Robert Walters PLC - Results for Year Ended 31 December 2010
United Kingdom
Strong growth underpinned by continued expansion of Global Network
FINANCIAL HIGHLIGHTS
| 2010 | 2009 | % change | % change (constant currency*) | |
| Revenue | £424.2m | £300.4m | +41% | +34% |
| Net fee income (gross profit) | £155.4m | £104.4m | +49% | +43% |
| Operating profit | £13.2m | £1.6m | +737% | +643% |
| Profit before taxation | £13.1m | £1.3m | +900% | +78 |
* Constant currency is calculated by applying 2009 exchange rates to local currency results for the current and prior years.
- Basic earnings per share of 12.5p (2009: 0.3p).
- Final dividend increased to 3.5p per share (2009: 3.35p), giving a total dividend for the year of 4.9p per share (2009: 4.75p).
- Cash position has increased to £24.9m of net cash as at 31 December 2010 (31 December 2009: £17.3m).
- Purchased £3.0m of own shares through share buy-back programme.
OPERATIONAL HIGHLIGHTS
- Strong performance in Asia Pacific with net fee income up 76% (58%*) to £75.6m (2009: £43.0m).
- Third mainland China office opened in Beijing.
- First South Korea office opened in Seoul.
- UK net fee income up 36% to £45.8m (2009: £33.8m).
- Solid performance in Europe with net fee income up 19% (23%*) to £30.4m (2009: £25.7m).
- Entered the German market with the opening of an office in Dusseldorf.
- Additional office opened in Belgium.
- The Group's first office in South America opened in Sao Paulo.
- 71% of the Group's net fee income generated from outside of the UK (2009: 68%).
- Headcount increased by 37% to 1,735 as at 31 December 2010 (2009: 1,269).
INVESTING FOR GROWTH IN 2011
- Office opened in Chatswood, Sydney in February. Group now has six offices across Australia.
- New offices planned in Nanjing, Taipei, Ho Chi Minh City, Parramatta and Frankfurt.
- Major office moves in London, Singapore and Sydney.
Robert Walters, Chief Executive, commented:
"Performance across the Group has been strong, resulting in increased net fee income year on year with our Asia Pacific operations in particular delivering significant growth.
"The outlook for the year remains broadly positive. Our long term investment in our international network has enabled us to build market share across the globe with 71% of the Group's net fee income now generated outside of the UK. We intend to continue with this strategy and will seek to reinforce our established businesses, whilst identifying and investing in those regions providing the strongest opportunities for growth."
ENQUIRIES:
Robert Walters plc +44 (0)20 7379 3333
Robert Walters, Chief Executive
Alan Bannatyne, Group Finance Director
Pelham Bell Pottinger
James Henderson +44 (0) 20 7861 3232
jhenderson@pelhambellpottinger.co.uk
Archie Berens +44 (0) 20 7861 3112
aberens@pelhambellpottinger.co.uk