Q2 Trading Update

RNS Number : 9636G

Robert Walters PLC

05 July 2012

 



5 July 2012

ROBERT WALTERS PLC

Trading update for the second quarter ended 30 June 2012

  FINANCIAL AND OPERATIONAL HIGHLIGHTS

Gross Profit (Net Fee Income)	Q2 2012	Q2 2011	% change	% change (constant currency*)
Asia Pacific	£23.9m	£25.1m	(5%)	(6%)
UK	£12.1m	£12.1m	0%	N/A
Europe	£10.0m	£10.5m	(5%)	+3%
The Americas and South Africa	£1.6m	£1.5m	+4%	+10%
Group	£47.6m	£49.2m	(3%)	(2%)

·     Stable second quarter performance against deteriorating market.

·     Asia Pacific impacted by banking sector slowdown; successful diversification into other disciplines expected to deliver return to growth in the second half.

·     Resource Solutions, the Group's recruitment outsourcing business, performed strongly.

·     Europe was impacted by ongoing Eurozone financial and political uncertainty, although France and Germany produced net fee income growth.

·     Three new offices opened during the period - Milton Keynes, Parramatta and Rio de Janeiro. The Group now has 51 offices in 23 countries.

·     Balance sheet remains strong, with net cash of £4.5m as at 30 June 2012 (30 June 2011: £10.7m).

·     Group headcount of 2,159 (31 December 2011: 2,047).

Robert Walters, Chief Executive, commented:

"We have delivered a stable performance against a backdrop of deteriorating conditions in the global financial markets.  This has been achieved by a long term strategy of investing in territories that offer the best growth prospects and we are also ensuring that we maintain a leading position in our more established markets.  We are continuing with this strategy with new offices opened in the UK, Australia and Brazil.

"We have a strong balance sheet and an experienced management team. We will continue to maintain our presence in the territories where market conditions are challenging, whilst also investing in the business for the long term to take advantage of growth opportunities in new and emerging markets."

The Group will publish its Half-yearly Financial Results for the six months ended 30 June 2012 on 2 August 2012.

 * Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.

ENQUIRIES:

Robert Walters plc	[phone]
Robert Walters, Chief Executive
Alan Bannatyne, Group Finance Director
Pelham Bell Pottinger
James Henderson	[phone]
	[e-mail]
Archie Berens	[phone]
	[e-mail]

 

END

 

 

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