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ROBERT WALTERS PLC Results for the year ended 31 December 2011

ROBERT WALTERS PLC Results for the year ended 31 December 2011

STRONG RESULTS AGAINST DIFFICULT ECONOMIC BACKDROP

FINANCIAL HIGHLIGHTS

2011

2010

% change

% change (constant currency*)

Revenue

&pound528.1m

&pound424.2m

24%

21%

Net fee income (gross profit)

&pound183.4m

&pound155.4m

18%

15%

Operating profit

&pound15.6m

&pound13.2m

18%

14%

Profit before taxation

&pound15.1m

&pound13.1m

15%

11%

* Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.

&middot Basic earnings per share of 14.1p (2010: 12.5p).

&middot Final dividend increased by 5% to 3.68p per share (2010: 3.5p), giving a total dividend for the year of 5.15p per share (2010: 4.9p).

&middot Balance sheet remains strong, with net cash of &pound17.1m as at 31 December 2011 (31 December 2010: &pound24.9m).

&middot Purchased &pound1.0m of own shares through share buy-back programme.

&middot Headcount increased to 2,047 as at 31 December 2011 (31 December 2010: 1,735).

OPERATIONAL HIGHLIGHTS

&middot 74% of the Group's net fee income generated from outside of the UK (2010: 71%).

&middot Net fee income grew across all of the Group's regions.

&middot Europe grew net fee income by 29% (27%*) to &pound39.1m (2010: &pound30.4m).

o Excellent performance in France: operating profit significantly ahead and increased market share.

o Germany delivered strong growth and a second German office was opened in Frankfurt.

&middot Asia Pacific increased net fee income by 23% (17%*) to &pound92.7m (2010: &pound75.6m).

o Strong growth in Australia, with Brisbane and Perth performing especially well. Sixth Australian office opened in Chatswood. First offices opened in Indonesia, Taiwan and Vietnam and fourth office opened in China.

&middot UK net fee income up 3% to &pound47.0m (2010: &pound45.8m).

&middot Resource Solutions secured a number of new clients across different sectors and expanded its presence in Asia Pacific and Europe.

Robert Walters, Chief Executive, commented:

"I am particularly pleased with the Group's strong performance in a year which has seen more than its fair share of economic turbulence. We have trimmed or expanded the shape of the business according to the challenges and opportunities we have experienced in different regions and sectors.

"We are mindful of current market conditions and weaker client and candidate confidence. We will run the business as we have in previous times of economic uncertainty, through sensible cost management and long-term investment in those markets offering strong growth potential.

"The Group remains well positioned to meet the challenges ahead and well placed to exploit opportunities where growth potential is strongest, given the power of our global brand, the strength of our balance sheet and the depth and experience of our management team."

The Group will publish an Interim Management Statement for the quarter ended 31 March 2012 on 5 April 2012.

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