International recruiter Robert Walters’ profits slumped in its financial results for the six months ended 30 June 2009.

Net fee income was £50m, down from £71.7m in the same period last year. The interim dividend stayed at 1.40p per share (2008: 1.40p).

The recruiter retains a strong cash position, with £22.5m of net cash as at 30 June 2009 (30 June 2008: £8.3m).

Headcount fell from 1,571 at the start of the year to 1,260 at 30 June 2009 (30 June 2008: 1,687), while contract business now represents 41% (2008: 32%) of the group’s business.

Robert Walters (pictured), chief executive, says: “Market conditions continued to weaken during the period, but having taken the necessary action we are comfortable that headcount has reached an appropriate level given current trading activity.  

“Our strategy is quite simple: to ride out this downturn, while maintaining a robust infrastructure to take full advantage of an upturn in economic conditions. We ended the period with £22.5m of net cash, we are maintaining our dividend and have no plans to withdraw from any of the markets in which we operate.”