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Robert Walters plc Stable Performance

Robert Walters plc Stable Performance

Trading update for the second quarter ended 30 June 2012


Gross Profit (Net Fee Income)

Q2 2012

Q2 2011

% change

% change (constant currency*)
















The Americas and South Africa










&middot Stable second quarter performance against deteriorating market.

&middot Asia Pacific impacted by banking sector slowdown successful diversification into other disciplines expected to deliver return to growth in the second half.

&middot Resource Solutions, the Group's recruitment outsourcing business, performed strongly.

&middot Europe was impacted by ongoing Eurozone financial and political uncertainty, although France and Germany produced net fee income growth.

&middot Three new offices opened during the period - Milton Keynes, Parramatta and Rio de Janeiro. The Group now has 51 offices in 23 countries.

&middot Balance sheet remains strong, with net cash of &pound4.5m as at 30 June 2012 (30 June 2011: &pound10.7m).

&middot Group headcount of 2,159 (31 December 2011: 2,047).

Robert Walters, Chief Executive, commented: "We have delivered a stable performance against a backdrop of deteriorating conditions in the global financial markets. This has been achieved by a long term strategy of investing in territories that offer the best growth prospects and we are also ensuring that we maintain a leading position in our more established markets. We are continuing with this strategy with new offices opened in the UK, Australia and Brazil.

"We have a strong balance sheet and an experienced management team. We will continue to maintain our presence in the territories where market conditions are challenging, whilst also investing in the business for the long term to take advantage of growth opportunities in new and emerging markets."

The Group will publish its Half-yearly Financial Results for the six months ended 30 June 2012 on 2 August 2012.

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


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