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Robert Walters reports 30% increase in profits

Record performance in Japan offset by challenging market conditions in Australia with solid performances from the Groups other offices in Asia Pacific. In Europe, the Group delivered robust performance in France and Benelux, with contract business in particular producing strong net fee income growth, Strong growth across the company's South Africa and US businesses. Group headcount increased to 2,307 as at 31 December 2013 (31 December 2012: 2,233), Group is now stronger and more diverse than ever – by geography, discipline and sector.

Financial and Operational Highlights

Year ended

2013

2012

% change

%  change (constant currency*)

Revenue

&pound597.7m

&pound567.8m

5%

7%

Gross profit (net fee income)

&pound199.2m

&pound188.4m

6%

8%

Operating profit

&pound10.8m

&pound8.5m

28%

39%

Profit before taxation

&pound10.1m

&pound7.7m

30%

41%

Basic earnings per share

8.4p

6.8p

24%

Total dividend per share

5.4p

5.15p

5%

Net cash

&pound18.6m

&pound11.5m

62%

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

Strong performance in 2013, increasing profit before taxation by 30% (41%*) against a backdrop of mixed global market conditions.

Net fee income growth in constant currency across all regions.

Healthy balance of permanent (69%) and contract (31%) recruitment net fee income (2012: 69%:31%).

UK

Regional business and Resource Solutions the standout performers.

Activity levels in financial services in London were more muted however we continue to successfully develop our offering in disciplines such as IT, legal, supply chain and procurement.

Asia Pacific

Record performance in Japan driven by the internationalisation of business and the demand for bilingual professionals, offset by challenging market conditions in Australia.

Europe

Robust performance in France and Benelux, with our contract business in particular producing strong net fee income growth.  New office opened in Ghent.

Other International (USA, Brazil, South Africa and the Middle East)

Strong growth across our South Africa and US businesses. New office opened in Dubai, the Group’s first in the Middle East region.

Group headcount increased to 2,307 as at 31 December 2013 (31 December 2012: 2,233).

Group is now stronger and more diverse than ever – by geography, discipline and sector.

Robert Walters, chief executive, said, “We delivered a strong performance in 2013, increasing profit by 30% (41% in constant currency), highlighting the strength of our diverse business model and international brand.

“Trading for the first two months of 2014 has been encouraging. Whilst we are seeing definite signs of recovery in some of our markets, others including major markets such as Australia and France remain challenging. The Group is well positioned to continue to deliver enhanced profitability in line with current market expectations.”

The Group will publish an Interim Management Statement for the first quarter ended 31 March 2014 on 7 April 2014. 

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