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Robert Walters plc - Half-yearly financial results for the six months ended 30 June 2012

Robert Walters plc - Half-yearly financial results for the six months ended 30 June 2012

Financial Highlights

&middot Revenue of &pound275.0m (2011: &pound241.6m).

&middot Net fee income (gross profit) of &pound92.4m (2011: &pound89.1m).

&middot Operating profit of &pound3.4m (2011: &pound7.2m).

&middot Profit before taxation of &pound3.1m (2011: &pound7.1m).

&middot Basic earnings per share of 2.9p (2011: 6.5p).

&middot Interim dividend maintained at 1.47p per share (2011: 1.47p).

&middot Net cash of &pound4.6m as at 30 June 2012 (30 June 2011: &pound10.7m).


&middot Resilient performance with Group net fee income up 4% against a backdrop of deteriorating market conditions, particularly during the second quarter.

&middot Continued investment in the Group's long-term growth:

o New offices opened in San Francisco, Rio de Janeiro, Milton Keynes and Parramatta. The Group now has 51 offices in 23 countries (2011: 44 offices in 21 countries).

o Group headcount of 2,159 (2011: 1,932).

o Average headcount increased by 15%.

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

&middot Asia Pacific increased net fee income by 3% (0%*) to &pound45.9m (2011: &pound44.5m).

o Region impacted by banking sector slowdown.

o Tough year-on-year comparatives, particularly in the second quarter.

o Continued diversification into other specialist disciplines expected to deliver growth in the second half.

&middot UK net fee income grew by 5% to &pound23.9m (2011: &pound22.9m).

o Respectable performance despite difficult market conditions.

o Strong growth from Resource Solutions, the Group's recruitment process outsourcing business.

&middot Europe net fee income up by 3% (8%*) to &pound19.9m (2011: &pound19.4m).

o Strong performance in France and Germany, the region's largest and newest business respectively.

&middot Americas and South Africa net fee income up by 11% (16%*) to &pound2.7m (2011: &pound2.4m).

&middot Good balance of permanent (69%) and contract (31%) recruitment net fee income (2011: 71%:29%).

Robert Walters, Chief Executive, commented:

"Current trading remains difficult necessitating close management of the Group's cost base, particularly in those locations where market conditions are most challenging. We will continue to selectively invest in the long-term geographic growth and diversification of the Group and are confident that this strategy, combined with our strong balance sheet, market-leading global brand and experienced management team, will ensure that the Group is well positioned for the future."

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


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