see the most potential, seeking to benefit from our long term strategy of geographical expansion. Our new offices opened during the quarter in Beijing, Seoul and Dusseldorf are already generating revenue and, notwithstanding an uncertain economic backdrop in the UK, we expect levels of activity across the Group to remain strong."
The Group will release its Final Results for the year ended 31 December 2010 on Wednesday 2 March 2011.