Trading update for the fourth quarter ended 31 December 2017

The Robert Walters Group today released its quarter four results, for the period ended 31 December 2017. The Group maintained positive momentum with net fee income up 22% year-on-year to £90.5m. Robert Walters, Chief Executive, commented:

“The Group has delivered another quarter of record results. Growth was once again broad based across permanent, contract, interim and recruitment process outsourcing across the Group’s geographic regions.

“Net fee income for the full year is up 20%. With profit forecasts for the full year having been upgraded in response to our December trading update, the Board confirms that trading is comfortably in line with market expectations.”

• Group net fee income grew 22% (19% actual) year-on-year
• All of the Group’s regions continued to deliver strong net fee income growth with 70% of Group net fee income derived from our international businesses
• Asia Pacific net fee income up 12% (6% actual)
  • In Asia, growth was broad based across both our established and emerging markets with Japan, Hong Kong and Vietnam delivering excellent performances.
  • Strong performance across Australia and New Zealand.
  • Resource Solutions continued to grow its client portfolio across the region.
• UK net fee income up 13%
  • Activity levels in London were highest across financial services, commerce finance, legal and technology whilst in the regions, Milton Keynes, St. Albans and Manchester delivered the strongest performances.
  • Resource Solutions delivered another quarter of impressive net fee income growth.
• Europe net fee income up 28% (31% actual)
  • Outstanding results across the region with a strong blend of growth across permanent, contract and interim recruitment activity.
  • Germany, Spain, the Netherlands and Belgium all delivered net fee income increases in excess of 25% year-on-year.
• Other International (North America, Brazil, the Middle East and South Africa) net fee income up 108% (97% actual) with the strongest performance delivered by the North America region.
• Group headcount of 3,794 (30 September 2017: 3,697).
• Strong balance sheet with net cash of £30.7m as at 31 December 2017 (31 December 2016: £22.5m).

The Group will publish its full-year results for the year ended 31 December 2017 on 1 March 2018.