Trading update for the third quarter ended 30 September 2015

Seventh successive quarter of double-digit growth:

  • Group net fee income increased 11% year-on-year in constant currency.
  • UK grew net fee income by 14% year-on-year.
    • Growth rates strongest in financial services and legal.
    • Resource Solutions delivered a number of new client wins during the period and continued to produce strong net fee income growth.
  • Asia Pacific net fee income up 9% in constant currency.
    • Emerging markets continued to deliver impressive rates of growth with Indonesia, Taiwan, Korea and Vietnam the standout performers.
    • The Group’s larger and well-established businesses in Asia, most notably Japan, Hong Kong, Thailand and Malaysia produced solid performances.
    • Australia delivered a fourth successive quarter of net fee income growth in constant currency.
  • Good performance in Europe with net fee income up 15% in constant currency.
    • The Netherlands, Belgium, Spain and Ireland all continued to produce strong net fee income growth.
    • Contract recruitment in France continued to be active however permanent remained muted.
  • Other International, comprising the US, Middle East, South Africa and Brazil, net fee income up 4% in constant currency.
  • Group headcount of 2,820 (30 June 2015: 2,728), with a significant proportion of the headcount increase attributed to new client wins within Resource Solutions.
  • Strong balance sheet with net cash of £14.0m as at 30 September 2015 (30 June 2015: £14.6m).

Robert Walters, Chief Executive, commented:

“The Group has enjoyed another positive quarter of double-digit net fee income growth in constant currency. Both our emerging market and more well-established recruitment businesses continue to perform well, as has Resource Solutions, the Group’s recruitment process outsourcing business.

The outlook for the fourth quarter remains positive, with current trading in line with our expectations. The Group remains confident of its prospects for the full year."

The Group will publish a trading update for the fourth quarter ending 31 December 2015 on 11 January 2016.

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