Interim Results

Robert Walters PLC
18 September 2001

                                                           18th September 2001



                               ROBERT WALTERS PLC
                      INTERIM RESULTS FOR SIX MONTHS ENDED
                                30TH JUNE 2001

Robert Walters plc, the recruitment and HR outsourcing business, today
announced its interim results for the six months ended 30th June 2001.

Financial Highlights

- Net fee income up 21.0% to £34.8m (2000: £28.8m)

- Operating profit up 3.9% to £6.1m (2000: £5.9m*)

- Profit before tax up 6.7% to £6.2m (2000: £5.8m*)

- Operating cashflow £8.6m

- Earnings per share up 13.9% to 5.1p (2000: 4.5p*).

- Interim dividend of 1.05p (net)

*Before exceptional items




Key Highlights

- Acquisition of Dunhill Management Services Pty Limited completed 27th April
  2001

- April - new office opened in Manchester. July - London offices consolidated
  into one new office

- September - launch of Interim Leaders; a business focusing on senior interim
  management roles


Board Changes


- Timothy Barker appointed Chairman

- Peter Greenslade has decided to step down as Group Finance Director, to be
  succeeded by Ian Nash





Commenting on the results, Chief Executive, Robert Walters, said:

'Our interim results reflect the resilience of our business and highlight the
advantages of a good balance between contract and permanent recruitment, a
presence in a range of sectors, as well as a mix of UK and international
revenues. Our employees have responded impressively to tough markets and to
our initiatives on cost management.

'We are very positive about the prospects of the launch of Interim Leaders.
This is a new business, launched this month in the UK, specialising in
executive interim management roles. The business will be headed up by Andrew
Austin and Anthony Broadhead, who joined from Heidrick & Struggles, one of
the world's leading international search firms, where they were responsible
for building the interim management business, Protem.

'I am delighted to announce that Timothy Barker has been appointed Chairman.
Timothy has been a non-executive member of the Board since our flotation.

'I would also like to announce that Peter Greenslade has informed us of his
decision to step down from his role as Group Finance Director. Peter has
played a very important role in our business both prior to and since its
flotation and will be remaining with the Group on a consultancy basis until
the end of the year. I would like to welcome Ian Nash to the Board as our new
Group Finance Director. Ian joins us with over a decade's experience in the
recruitment sector, as the former Group Finance Director of Michael Page
Group Plc.'

Timothy Barker, Chairman, said:

'Trading conditions since 30th June have been more demanding. UK contract,
our largest profit contributor, has performed well. However overall, net fee
income for July and August was 6.5% below the same period last year driven by
the weakness in our IT businesses and Asia. The outlook for the full year is
uncertain, but our early action to control costs will be taking increasing
effect during the second half.

'We believe our business mix and response to tough market conditions will
allow the Group to emerge strongly when markets recover.'


                    - ends -






For further information please contact:
_________________________________________


Robert Walters plc                              [phone]

Robert Walters      Chief Executive
Philippa Brook      Director of Marketing


Brunswick

Patrick Handley                                 [phone]
Fiona Fong

Or visit our website at www.robertwalters.com


Notes to Editors:
_________________


Robert Walters plc
Robert Walters is a leading global recruitment consultancy, specialising in
placing high calibre professionals into permanent, contract and temporary
positions at all management levels. The group specialises in the accounting,
finance, banking, IT, management consultancy, general management, legal,
sales and marketing, human resources, call centre and support fields. Robert
Walters' blue-chip client base ranges across leading investment banks and
multi-national corporations covering all market sectors.

Established in 1985, Robert Walters has built a global presence with 23
offices spanning five continents. It employs over 1,000 staff world-wide.

In 1997, Robert Walters established its outsourcing division, Resource
Solutions, to provide HR consultancy and services. At the forefront of
recruitment outsourcing, Resource Solutions currently operates contracts
throughout Europe, Australasia, Asia and the US.



Board Changes
______________


All board changes take effect from 19th September 2001.

There are no details to be disclosed in relation to paragraph 6.F.2 (b) to
(g) of the listing rules in respect of these appointments.


Ian Nash
________


Ian Nash brings over a decade's senior management experience in the
recruitment sector. He was Group Finance Director at Michael Page Group Plc
for eleven years from 1988 to 1999, where he was responsible for both the
finance and IT functions within the group. He played a key role in the
expansion of the group's operations in the UK and overseas. He joined Michael
Page in 1986 as Financial Controller.

Most recently, Ian was Chief Financial Officer at Wheel, the largest new
media agency in the UK, where he was responsible for merging two new media
businesses and restructuring the new entity.



Chairman's Statement

I am very pleased, as the newly appointed Chairman of Robert Walters plc, to
be able to report on the Group's trading for the six months ended 30th June
2001.

Net fee income for the first six months of 2001 increased 21.0% to £34.8m
(first half 2000: £28.8m). Operating profit increased 3.9% to £6.1m (first
half 2000: £5.9m before exceptional items) and profit before tax increased
6.7% to £6.2m (first half 2000: £5.8m before exceptional items).

Earnings per share increased 13.9% to 5.1p (first half 2000: 4.5p before
exceptional items).

The Group's results reflect the benefits of our strong and experienced
management team and our permanent/contract business mix.

The acquisition of Dunhill Management Services Group Pty Limited, which was
completed on 27th April 2001, has delivered net fee income of £1.6m and
operating profit of £0.3m before goodwill amortisation. The integration and
re-branding programme is well underway and should be completed by the
year-end.

Resource Solutions, our outsourcing division, completed the web-enablement of
our on-site management software, Populus, during the first six months of the
year.



United Kingdom

Net fee income increased 8.5% to £19.8m (first half 2000: £18.2m). Operating
profit increased 17.0% to £5.0m (first half 2000: £4.3m before exceptional
items).

The UK Contract business has continued to perform well, although the market
conditions for the permanent IT and Banking businesses remain tough.

In September we announced the launch of a new business, Interim Leaders.
Specialising in senior interim management, this will be run by an experienced
team that has joined us from one of the world's leading international search
firms.


Australasia

Net fee income from the Robert Walters businesses (excluding Dunhill)
decreased 1.4% to £4.5m (first half 2000: £4.6m) with operating profit
falling to £0.1m (first half 2000: £0.6m). Net fee income from Dunhill
Management Services Pty Limited contributed £1.6m for the two months trading
since its acquisition on 27th April 2001. Its operating profit before
goodwill for the same period was £0.3m.

The integration and re-branding of Dunhill is well underway and should be
completed by the year-end. This acquisition has given us access to a further
six locations, increasing the Group's geographical coverage and enhancing
our market position, all of which is assisting us in our ability to win
national accounts.

Other International

Net fee income increased 50.6% to £8.9m (first half 2000: £5.9m). Operating
profit decreased 9.2% to £0.9m (first half 2000: £1.0m), reflecting the
investment in these regions.

The contribution from Asia has been affected by the initial impact of
building up our resources in this region and also the tightening market
conditions. We are confident, however, that Asia offers significant growth
opportunities.

The markets in Continental Europe were relatively stable. Whilst our outlook
remains cautious, we are experiencing increasing demand for our interim
management business in Brussels and Amsterdam.

The US office (which accounts for just over 2% of net fee income) traded
profitably for the first six months of 2001.


Cash Flow

Cashflow in the first six months of 2001 was strong with £8.6m generated from
operating activities.

After spending £4.2m cash on the acquisition of Dunhill Management Services
Pty Limited, the Group closed the half year with £6.5m cash.

Dividend

An interim dividend of 1.05p (net) is proposed and will be paid on 14th
November 2001 to those shareholders on the company's register on 19th October
2001. This represents the dividend that would have been paid at the interim
stage last year had the Company been listed for the full year.

Current Trading and Prospects

Trading conditions since 30th June have been more demanding. UK contract, our
largest profit contributor, has performed well but overall, net fee income
for July and August was 6.5% below the same period last year driven by the
weakness in our IT businesses and Asia. The outlook for the full year is
uncertain, but our early action to control costs will be taking increasing
effect during the second half.

We believe our business mix and response to tough market conditions will
allow the Group to emerge strongly, when markets recover.


                    - ends -

Consolidated Profit and Loss Account




  £'000                                      2001         2000           2000
                                        6 mths to    6 mths to     12 mths to
                                          30 June      30 June    31 December
                                        Unaudited    Unaudited        Audited
  Turnover
  Continuing Operations                   116,350       91,536        216,786
  Acquisitions                              3,175            -              -


                                __________________  ___________ ______________
                                          119,525       91,536        216,786
  Direct costs                           (84,711)     (62,768)      (153,267)
______________________________________________________________________________
  Gross profit                             34,814       28,768         63,519
  Administrative Expenses                (28,726)     (23,357)       (49,475)
______________________________________________________________________________
  Operating profit
  Continuing Operations
______________________________________________________________________________
  Before exceptional items                  5,917        5,862         15,506
  Operating exceptional items                 (-)        (451)        (1,462)
______________________________________________________________________________
                                            5,917        5,411         14,044
  Acquisitions                                171            -              -
  Profit on disposal of investment              -            -          4,056
______________________________________________________________________________
  Profit on ordinary activities             6,088        5,411         18,100
  before finance charges
  Finance income/(charges) (net)              140         (26)            152
______________________________________________________________________________
  Profit on ordinary activities             6,228        5,385         18,252
  before taxation
  Taxation                                (2,054)      (2,120)        (6,120)
______________________________________________________________________________
  Profit on ordinary activities             4,174        3,265         12,132
  after tax
  Dividends paid and proposed               (889)            -        (1,427)
______________________________________________________________________________
  Retained profit for the period            3,285        3,265         10,705
______________________________________________________________________________
  Earnings per share (note 3)                5.1p         4.1p          15.0p
______________________________________________________________________________


Consolidated Statement of Total Recognised Gains and Losses




  £'000                                      2001         2000           2000
                                        6 mths to    6 mths to     12 mths to
                                          30 June      30 June    31 December
                                        Unaudited    Unaudited   Audited

  Profit for the financial period           3,285        3,265        10,705
______________________________________________________________________________
  (Loss) gain on foreign currency           (106)          172           157
  translation
______________________________________________________________________________
  Total recognised gains for the            3,179        3,437        10,862
  year
______________________________________________________________________________



Consolidated Balance Sheet



  £'000                                      2001         2000           2000
                                          30 June      30 June    31 December
                                        Unaudited    Unaudited        Audited
  Fixed assets
  Intangible assets                         9,414            -              -
  Tangible assets                           7,147        3,228          3,618
  Investments                                 103          853            103
  Own shares held                           2,565            -          2,565
______________________________________________________________________________
                                           19,229        4,081          6,286


  Current assets

  Debtors                                  41,849       38,716         43,304
  Cash at bank and in hand                  6,502        2,939          9,813
______________________________________________________________________________
                                           48,351       41,655         53,117
  Creditors: amounts falling due         (24,758)     (20,776)       (23,125)
  within one year
______________________________________________________________________________
  Net current assets                       23,593       20,879         29,992
______________________________________________________________________________
  Total assets less current                42,822       24,960         36,278
  liabilities
  Creditors: amounts falling due                -          (7)              -
  after one year
  Provisions for liabilities and            (302)        (262)          (455)
  charges
______________________________________________________________________________
  Net assets                               42,520       24,691         35,823
  Capital and reserves
  Called-up share capital                  16,931       16,000         16,460
  Share premium                            82,804       76,510         79,757
  Merger reserve                         (83,379)     (83,379)       (83,379)
  Capital contribution                         44           44             44
  Capital reserve                           9,301        9,301          9,301
  Other reserves                            (529)        (408)          (423)
  Profit and loss account                  17,348        6,623         14,063
______________________________________________________________________________
  Equity shareholders' funds               42,520       24,691         35,823
______________________________________________________________________________



Consolidated Cashflow Statement



  £'000                                      2001         2000           2000
                                        6 mths to    6 mths to     12 mths to
                                          30 June      30 June    31 December
                                        Unaudited    Unaudited        Audited

  Net cash inflow from operating            8,584        2,808          7,273
  activities (see note 9)

  Returns on investments and                  140         (26)            151
  servicing of finance
  Taxation                                (3,047)      (1,668)        (5,159)
  Capital expenditure and financial       (3,573)      (1,468)        (5,087)
  investment
  Acquisitions and disposals              (4,205)        (122)          4,917
______________________________________________________________________________
 Equity Dividends paid                    (1,243)          -               -
  Cash inflow (outflow) before            (3,344)        (476)          2,095
  financing
  Financing                                     -        (582)          3,743
______________________________________________________________________________
 (Decrease)/Increase in cash in the       (3,344)      (1,058)          5,838
  period





1.      Accounting Policies
        There have been no changes to the accounting policies as set out in the
        2000 accounts of Robert Walters plc.

2.      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 2000 for
        Robert Walters plc 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 2001 is
        unaudited but has been reviewed by our auditors. Their report is
        attached on page 11.

        The financial information in respect of the period 30 June 2000 is
        unaudited.

3.      Earnings Per Share
        The calculation of earnings per ordinary share is based on the profit on
        ordinary activities after taxation and the weighted average number of
        ordinary shares of Robert Walters plc.

        Weighted average number of shares:




  £'000                                     2001          2000           2000
                                       6 mths to     6 mths to     12 mths to
                                         30 June       30 June    31 December
                                       Unaudited     Unaudited        Audited

  Shares in issue                     82,300,000    80,000,000     82,300,000
  Own shares held                    (1,299,016)                  (1,162,184)
  Shares issued on acquisition of        846,410
  Dunhill
______________________________________________________________________________
                                      81,847,394    80,000,000     81,137,816
______________________________________________________________________________


4.      Dividends
        An interim dividend of 1.05p (net) is proposed, (6 mths to June 2000:
        nil, 12 mths to 31 December 2000: 1.56p (net)).

5.      Acquisitions
        On 27 April 2001 the Dunhill Group was acquired for total consideration
        of £9,516,000. Goodwill of £9,495,000 (2000 - £nil) arose on the
        acquisition and is stated after charging amortisation of £81,000
        (2000 - £nil). This represents the excess of the consideration given
        over the provisional fair value of the identifiable assets and
        liabilities acquired. It has been capitalised and will be written off
        on a straight line basis over its useful economic life which is
        provisionally estimated to be 20 years.

6.      IT Strategy Costs
        Operating exceptional items of £451,000 and £1,462,000 (30 June and 31
        December respectively) in 2000 relate to consultancy costs for a Global
        Technology Strategy.

7.      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 2001         30 June 2000      31 December 2000
                  Turnover  Profit    Turnover    Profit   Turnover     Profit
                            Before                Before                Before
                            Tax                     Tax                   Tax


  United           85,227    3,884      66,338    3,261     158,639    12,620
  Kingdom
  Australasia      22,347      582      17,772      670      39,237     1,843
  Other Inter-     11,951    1,762       7,426    1,454      18,910     3,789
  national
______________________________________________________________________________
                   119,525    6,228      91,536    5,385     216,786    18,252
______________________________________________________________________________

8.      Corporation Tax
        Corporation tax of £2,054,000 (2000: £2,120,000) comprises UK corporate
        tax of £1,371,000 (2000: £1,200,000) at an effective rate of 30%
        (2000 -   30%) and overseas corporation tax of £683,000
        (2000: 920,000).

9.      Cashflow
        Reconciliation of operating profit to net cashflow from operating
        activities:



  £'000                                      2001         2000           2000
                                        6 mths to    6 mths to     12 mths to
                                          30 June      30 June    31 December
                                        Unaudited    Unaudited        Audited
  Operating profit                          6,088        5,411         14,046
  Depreciation charges                        791          536          1,217
  Profit on sale of fixed assets                -            -           (14)
  Decrease/(increase) in debtors            1,111      (6,823)       (10,811)
  Increase in creditors                       594        3,684          2,835
______________________________________________________________________________
  Net cashflow from operating               8,584        2,808          7,273
  activities
______________________________________________________________________________







  £'000                                      2001         2000           2000
                                        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      (3,344)      (1,058)          5,838
  year
  Hire Purchase contract repaid                 -            -             10
  Cash Flow from decrease in debt               -        5,768            666
______________________________________________________________________________
  Change in net debt resulting from       (3,344)        4,710          6,514
  cash flows
  Non cashflows resulting from                  -            -          9,119
  decrease in debt
  Translation differences                      33           10           (12)
______________________________________________________________________________
 Movement in net debt in                 (3,311)        4,720         15,621
  year/period
______________________________________________________________________________
  Opening net funds (debt)                  9,813      (1,791)        (5,808)
  Closing net funds                         6,502        2,929          9,813
_____________________________________________________________________________




10.     Registered Office
        55 Strand
        London
        WC2N 5WR


Independent Review Report to Robert Walters plc


Introduction

We have been instructed by the company to review the financial information
for the six months ended 30 June 2001 set out on pages 6 to 10. We have read
the other information contained in the interim report and considered whether
it contains any apparent misstatements or material inconsistencies with the
financial information.


Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the
Listing Rules of the Financial Services Authority which require that the
accounting policies and presentation applied to the interim figures should be
consistent with those applied in preparing the preceding annual accounts
except where any changes, and the reasons for them, are disclosed.


Review work performed

We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom.
A review consists principally of making enquiries of group management and
applying analytical procedures to the financial information and underlying
financial data and based thereon, assessing whether the accounting policies
and presentation have been consistently applied unless otherwise disclosed. A
review excludes audit procedures such as tests of controls and verification
of assets, liabilities and transactions. It is substantially less in scope
than an audit performed in accordance with United Kingdom Auditing Standards
and therefore provides a lower level of assurance than an audit. Accordingly
we do not express an audit opinion on the financial information.


Review Conclusion

On the basis of our review, we are not aware of any material modifications
that should be made to the financial information as presented for the six
months ended 30 June 2001.

Arthur Andersen
Chartered Accountants
180 Strand
London
WC2R 1BL
September 2001