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Robert Walters delivers 'solid' first quarter despite and political uncertainty in the UK and France

“Current trading is in line with market expectations for the full year," said chief executive Robert Walters
Robert Walters
A strong performance in London job placements boosted the UK division

Specialist professional recruiter Robert Walters PLC (LON:RWA) reported first-quarter growth across all its job markets despite economic and political uncertainty in the UK and France.

Net fee income – a measure of gross profit – rose 11% to £98.6mln in the quarter ended March 31 from £88.5mln a year ago.

The UK division grew net fee income by 10% to £27.7mln, supported by a strong performance in London despite concerns about Brexit weighing on business confidence.

READ: Robert Walters surges as full-year profit tops expectations

The group’s largest region, Asia Pacific, delivered a 12% rise in net fee income to £36.4mln, driven by growth in Japan, Mainland China, the Philippines, Thailand and Vietnam.

Net fee income in Europe gained 8% to £26.2mln with Germany and Spain achieving growth over 25%, offsetting a weaker performance in France where strikes and national protests have been held over government policies.

Other international markets, including the Americas, Middle East and South Africa, saw net fee income increased 22% to £8.3mln.

Group headcount rose by 4% to 4,227.

Net cash stood at £59.5mln at the end of the March, up from £34mln the same time a year earlier.

“All the group's regions delivered growth in net fee income despite economic and political uncertainty in a number of markets, particularly the UK and France,” said chief executive Robert Walters.  

“Current trading is in line with market expectations for the full year."

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