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Solid Start For Robert Walters

Solid Start For Robert Walters

Interim management statement for the first quarter ended 31 March 2013


Gross Profit (Net Fee Income)           Q1 2013               Q1 2012               % change               % change (constant currency*)

Asia Pacific           &pound22.1m  &pound21.9m  1%       3%

UK           &pound12.7m  &pound11.8m  7%       N/A

Europe   &pound10.2m  &pound9.9m     3%       1%

The Americas and South Africa         &pound1.6m     &pound1.1m     49%     56%                                                    

Group     &pound46.6m  &pound44.7m  4%       5%

• Solid Q1 performance with Group net fee income up 4%.

• Net fee income increased across all regions.

• Group remains on track with its programme of discipline diversification (including sales & marketing, oil & gas, engineering and supply chain & procurement disciplines) as announced in our recent 2012 results. 85% of Group net fee income now generated outside financial services.

• Group headcount of 2,249 (31 December 2012: 2,233) with the increase due to the winning of six new Resource Solutions contracts during the quarter. Headcount in our recruitment business declined during the period.

• Strong balance sheet with net cash of &pound2.4m as at 31 March 2013 (31 March 2012: &pound8.8m) and Group banking facilities of &pound45m.

Robert Walters, Chief Executive, commented:

"The Group has performed in line with expectations. In accordance with our strategy which we reaffirmed at the end of year results, we continue to build our position in disciplines outside of banking and closely manage our cost base. Having already opened offices in Dubai and Ghent in the first quarter, the Group will not be opening any further offices this year. We have opened 17 new offices over the last 3 years, and are now focused on consolidating this investment and increasing productivity from these new and exciting businesses."

The Group will publish a trading update for the six months ended 30 June 2013 on 12 July 2013.

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


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