Robert Walters’ UK net fee income up 9% YoY
Robert Walters has released a trading update for the third quarter ended 30th September 2016.
The company reported a good performance with Group net fee income up 8% (23% actual). 68% of Group net fee income is generated outside of the UK.
UK grew net fee income by 9% year-on-year. Resource Solutions, the company’s recruitment process outsourcing business, performed strongly, benefiting from the significant investment made during the first half to implement a number of major client wins. The company reported growth across commerce finance and the regions. It says that financial services remained relatively subdued but with signs of a pick-up in activity levels towards the end of the quarter.
Europe net fee income is up 8% (27% actual). Netherlands, Spain, Germany and Switzerland all produced net fee income growth in excess of 20% in constant currency. Net fee income in France was broadly flat in constant currency against tough comparatives. The group has opened a new office in Antwerp.
Asia Pacific net fee income is up 4% (31% actual). Australia delivered another quarter of net fee income growth in constant currency. Japan continues to be candidate short with significant growth opportunities. Activity levels across Greater China remain muted.
Other International, comprising the US, Middle East, South Africa and Brazil, net fee income is up 28%* (50% actual).
The group’s headcount of 3,098 (30th June 2016: 2,902) with the majority of the uplift in Resource Solutions.
The company reported a strong balance sheet with net cash of £18.6m as at 30th September 2016 (30th Sep 2015: £14.0m).
Robert Walters, chief executive, commented, “The Group has had a good third quarter increasing net fee income by 8% in constant currency. All of the Group’s regions grew net fee income which coupled with a strong performance from Resource Solutions, our recruitment process outsourcing business, again demonstrates the strength of our global and diversified business.
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