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Robert Walters announces profit before tax up 36%

 Healthy balance of permanent (70%) and contract recruitment net fee income (30%) (2013: 70%: 30%).

 Resource Solutions, the Group’s recruitment process outsourcing business continued to deliver significant net fee income growth.

Group headcount increased to 2,496 (2013: 2,212).

 Interim dividend increased 7% to 1.65p per share (2013: 1.54p).

 Strong balance sheet with net cash of &pound14.7m as at 30 June 2014 (30 June 2013: &pound6.9m).

H1 2014

H1 2013

% change

%  change (constant currency*)

Revenue

&pound310.0m

&pound288.8m

7%

14%

Gross profit (net fee income)

&pound101.9m

&pound97.8m

4%

12%

Operating profit

&pound5.3m

&pound3.8m

41%

57%

Profit before taxation

&pound5.0m

&pound3.7m

36%

53%

Basic earnings per share

4.5p

3.3p

36%

Interim dividend per share

1.65p

1.54p

7%

Net cash

&pound14.7m

&pound6.9m

113%

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

Robert Walters, chief executive, said, "This performance highlights the Group’s strength, depth and diversity and is testament to our strategic decision to invest in the business throughout the downturn. This is encouraging, particularly given the challenging market conditions that continued to prevail in France and Australia.

“It is pleasing to see our larger and more mature businesses in markets such as Japan, Hong Kong and the UK performing strongly.  I am also very encouraged that our newer operations in emerging recruitment markets such as Thailand, Malaysia, Vietnam and Taiwan have performed well. Resource Solutions, our recruitment process outsourcing division continued to deliver strong net fee income growth and expand its client base across the UK, Europe and Asia.

“Trading since the half year has been in line with our expectations and the Group remains confident of its prospects for the full year.”

The Company will be holding a presentation for analysts at 11am today at Newgate Communications, Sky Light City Tower, 50 Basinghall Street, London EC2V 5DE.

The Company will publish an interim management statement for the third quarter ending 30 September 2014 on 7 October 2014.

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