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UK NFI up 10% in Q1 2019 for Robert Walters

Robert Walters has released its results for the first quarter ended 31st March 2019.

The group reported a solid start to the year with Group net fee income up 10% (11% actual) year-on-year to £98.6m (Q1 2018: 88.5m). 72% (2018: 71%) of the Group's net fee income now derived from outside of the UK.

Asia Pacific net fee income was up 9% to £36.4m (Q1 2018: £32.6m (12% actual). Japan, Mainland China, the Philippines, Thailand and Vietnam delivered the strongest rates of growth, all increasing net fee income in excess of 15%.

UK net fee income rose 10% to £27.7m (Q 2018: £25.2m). There was a good performance across both London and the regions given ongoing Brexit-related uncertainty.

Europe net fee income was £26.2m (Q1 2018: £24.2m), up 10% (8% actual). Germany and Spain delivered net fee income growth in excess of 25%. Performance in France, the Group's largest market in the region, was affected by the turbulent political backdrop but still remained positive with single digit net fee income growth.

Other International (the Americas, Middle East and South Africa) net fee income was up 22% to £8.3m (Q1 2018: £6.5m) (28% actual) with the Middle East and Canada delivering the strongest net fee income growth.

The group reported a strong balance sheet with net cash of £59.5m as at 31st March 2019 (31st March 2018: £34.0m).

Robert Walters (pictured), chief executive, commented, "The Group delivered a solid set of first quarter numbers, increasing net fee income by 10% year-on-year. All the Group's regions delivered growth in net fee income despite economic and political uncertainty in a number of markets, particularly the UK and France.  Current trading is in line with market expectations for the full year."

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