FINANCIALS: Mixed results for Hydrogen, Parity and Robert Walters

Recruitment firms Hydrogen, Parity and Robert Walters have all released financial results today.

Robert Walters has attributed continued gross profit growth to the hard work it has carried out in building its international operations.

That’s according to the recruitment giant’s eponymous CEO, who spoke to Recruiter on the day the group released Q1 2018 results revealing group GP rose 17% year-on-year in constant currency from £78.3m to £88.5m. This was led by a 54% increase in net fee income (NFI) in the group’s ‘Other International’ operations in constant currency, followed by 35% growth in Europe in constant currency, 11% in Asia Pacific in constant currency and 6% in the UK.

“We have been put a lot of hard work into building businesses that in many cases are now coming through,” Walters told Recruiter.

A bullish Walters picked out phenomenal growth opportunities within its Malaysian business but added these opportunities are “everywhere you look”.

“Perhaps unusually there are not many areas that give grounds for concerns. In areas such as Brazil there are signs of green shoots, so the solid results should be expected at our stage of growth. The interesting thing is there is so much more to come.”

And even within the UK, where results have been affected by an early Easter and potential candidates staying put until they receive their annual bonus, Walters said he could not see any issues, with the group recently opening an office in Leeds.

“We see growth potential in the UK the same as it was, if not better – particularly in the regions but also in other areas such as cyber security, risk and new markets. I think the UK is fine, as is everywhere else.”

Also releasing results today were Hydrogen Group and Parity Group, revealing 2017 financials.

Global recruiter Hydrogen posted revenue for the year to 31 December 2017 of £125.9m, up from £116.2m, with NFI up 29% at £22.8m on the previous year boosted by last summer’s acquisition of interim and permanent middle management staffing specialist Argyll Scott. 

The group adds it also expects profit to be generated from its 2017 purchase of a 45% stake in recruitment advisory business Tempting Ventures earlier this year.

Tech recruiter Parity saw group revenues fall from £91.76m in 2016 to £83.82m in 2017, according to its results for the year to 31 December 2017.

While its Parity Consultancy Services business saw revenue rise by 78.7% to £9.54m from £5.34m in 2016, its Parity Professionals business saw revenue fall 7.9% to £80.04m from £86.90m in 2016.

The group added, however, it has successfully rebalanced its business towards higher margin consultancy services, which now contributes 33% to revenues from 25% in 2016.

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