Robert Walters PLC (LSE:RWA) reported lower fees for the first half of the year, in line with expectations, as improving hiring conditions in several key markets helped offset continued weakness in continental Europe.
The specialist recruiter reported second-quarter net fee income of £69.4 million, down 4% on a constant currency basis, an improvement on the 14% decline recorded for the 2025 calendar year. First-half net fees fell 3% on the same basis, while June returned to growth with net fees up 1%.
The UK was the standout performer, with second-quarter net fees rising 21% in specialist recruitment and 6% overall.
Japan, Spain and New Zealand also delivered growth, while conditions remained challenging across much of Europe, where net fees fell 16%.
Recruitment outsourcing continued to outperform, with second-quarter net fees rising 9%, marking a second consecutive quarter of growth.
Chief executive Toby Fowlston said: "First half trading was in-line with the board's expectations - an encouraging performance against the backdrop of heightened geopolitical uncertainty."
The company said cost-cutting measures continued to gather pace, with the underlying monthly cost run rate falling to around £23 million from below £23.5 million in the first quarter.
Total headcount fell 11% year on year to 2,782, while fee income per consultant rose 6%, reflecting higher productivity.
Net cash stood at £17.2 million at the end of June, down from £20.1 million three months earlier but in line with board expectations.
Chief executive Toby Fowlston said: "We begin the second half with good trading momentum in a number of our markets, accelerating progress on the cost base and improving fee earner productivity.
"Whilst mindful that hiring markets across the globe continue to move at different speeds, we remain focused on delivering the performance we expect for the year."
