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Robert Walters reports record quarter as Asia Pacific and Europe drive growth

In an update for the quarter ended 31 December, the recruitment firm reported a net fee income of £102.3mln, up 13% year-on-year
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In Asia-Pacific, the group’s largest segment, NFI rose 19% to £40mln

Robert Walters PLC (LON:RWA) has reported a record fourth quarter, driven by its Asia-Pacific and European segments.

In an update for the quarter ended 31 December, the recruitment firm reported a net fee income (NFI) of £102.3mln, up 13% year-on-year.

READ: Recruiter Robert Walters posts record quarterly gross profit despite slowdown in UK jobs market

In Asia-Pacific (APAC), the group’s largest segment, NFI rose 19% to £40mln while its European and UK branches grew 22% to £27.6mln and 2% to £26.8mln respectively.

The only area of decline was the Other International segment, where NFI fell 2% to £7.9mln.

The firm said the growth in APAC had been supported by strong performances in Japan, Indonesia, Taiwan, the Philippines and Mainland China, all of which saw NFI rises in excess of 25%. There was also 13% growth in Australia, the highest rate for two years.

In Europe, Germany, Switzerland, Spain and the Netherlands reported NFI growth of over 25% in the quarter, with record performances in Belgium and France. In the UK, the company said recruitment activity remained highest across the regions, while in London growth was strongest in technology and financial services.

The firm also ended the period with net cash of £74.1mln compared to £31.1mln last year.

Robert Walters, chief executive, said the APAC and Europe businesses now accounted for 66% of global NFI and that NFI for the full year was up 15% and the profit for the year was expected to be “comfortably in line with market expectations”.

The group had also reported a record NFI in its previous quarter as it defied a slowdown in the UK jobs market caused by weak business confidence and Brexit uncertainty.

Shares were down 0.36% at 554p.

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