Interim Results

Robert Walters PLC
11 September 2000


ROBERT WALTERS plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED
30th June 2000

Robert Walters plc, the recruitment and HR outsourcing business, today
announced its interim results for the six months ended 30th June 2000.

FINANCIAL HIGHLIGHTS
*  Gross profit (net fee income) up 30.3% to £28.8 million (1999 - £22.1
   million)
*  Operating profit before exceptional items* up 11.2% to £5.9 million (1999
   - £5.3 million)
*  Profit before tax before exceptional items* increased 14.1% to £5.8
   million (1999 - £5.1 million)
*  Earnings per share up 17.7% to 4.1 pence (1999 - 3.5 pence)

* These are operating exceptional items of £0.5 million relating to the IT
project consultancy fee as outlined in the prospectus

OPERATIONAL HIGHLIGHTS
*  Successful execution of accelerated hiring policy in the second quarter,
   focused on IT and Asia
*  Staff numbers increased to 779 (June 30th 2000)
*  Strong growth in Resource Solutions outsourcing contracts from 45
   (December 31st  1999) to 55 (June 30th 2000)
*  Internet and technology programme on track

Commenting on the results, Chief Executive Robert Walters said:

'After our recent return to the London market, I am pleased to report a very
strong set of interim results. Our performance has enabled us to support a
rapid expansion of our staffing infrastructure to meet the current and
expected growth across our businesses. This recruitment programme has been
particularly successful in IT and Asia. The strength of our business and our
raised profile as a result of the IPO has enabled us to attract high quality
people.

'Resource Solutions, the human resources outsourcing and consultancy services
division of the Group, has continued to grow in the half year and now has 71
outsourcing contracts in Europe, Asia Pacific and the US.

'The strategic review of our internet and technology offering is complete. We
are now at the design phase of creating our global database and the build
phase of the web-enabling of our HR outsourcing business.



'The Board is actively reviewing a number of acquisition opportunities aimed
at broadening the range of our professional markets and our geographical
reach.

'The Group's trading in July and August has been in line with expectations and
we are experiencing strong trading conditions across all our businesses. We
are already seeing the benefits of the hiring initiative and this will be
reflected in our performance in the second half.'

For further information please contact:

Robert Walters plc                                   [phone]

Robert Walters, Chief Executive/Philippa Brook, Director of Marketing

Brunswick                                            [phone]

Patrick Handley/Deborah Done

Or visit our website at www.robertwalters.com

Chairman's Statement

The trading result for the first half of 2000 showed an increase in gross
profit of 30.3% to £28.8m (first half 1999:  £22.1m) and an increase in
operating profit before operating exceptional costs of 11.2% to £5.9m (first
half 1999:  £5.3m).  Profit before tax and operating exceptional items
increased 14.1% to £5.8m (first half 1999:  £5.1m).  Earnings per share
increased 17.7% to 4.08p (first half:  1999 3.47p based on 80.0m shares
notionally issued).

The Board looks forward to a successful future as a listed company and to
growing both organically and via acquisition over the coming years.

Chief Executive's Statement

July 2000 saw our successful return to the London stock market.  On 20 June
2000 we published in the prospectus our forecast of profit before tax of £5.3m
for the half year to 30 June.  We achieved £5.4m.

The geographical breakdown of this £5.4m is as follows:

                                        6 mths     6 mths
                                       30 June    30 June
                                          2000       1999
                                         £'000      £'000
United Kingdom                           3,261      2,763
Australasia                                670        617
Other International                      1,454        908

The percentage of profit from non-UK business has risen from 36% to 39%.

We are experiencing strong growth in both the recruitment and HR outsourcing
components of the Group and as a consequence initiated an aggressive hiring
policy resulting in staff numbers increasing to 779 as at 30 June 2000.

The Group's trading in July and August has been in line with expectations and
we are experiencing strong trading conditions across all our businesses.  We
are already seeing the benefits of the hiring initiative and this will be
reflected in our performance in the second half.

Resource Solutions, the human resources outsourcing and consultancy services
division of the Group, has continued to grow in the half year and now has 71
outsourcing contracts in Europe, Asia Pacific and the US.

We have now completed a strategic review of our technology and internet
offering and the first design and build projects have begun.  The flotation
raised £3.7m to fund the implementation of these projects to web-enable our HR
outsourcing software and to build a global database.

The exceptional operating cost of £0.5m in the half year to June reflects the
cost of the strategic review.

Since June the Group has disposed of its shareholding in Stepstone ASA
realising cash of £5.2m and a profit after tax of approximately £3.0m.

The Board is actively reviewing a number of acquisition opportunities aimed at
broadening the range of our professional market and our geographical reach.

Consolidated Profit and Loss Accounts

£'000                                     2000         1999          1999
                                     6 mths to    6 mths to    12 mths to
                                       30 June      30 June   31 December
                                     Unaudited    Unaudited       Audited
Turnover                                91,536       85,877       178,490
Direct costs                          (62,768)     (63,795)     (130,728)
                                  ____________  ___________  ____________
Gross profit                            28,768       22,082        47,762
Administrative expenses               (23,357)     (17,641)      (36,310)
                                  ____________  ___________  ____________
Operating profit                                                         
  Before exceptional items               5,862        5,270        12,552
  Operating exceptional items            (451)        (829)       (1,100)
                                         5,411        4,441        11,452
Finance charges (net)                     (26)        (153)         (233)
                                  ____________  ___________  ____________
Profit on ordinary activities                                            
before taxation                          5,385        4,288        11,219
Taxation                               (2,120)      (1,515)       (4,026)
                                  ____________  ___________  ____________
Retained profit for the period           3,265        2,773         7,193
                                  ============  ===========  ============
Earnings per share (note 4)              4.08p        3.47p         8.99p

Consolidated Statement of Total Recognised Gains and Losses

£'000                                     2000         1999          1999
                                     6 mths to    6 mths to    12 mths to
                                       30 June      30 June   31 December
                                     Unaudited    Unaudited       Audited
Profit for the financial period          3,265        2,773         7,193
Gain (Loss) on foreign currency                                          
translation                                172          253         (129)
                                  ____________  ___________  ____________
Total recognised gains for the                                           
year                                     3,437        3,026         7,064
                                  ============  ===========  ============

Consolidated Balance Sheets

£'000                                     2000         1999          1999
                                       30 June      30 June   31 December
                                     Unaudited    Unaudited       Audited
Fixed assets                                                             
Tangible assets                          3,228        2,553         2,311
Investments                                853          213           731
                                   ___________  ___________  ____________
                                         4,081        2,766         3,042
Current assets                                                           
Debtors                                 38,716       34,751        32,455
Cash at bank and in hand                 2,939        7,535         3,987
                                   ___________  ___________  ____________
                                        41,655       42,286        36,442
                                                                         
Creditors:  amounts falling due                                          
within one year                       (20,776)     (35,781)      (27,121)
                                   ___________  ___________  ____________
Net current assets                      20,879        6,505         9,321
                                   ___________  ___________  ____________
Total assets less current                                                
liabilities                             24,960        9,271        12,363
Creditors:  Amounts falling due                                          
after one year                             (7)         (14)           (7)
Provisions for liabilities and                                           
charges                                  (262)        (252)         (252)
                                   ___________  ___________  ____________
Net assets                              24,691        9,005        12,104
                                    ==========  ===========  ============
Capital and reserves                                                     
Called up share capital                 16,000       16,000        16,000
Share premium                           76,510       67,391        67,391
Merger difference                     (83,379)     (83,379)      (83,379)
Capital contribution                        44           13            13
Capital reserve                          9,301        9,301         9,301
Other reserves                           (408)        (198)         (580)
Profit and loss account                  6,623        (123)         3,358
                                   ___________  ___________  ____________
Equity shareholders' funds              24,691        9,005        12,104
                                    ==========  ===========  ============

Consolidated Cashflow Statements

£'000                                     2000         1999          1999
                                     6 mths to    6 mths to    12 mths to
                                       30 June      30 June   31 December
                                     Unaudited    Unaudited       Audited
Net cash inflow from operating                                           
activities (see note 7)                  2,808        3,437        10,253
Returns on investments and                                               
servicing of finance                      (26)        (153)         (233)
Taxation                               (1,668)        (136)       (5,229)
Capital expenditure and financial                                        
investment                             (1,468)        (351)         (777)
Acquisitions                             (122)            -       (1,650)
Equity Dividends paid                        -      (8,009)       (8,009)
                                    __________  ___________  ____________
Cash inflow/(outflow) before                                             
financing and management of                                              
liquid resources                         (476)      (5,212)       (5,645)
Financing                                (582)        7,041         3,916
                                    __________  ___________  ____________
(Decrease)/Increase in cash in                                           
the period                             (1,058)        1,829       (1,729)
                                    ==========  ===========  ============

1. Basis of Compilation

  The reorganisation steps listed in the prospectus dated 20 June 2000
  qualify as a group reconstruction under Financial Reporting Standard 6,
  'Acquisitions and Mergers'.  Accordingly for the purposes of this financial
  information the principles of merger accounting have been applied and
  Robert Walters plc and SAI Holdings BV have been accounted for as if they
  had been in this group relationship throughout the period covered by this
  financial information.
  
  The capital structure does not take into effect the additional 2.3 million
  shares issued on listing on 7 July 2000.
  
2. Accounting Policies

  There have been no changes to the accounting policies as set out in the
  1999 accounts of Robert Walters Operations Limited or as in the prospectus
  dated 20 June 2000.
  

3. Accounts

  The financial information set out in this document does not constitute
  statutory accounts within the meaning of Section 240 of the Companies Act
  1985.  Statutory accounts for the year ended 31 December 1999 for Robert
  Walters Operations Limited on which the auditors gave an unqualified
  report, have been delivered to the registrar of companies.
  
  The financial information in respect of the period ended 30 June 2000 is
  unaudited but has been reviewed by our auditors.  Their report is attached
  on page 8.
  
  The financial information in respect of the period 30 June 1999 is
  unaudited.
  
4. Earnings Per Share

  Earnings per share has been calculated on the profit on ordinary activities
  after taxation and on 80,000,000 ordinary shares in issue and ranking for
  dividend.
  
5. Dividends

  No interim dividend is proposed.
  
6. Segmental Information

  Turnover for the Group is derived from the continuing principal activity of
  the placing of permanent and contract professional staff and is exclusive
  of VAT.
  
  Analysis by origins is as follows:

£'000                     6 mths to          6 mths to           12 mths to
                       30 June 2000       30 June 1999     31 December 1999
                             Profit             Profit               Profit
                             Before             Before               Before
                   Turnover     Tax   Turnover     Tax  Turnover        Tax
United Kingdom       66,338   3,261     66,371   2,763   137,961      7,141
Australasia          17,772     670     15,535     617    31,478      1,878
Other                                                                      
International         7,426   1,454      3,971     908     9,051      2,200
                  _________  ______  _________ _______  ________  _________
                     91,536   5,385     85,877   4,288   178,490     11,219
                  =========  ======  ========= =======  ========  =========

7. Cashflow

Reconciliation of operating profit to net cashflow from operating activities:

£'000                                       2000        1999           1999
                                       6 mths to   6 mths to     12 mths to
                                         30 June     30 June    31 December
                                       Unaudited   Unaudited        Audited
Operating profit                           5,411       4,441         11,452
Depreciation charges                         536         416            968
Profit on sale of fixed assets                 0          60            168
Increase in debtors                      (6,823)     (1,326)        (1,006)
Increase/(decrease) in creditors           3,684       (154)        (1,329)
                                  ______________  __________  _____________
Net cashflow from operating                                                
activities                                 2,808       3,437         10,253
                                  ==============  ==========  =============

£'000                                       2000        1999           1999
                                       6 mths to   6 mths to     12 mths to
                                         30 June     30 June    31 December
                                       Unaudited   Unaudited        Audited
Analysis of changes in net funds                                           
Increase/(decrease) in cash in                                             
the year                                 (1,058)       1,829        (1,729)
Cash Flow from                                                             
(increase)/decrease in debt                5,768     (7,321)        (5,524)
                                  ______________  __________  _____________
Change in net debt/cash                                                    
resulting from cash flows                  4,710     (5,492)        (7,253)
Translation differences                       10        (22)           (31)
                                  ______________  __________  _____________
Movement in net debt in                                                    
year/period                                4,720     (5,514)        (7,284)
Opening net debt                         (1,791)       5,493          5,493
                                  ______________  __________  _____________
Closing net debt                           2,929        (21)        (1,791)
                                  ==============  ==========  =============

8. Registered Office

  25 Bedford Street
  London
  WC2E 9ES