Trading update for the third quarter ended 30 September 2018

Trading Update Q3 2018

The Robert Walters Group released its quarter three results, for the period ended 30 September 2018. The Group delivered a record quarter performance with net fee income up 13% year-on-year to £101.2m. Robert Walters, Chief Executive, commented:

"The Group has delivered a record third quarter performance with net fee income growing 13% in constant currency and the Board remains confident that profit before tax for the full year will be in line with current market expectations. During the quarter, we have continued to invest in further growing our international footprint with the opening of new offices in Geneva and Los Angeles and have also increased headcount in those markets and disciplines offering the best opportunities for accelerated growth.

The Group’s truly global presence covering both emerging and established markets and our blend of revenue streams across both recruitment and recruitment process outsourcing means we are well positioned to further benefit from market opportunities as they arise.”

  • Group net fee income up 13% (12% actual) year-on-year with Asia Pacific and Europe producing the strongest rates of growth. Second consecutive quarter of net fee income in excess of £100m. 
  • Investment in further expanding the Group’s international footprint with new offices opened in Geneva and Los Angeles. 
  • Growth continued to be broad based across permanent, contract, interim and recruitment process outsourcing. 
  • Asia Pacific net fee income up 18% (15% actual). 
    • Unrivalled footprint across both emerging and established recruitment markets.
    • Japan, Hong Kong, Indonesia, Taiwan, the Philippines and Thailand delivered the strongest growth, all increasing net fee income in excess of 25%. 
    • Continued good performance across Australia and New Zealand. 
  • UK net fee income up 4%. 
    • Recruitment activity levels remain highest across the UK regions, with Birmingham, Manchester and Milton Keynes producing the strongest rates of net fee income growth. 
    • In London, legal recruitment was particularly active, whilst pockets of growth emerged in financial services albeit from a low base. 
  • Europe net fee income up 22% (21% actual). 
    • Excellent performance continued across the region. Strong growth across permanent, contract and interim recruitment. 
    • Germany, Portugal, Spain and the Netherlands all produced record performances increasing net fee income in excess of 20%. 
    • France, our largest business in the region, increased net fee income by 18%. 
  • Other International (North America, Brazil, the Middle East and South Africa) net fee income down 1% (2% down actual). 
  • Group headcount up 4% to 4,157 (30 June 2018: 3,996). 
  • Strong balance sheet with net cash of £41.3m as at 30 September 2018 (30 September 2017: £12.6m).

The Group will publish a trading update for the fourth quarter ending 31 December 2018 on 10 January 2019.

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