Robert Walters Reports an 80% Increase in Profits Before Tax for 2014

26/2/2015

• Strong net fee income growth in constant currency across all of the Group’s regions driving an 80% increase in profit before taxation, to £18.2m.
• Excellent performance in the UK with net fee income increasing by 24%.

- Growth across both London and the regions.
- Increased activity in permanent financial services recruitment in London.

• Asia Pacific net fee income up 8% in constant currency.

- Emerging market strategy has proven successful with our newer operations in Malaysia, Thailand, and Vietnam, in particular, delivering excellent growth in net fee income.
- Strong growth also delivered across more established markets such as Japan, Singapore and Hong Kong.

This is testament to the strength, depth and diversity that the Group now has in terms of both geography and discipline.

- Australia returned to growth during the fourth quarter. Record performance in New Zealand.

• Europe net fee income up 10% in constant currency.

- Excellent contract growth in France and Benelux.
- Permanent recruitment grew strongly in Belgium and Ireland. Spain delivered record net fee income.

• Other International net fee income up 35% in constant currency.

- Middle East business more than doubled net fee income year-on-year.
- US had a record year across both New York and San Francisco.

• Resource Solutions, the Group’s recruitment process outsourcing business continued to deliver significant net fee income growth in the UK and Asia across both new and existing clients.
• Final dividend per share increased 13% to 4.35p (2013: 3.86p).
• Group headcount increased to 2,631 (2013: 2,307).
• 1.3m shares were purchased at an average price of £3.11 for £4.0m, in line with the Group’s share buyback programme.
• Strong balance sheet with net cash of £14.3m as at 31 December 2014 (2013: £18.6m).

Robert Walters, Chief Executive, said:

“We delivered an excellent performance in 2014, increasing profit before taxation by 80%. This is testament to the strength, depth and diversity that the Group now has in terms of both geography and discipline. Early trading in 2015 has been in line with expectations. Whilst we are mindful of continued Eurozone uncertainty, we believe we are very well positioned to capitalise on both current and future growth opportunities.”