Robert Walters PLC (LSE:RWA) enjoyed a record December with the recruitment group now trading “comfortably ahead of expectations”.
Net fee income (NFI) in the final quarter of 2021 rose 33%, or 39% on a constant currency (CC) basis, to £95.1mln from £71.4mln a year earlier.
Asia Pacific was the best performing region, with NFI up 56% on a CC basis from a year ago. Europe, excluding the UK, achieved growth of 36% but the UK limped in with just 7% growth; the rest of the world saw NFI rise 48% year-on-year on a CC basis.
Permanent and interim recruitment activity were the strongest drivers of growth as organisations continued to confidently hire for the longer-term, the recruiter said.
In the UK, candidate shortages continued to drive heightened competition for talent across both London and the regions with the legal, commerce finance and technology disciplines particularly active.
The group ended the year with net cash of £126.0mln, up from £154.8mln at the end of 2020.
“The fourth quarter was another very strong period for the group with net fee income increasing by 39%* year-on-year. We are seeing candidate shortages across all locations and disciplines, a fierce competition for talent and wage inflation kicking in which together create huge opportunities across the recruitment market,” said Robert Walters, the group’s eponymous chief executive.