FINANCIALS: Robert Walters sees 25% profit fall

Global recruiter Robert Walters experienced a 25% drop in group net fee income for the fourth quarter of 2020 year-on-year, according to the company’s trading update.

However, that figure represented an improvement on declines in the second and third quarters of last year, the company reported today [12 January].

Group headcount also was down in Q4 year-on-year from 2019, dropping by 880, or roughly 25%, between the two periods.

While the company’s “forward visibility remains limited”, CEO Robert Walters said: “I am however pleased to say that the better-than-expected performance in the fourth quarter, coupled with the sensible and targeted short-term cost reduction and control measures that were put in place at the beginning of the pandemic, means that profit for the full year is likely to be ahead of current market expectations.”

Asia Pacific, the group’s largest region, in particular was showing “signs of improvement” going forward. The company also reported that demand had remained “robust” during the pandemic across technology, digital, healthcare, supply chain and logistics.

The “large majority” of Robert Walters offices are open, the company said, adding, “however the picture is volatile and changes frequently depending on local infection rates and government policy”.  

A pre-Covid investment in technology has provided “a competitive advantage with all staff continuing to work seamlessly and productively whether in the office or remotely”, the company statement said.

The company’s net cash at 31 December 2020 was £154.8m, compared to £85.8m at the same time in 2019. The group also has a £60m committed loan facility due for renewal in 2023.

• Comment below on this story. Or let us know what you think by emailing us at [email protected] or tweet us to tell us your thoughts or share this story with a friend.

NEW TO THE MARKET: 4-8 MARCH 2024

This week’s new launches include: Connect Appointments, Eventus Recruitment Group, Granger Reis, Localyze, The Intersection Network

New to Market 4 March 2024

CONTRACTS & DEALS: 26 FEBRUARY-1 MARCH 2024

This week’s new contracts & deals include: Ford and Stanley, XPO

Contracts 27 February 2024

IPE Ventures acquires UK businesses of Staffing 360 Solutions

Boutique private equity firm IPE Ventures has acquired all businesses within the UK arm of Staffing 360 Solutions.

Contracts 13 February 2024

Granger Reis appoints Dargan to lead new digital infrastructure practice

International executive search firm Granger Reis has appointed Steve Dargan to lead its new digital infrastructure (DI) practice.

People 13 February 2024
Top