Profits growth and ‘significant improvement’ at Robert Walters

Thu, 8 Apr 2010

Accountancy and finance recruiter Robert Walters has seen profits grow and “significant improvement” in recruitment activity, according to its interim management statement for the first quarter ending 31 March 2010.

The group’s results reveal:

·      Group Q1 gross profit (net fee income) up 30% (27%*) to £32.6m (2009: £25m)

·      Asia Pacific Q1 gross profit up 63% (52%*) to £14.9m (2009: £9.2m).

·      UK Q1 gross profit up 23% to £10.1m (2009: £8.2m).

·      Europe Q1 gross profit down 7% (5%*) to £6.7m (2009: £7.1m).

·      US and South Africa Q1 gross profit up 89% (93%*) to £1m (2009: £0.5m).

* Constant currency calculated by applying previous year exchange rates to local currency results for the current and prior years.

Robert Walters, chief executive, says: “We have seen a significant improvement in recruitment activity in the first quarter, with Asia Pacific in particular delivering a very strong performance.

“We are continuing to invest in growing our coverage across the region with a third mainland China office planned in Beijing later this year and South Korea and Vietnam identified as target markets.”

Robert Walters says it will provide an update on trading for the second quarter ending 30 June 2010 on 7 July 2010.