Trading update for the first quarter ended 31 March 2018

The Robert Walters Group today released its Q1 2018 trading update, for the period ended 31 March 2018. The Group had a strong start to the year with all regions growing net fee income year-on-year.

Robert Walters, Chief Executive, commented: “The Group delivered a strong performance in the first quarter with net fee income increasing 17% year-on-year and growing across all regions. Current trading is in line with market expectations.”

Financial and operational highlights

  • Strong start to the year with Group net fee income up 17% (13% actual).
  • All regions grew net fee income year-on-year.
  • Asia Pacific net fee income up 11% (3% actual).
    • In Asia, Japan, Indonesia, Taiwan, Thailand and the Philippines delivered the strongest rates of net fee income growth. Market conditions in Singapore remained challenging.
    • Good performance in Australia and continued strong double-digit growth in New Zealand.
    • Resource Solutions continued to expand its client base across the region.
  • UK net fee income up 6%.
    • Activity levels highest in the UK regions with Manchester, Milton Keynes and St. Albans the standout performers. New office opened in Leeds to capitalise on regional growth opportunities.
    • In London, legal and commerce finance recruitment proved hotspots for growth.
    • Resource Solutions continued to grow net fee income.
  • Europe net fee income up 32% (35% actual).
    • Excellent performance continued across the region.
    • Germany, Spain and the Netherlands produced the strongest rates of growth, all increasing net fee income in excess of 35%.
  • Other International (Brazil, Canada, South Africa, the Middle East and the USA) net fee income up 54% (37% actual).
    • Strong start to the year across North America. Solid growth in Brazil and South Africa.
  • Group headcount of 3,894 (31 December 2017: 3,793).
  • Strong balance sheet with net cash of £34.0m as at 31 March 2018 (31 March 2017: £13.3m).

* Constant currency is calculated by applying prior period exchange rates to local currency results for the current and prior periods.

The Group will publish a trading update for the three months ending 30 June 2018 on 10 July 2018.

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