Financial recruiter Robert Walters has managed to keep a tight rein on costs but has seen profits fall in its preliminary results for the year ended 31 December 2009.

The firm’s results reveal:

• Net fee income down 25% to £104.4m (2008: £138.6m)
• Operating profit of £1.6m (2008: £18.6m)
• Profit before tax of £1.3m (2008: £18.2m)
• Strong cash position maintained, with £17.3m of net cash as at 31 December 2009 (31 December 2008: £22.2m).

Robert Walters, chief executive, says: “During the year, we controlled our costs and managed our cash in the face of a global downturn that was unprecedented. In June we took the decision not to reduce headcount any further, nor to withdraw from any of our markets. This enabled us to maintain our strong international presence and we are now well positioned to take advantage of any improvements in trading conditions.

“We have emerged from last year as a stronger business. We are selectively hiring, we are investing in those regions where growth prospects are most evident and we are actively assessing opportunities to grow our coverage in existing markets.”