The Robert Walters Group today released its Q1 2018 trading update, for the period ended 31 March 2018. The Group had a strong start to the year with all regions growing net fee income year-on-year.
Robert Walters, Chief Executive, commented: “The Group delivered a strong performance in the first quarter with net fee income increasing 17% year-on-year and growing across all regions. Current trading is in line with market expectations.”
Financial and operational highlights
- Strong start to the year with Group net fee income up 17% (13% actual).
- All regions grew net fee income year-on-year.
- Asia Pacific net fee income up 11% (3% actual).
- In Asia, Japan, Indonesia, Taiwan, Thailand and the Philippines delivered the strongest rates of net fee income growth. Market conditions in Singapore remained challenging.
- Good performance in Australia and continued strong double-digit growth in New Zealand.
- Resource Solutions continued to expand its client base across the region.
- UK net fee income up 6%.
- Activity levels highest in the UK regions with Manchester, Milton Keynes and St. Albans the standout performers. New office opened in Leeds to capitalise on regional growth opportunities.
- In London, legal and commerce finance recruitment proved hotspots for growth.
- Resource Solutions continued to grow net fee income.
- Europe net fee income up 32% (35% actual).
- Excellent performance continued across the region.
- Germany, Spain and the Netherlands produced the strongest rates of growth, all increasing net fee income in excess of 35%.
- Other International (Brazil, Canada, South Africa, the Middle East and the USA) net fee income up 54% (37% actual).
- Strong start to the year across North America. Solid growth in Brazil and South Africa.
- Group headcount of 3,894 (31 December 2017: 3,793).
- Strong balance sheet with net cash of £34.0m as at 31 March 2018 (31 March 2017: £13.3m).
* Constant currency is calculated by applying prior period exchange rates to local currency results for the current and prior periods.
The Group will publish a trading update for the three months ending 30 June 2018 on 10 July 2018.
For further investor information visit our website: http://investors.robertwalters.com/