UK net fee income up 2% YoY for Robert Walters
Robert Walters has released a trading update for its first quarter, ended 31st March 2016.
The group reported that it has had a solid start to the year with net fee income up 9% year-on-year from £53.9m in Q1 2015 to £59.0m in Q1 2016.
In the UK, net fee income was up 2% from £18.5m in Q1 2015 to £18.9m in Q1 2016. The group said that although it continued to witness a slowdown in recruitment activity, March activity levels had shown signs of improvement.
There was a 16% increase year-on-year in net fee income for Europe. Net fee income rose from £11.1m in Q1 2015 to £12.8m in Q1 2016. The group claimed that its larger and well-established businesses in France, the Netherlands and Belgium delivered strong rates of growth. Smaller businesses in Spain and Switzerland also continued to perform well.
Asia Pacific net fee income rose from £21.1m in Q1 2015 to £24.6m in Q1 2016, an increase on 16%. The group stated that there had been strong net fee income growth across Asia in both its mature markets such as Japan and Greater China and emerging markets, including Thailand, Indonesia, Vietnam and Taiwan. Net fee income in Australia remained broadly flat.
Other international net fee income was down 13%, from £3.1m in Q1 2015 to £2.7m in Q1 2016. The group said this was as a result of challenging market conditions in both South Africa and Brazil.
Robert Walters, chief executive, commented, “The group has had a solid first quarter increasing net fee income by 9% with our Asia Pacific and Continental Europe regions delivering the strongest performances.
“As stated in our recent year-end results, whilst we remain conscious of ongoing global market uncertainty, the group’s strength, depth and geographic footprint ensure we are well positioned for the future. Expectations for the full year remain unchanged.”
The group will publish a trading update for the three months ending 30th June 2016 on 7th July 2016.