Robert Walters PLC Trading update for Q4 ended 31 December 2018 (6823M)
10 January 2019 - 6:00PM
UK Regulatory
TIDMRWA
RNS Number : 6823M
Robert Walters PLC
10 January 2019
10 January 2019
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Trading update for the fourth quarter ended 31 December 2018
ASIA PACIFIC AND EUROPE DRIVE RECORD QUARTER
Financial and operational highlights
Gross profit (Net fee Q4 2018 Q4 2017 % change % change
income) (constant
currency*)
Group GBP102.3m GBP90.5m 13% 13%
----------- ---------- --------- ------------
Asia Pacific GBP40.0m GBP33.6m 19% 19%
----------- ---------- --------- ------------
Europe GBP27.6m GBP22.6m 22% 22%
----------- ---------- --------- ------------
UK GBP26.8m GBP26.2m 2% 2%
----------- ---------- --------- ------------
Other International GBP7.9m GBP8.1m (2%) (5%)
----------- ---------- --------- ------------
* Constant currency is calculated by applying prior period
average exchange rates to local currency results for the current
and prior years.
-- Group net fee income up 13% (13% actual) year-on-year with
Asia Pacific and Europe delivering the strongest rates of growth.
These two regions now represent 66% of global net fee income.
-- Investment in expanding the Group's global footprint has
continued with entry into Chile and the Czech Republic.
-- Asia Pacific net fee income up 19% (19% actual).
o Unrivalled footprint across both emerging and established
recruitment markets provides an excellent platform for long-term
growth.
o Japan, Indonesia, Taiwan, the Philippines and Mainland China
delivered the strongest growth, all increasing net fee income in
excess of 25%.
o Strong performance across Australia with net fee income
increasing by 13%; the highest rate of growth for two years.
-- Europe net fee income up 22% (22% actual).
o Excellent performance continued across the region with all
markets delivering net fee income growth.
o Germany, Switzerland, Spain and the Netherlands all increased
net fee income in excess of 25%. Record performances also delivered
in Belgium and France.
-- UK net fee income up 2%.
o Recruitment activity levels remained highest across the UK
regions.
o In London, growth was strongest in technology and financial
services.
-- Other International (North and South America, the Middle East
and South Africa) net fee income down 5% (2% down actual).
-- Group headcount stands at 4,132 (30 September 2018: 4,157).
During the quarter we trimmed headcount in our Resource Solutions
business in line with activity levels across client sites. We
continued to invest in growing headcount in recruitment markets and
disciplines showing the strongest rates of growth.
-- 791,336 shares purchased through the Group's Employee Benefit
Trust at an average price of GBP6.42 for GBP5.1m.
-- Strong balance sheet with net cash of GBP74.1m as at 31
December 2018 (31 December 2017: GBP31.1m).
Robert Walters, Chief Executive, commented:
"The Group delivered another strong set of quarterly results,
increasing net fee income by 13% year-on-year. Our Asia Pacific and
European businesses delivered standout performances with these
regions now accounting for 66% of global net fee income.
"Net fee income for the full year is up 15% and profit for the
year is expected to be comfortably in line with market
expectations."
The Group will publish its full year results for the year ended
31 December 2018 on 1 March 2019.
- Ends -
Further information
Robert Walters plc
Robert Walters, Chief Executive
Alan Bannatyne, Chief Financial
Officer +44 20 7379 3333
Portland Communications
Steffan Williams
Simon Hamer
Lauren Gallagher +44 20 7554 1600
About Robert Walters
Robert Walters is a market-leading international specialist
professional recruitment group with over 4,100 staff spanning 30
countries. We specialise in the placement of the highest calibre
professionals across the disciplines of accountancy and finance,
banking, engineering, HR, IT, legal, sales, marketing, secretarial
and support and supply chain and procurement. Our client base
ranges from the world's leading blue-chip corporates and financial
services organisations through to SMEs and start-ups. The Group's
outsourcing division, Resource Solutions is a market leader in
recruitment process outsourcing and managed services.
www.robertwalters.com
Forward looking statements
This announcement contains certain forward-looking statements.
These statements are made by the directors in good faith based on
the information available to them at the time of their approval of
this announcement and such statements should be treated with
caution due to the inherent uncertainties, including both economic
and business risk factors, underlying any such forward-looking
information.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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