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Gross profit up 13% at global staffing firm Robert Walters

January 10, 2019

Robert Walters plc, a UK-based global staffing provider, reported gross profit rose 13% in constant currency during the fourth quarter, with Asia Pacific and Europe posting the strongest growth.

The company, which has operations in the US, noted investment in expanding its global footprint has continued with entry into Chile and the Czech Republic.

US operations are included in the firm’s “other international” category that also includes Brazil, Canada, South Africa and the Middle East; net fee income in this division fell 5% in constant currency.

(£ millions) Q4 2018 Q4 2017 % change % change (in constant currency) Q4 2018 (US$ millions)
Asia Pacific £40.0 £33.6 19% 19% $50.8
Europe £27.6 £22.6 22% 22% $35.0
UK £26.8 £26.2 2% 2% $34.0
Other international £7.9 £8.1 -2% -5% $10.0
Total £102.3 £90.5 13% 13% $129.8

“The group delivered another strong set of quarterly results, increasing net fee income by 13% year-on-year,” Chief Executive Robert Walters said. “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.”

Japan, Indonesia, Taiwan, the Philippines and mainland China delivered the strongest growth, with net fee income increasing by more than 25% in each region. The company also noted strong performance across Australia, with net fee income increasing by 13%, the highest rate of growth for two years.

In Europe, the company reported “excellent performance” continued across the region with all markets delivering net fee income growth. Germany, Switzerland, Spain and the Netherlands all increased net fee income in excess of 25%, and Belgium and France delivered record performances.

Shares in Robert Walters were up 0.72% at £560.00 at 11:35 a.m. Eastern time.