Trading update for the first quarter ended 31 March 2018

04/10/2018

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/