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Robert Walters group net fee income up 15%

There was a third successive quarter of growth in Australia. Japan and Hong Kong are continuing to perform well, confirming market-leading positions. Net fee income for Europe is up 16% in constant currency with Spain, Ireland and the Netherlands the standout performers. Other International business, comprising the US, Middle East, South Africa and Brazil, resulted in a net fee income increase of 7% in constant currency. The Group headcount is 2,715 (31 December 2014: 2,631). There is a also a strong balance sheet with net cash of &pound14.8m as at 30 June 2015 (30 June 2014: &pound14.7m). 

Financial and operational highlights

Gross profit (Net fee income)

Q2 2015

Q2 2014

% change

% change (constant currency*)

Group

&pound60.0m

&pound53.9m

11%

15%

Asia Pacific

&pound25.8m

&pound23.6m

10%

12%

UK

&pound20.1m

&pound16.9m

19%

19%

Europe

&pound11.2m

&pound10.9m

3%

16%

Other International

&pound2.9m

&pound2.5m

13%

7%

* 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, “We are pleased to report another strong set of quarterly results with net fee income increasing 15% in constant currency. Particularly encouraging is the exceptional growth we are seeing from our newer businesses in emerging markets in Asia. This progress, coupled with the strength of our established recruitment businesses and Resource Solutions, provides a solid platform for future growth.

“The Group’s continued strong trading performance, underpinned by our ongoing focus on consultant productivity enables us to continue to deliver operational gearing. The Board is confident that despite FX headwinds, profit for the year will be ahead of current market consensus.”

The Group will publish its half-yearly financial results for the six months ending 30 June 2015 on 30 July 2015.

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