Robert Walters reports strong net fee income growth across all regions
Robert Walters delivered strong net fee income growth across all of the Group's regions for the third quarter ended 30 September 2017. Group net fee income grew 21% (22% actual) year-on-year and Europe delivered outstanding results with all businesses delivering net fee income growth in excess of 15%.
- Asia Pacific net fee income up 14% (12% actual).
- In Asia, continued strong performance across both established and emerging recruitment markets with Japan, Hong Kong and Indonesia delivering impressive rates of growth.
- Record performance in New Zealand and continued solid results across Australia.
- Increased demand for recruitment outsourcing services across the region helped Resource Solutions to continue to grow net fee income across both existing and new clients.
- UK net fee income up 15%.
- In London, activity levels were highest across technology and legal recruitment. The UK regions also delivered good growth, with St Albans and Manchester the standout performers.
- Resource Solutions again performed strongly and continued to broaden its client base into new industry sectors.
- Europe net fee income up 31% (39% actual).
- Outstanding results across the region with all businesses delivering net fee income growth in excess of 15%.
- Growth remains broad-based across permanent, interim and contract recruitment.
- Other International (North America, Brazil, the Middle East and South Africa) net fee income up 74% (75% actual) with the strongest growth delivered by the North America region. Brazil delivered a second successive quarter of net fee income growth.
- Group headcount of 3,697 (30 June 2017: 3,495).
- Strong balance sheet with net cash of £12.6m as at 30 September 2017 (30 September 2016: £18.6m).
Robert Walters, Chief Executive, commented:
“The Group has delivered another quarter of record results with net fee income growing 21% year-on-year. All of the Group’s geographic regions grew net fee income strongly and growth was broad based across permanent, contract, interim and recruitment process outsourcing.
“The Board is therefore confident that profit before tax for the full year will be ahead of current market expectations.”
The Group will publish a trading update for the fourth quarter ending 31 December 2017 on 9 January 2018.