Trading update for the first quarter ended 31 March 2016

Solid start to the the year with Group net fee income up 9% year-on-year.

  • Asia Pacific net fee income up 16%.
    • Strong net fee income growth across Asia in both the Group’s 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.
  • UK net fee income up 2%.
    • The slowdown in recruitment activity that we witnessed in the fourth quarter of last year continued into the first quarter with financial services, in particular, heavily impacted. March activity levels did however show signs of improvement.
  • Europe net fee income up 16%.
    • Our 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. New office opened in Toulouse.
  • Other International net fee income down 13% as a result of challenging market conditions in both South Africa and Brazil.
  • Resource Solutions continued to build its client portfolio with 3 new contract wins in Asia.
  • Group headcount of 2,945 (31 December 2015: 2,916).
  • Strong cash generation with net cash of £19.2m as at 31 March 2016 (31 March 2015: £13.1m).

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 30 June 2016 on 7 July 2016.

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