FINANCIALS: Robert Walters posts profits rise as deputy Daubeney departs

Robert Walters has seen revenue climb 6% year-on-year, according to the international recruitment group’s 2018 results.

The group also used its results statement to announce deputy CEO Giles Daubeney will be stepping down from the board and his role at the group’s annual general meeting on 17 May 2019. Daubeney has worked for Robert Walters for just over three decades, having joined in 1988.

The results, released this morning, reveal group revenue of £1.23bn, up from £1.17bn in 2017, with gross profit of £392m, up 14% from £345.2m.

The group’s stand out performer was its European business, which saw net fee income (NFI) increase 25% year-on-year.

In Asia Pacific the group saw NFI increase 13% amid a record performance for its Japanese business.

In the group’s Other International segment, NFI was up 10% as the group continued to invest in its presence across the Americas.

And in the UK, the group saw NFI rise 7% year-on-year – with the firm noting that the UK recruitment market as a whole had been impacted by the uncertainty surrounding Brexit with clients and candidates becoming increasingly cautious.

Commenting on the group’s performance in a year in which it opened in two new countries – Chile and the Czech Republic – and added four new offices in its existing markets in Geneva, Hamburg, Leeds and Los Angeles, CEO Robert Walters pointed to another strong set of results.

“Our ability to produce a significant increase in profitability, while also continuing to invest for the future with new country and office openings, is testament to the success of our long-term strategy of international expansion and recruitment discipline diversification.

“It’s inevitable that the current uncertainty surrounding Brexit will continue to affect client and candidate confidence in the UK. We are a truly global business with 73% of NFI derived from outside of the UK, a global footprint covering 30 countries and well-established operations in all those locations that might benefit from any potential movement of business and staff from the UK.”

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