Robert Walters issues Q2 trading update
Robust results in Europe with the Benelux region continuing to perform well. Permanent recruitment activity levels in France remained relatively subdued but contract grew strongly. Spain continues to rebound, doubling net fee income year-on-year.
Our recently opened operations in San Francisco and Dubai delivered excellent net fee income growth.
Group headcount of 2,497 (31 December 2013: 2,307).
Strong balance sheet with net cash of £14.7m as at 30 June 2014 (30 June 2013: £6.9m).
Financial and operational highlights
Gross profit (Net fee income)
% change (constant currency*)
* Constant currency is calculated by applying prior period average exchange rates to local currency results for the current and prior years.
Robert Walters, chief executive, commented, “This performance serves to highlight the strength, depth and diversity that the Group has in terms of both geography and discipline and is testament to our decision to invest in the business throughout the downturn. The performance is encouraging particularly given the challenging market conditions that continued to prevail in France and Australia, two of the Group’s largest markets.
“With net fee income for the first half up 12% in constant currency, the Group is confident that full year profit before taxation will be at the upper end of market expectations.”
The Grop will publish its half-yearly financial results for the six months ended 30 June 2014 on 1 August 2014.