FINANCIALS: Resource Solutions bolsters Robert Walters’ growth

Robert Walters’ outsourcing business Resource Solutions has been behind the international recruitment group’s 9% year-on-year growth in net fee income (NFI) in the UK.

This is according to deputy CEO Giles Daubeney, who spoke to Recruiter as the group released its half-yearly financial results for the six months ended 30 June 2018 this morning.

The results reveal group revenue increased 13% in constant currency from £562.7m in H1 2017 to £625.9m in H1 2018, while NFI increased 17% in constant currency from £164.5m to £188.6m over the same period.

The group saw NFI increases across all of its regions of operation with NFI increases in Europe and Other International (both up 29%), Asia-Pacific (up 8%) and the UK (up 9%).

Expanding on the group’s performance in the UK, Daubeney attributed much of the NFI growth to outsourcing business Resource Solutions.

But Daubeney added the secret to achieving growth across all regions of operation has been having a strong management team in place across the globe.

“I think the quality of people running businesses – my direct reports – the average tenure is 12 years. There’s probably another 50 or 60 people under them, who have been with the company between five and 10 years.

“There’s real depth of management… Our industry is all about people. My assets have got legs. If you don’t look after your people, I don’t believe the growth that we’re having is really sustainable.”

Daubeney added in markets such as Japan, a strong brand, and being able to build relationships and earn credibility, has served the company well. While in Australia, candidates who came to the UK two decades ago in sectors such as accountancy have now returned home and have become clients. In Continental Europe, a combination of a strong brand and strong people have helped deliver strong NFI growth, he added.

“We have a balance of permanent recruitment, temporary recruitment and interim recruitment; and then you add in Resource Solutions, which has been around 20 years and complements the recruitment business or the recruitment business can complement Resource Solutions. 

“I believe that’s a fairly powerful machine, with a very strong united management team that are focused. I think what we’ve always tried to do is keep it simple. We haven’t shied away from investing in areas. And I think a good example of that was in certain areas of Asia-Pacific, where we did go into places like Indonesia and Vietnam and we’re really seeing the benefits of that investment now.”

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