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View All NewsUK – Robert Walters achieves net fee income growth in all regions
International recruitment firm Robert Walters (RWA: LSE) today reported net fee income for the third quarter ending 30 September 2015 of £60.4 million, an increase of 11% in constant currency (CC) compared with £56.8 million during the same period last year.
The company operates in four primary geographies, with net fee income during the third quarter broken down as follows:
Q3 2015 | Q3 2014 | Change | CC | |
Asia Pacific | £24.5 million | £24.3 million | +1.0% | +9.0% |
UK | £21.5 million | £18.9 million | +14.0% | +14.0% |
Europe | £11.4 million | £10.8 million | +5.0% | +15.0% |
Other International | £3.0 million | £2.8 million | +8.0% | +4.0% |
Group | £60.4 million | £56.8 million | +6.0% | +11.0% |
In the UK, Robert Walters’ home market, the company achieved its strongest rates of growth in the financial services and legal sectors. Resource Solutions delivered a number of new client wins during the period and continued to produce strong net fee income growth.
In Asia Pacific, standout performances were reported in the region’s emerging markets; most notably Indonesia, Taiwan, Korea, and Vietnam. The Group’s larger and well-established businesses in Asia, particularly Japan, Hong Kong, Thailand, and Malaysia also produced solid results. Australia delivered its fourth consecutive quarter of constant currency net fee income growth.
Good performances in the Netherlands, Belgium, Spain, and Ireland resulted in strong constant currency growth of 15% in Europe. Contract recruitment in France continued to be active, while permanent recruitment remained muted.
The company’s Other International region comprises the UK, Middle East, South Africa, and Brazil.
Robert Walters, eponymous CEO, commented: "The Group has enjoyed another positive quarter of double-digit net fee income growth in constant currency. Both our emerging market and more well-established recruitment businesses continue to perform well, as has Resource Solutions, the Group's recruitment process outsourcing business.”
"The outlook for the fourth quarter remains positive, with current trading in line with our expectations. The Group remains confident of its prospects for the full year," he concluded.
In trading today, the company’s share price decreased by 2.8% to £4.28, an increase of 43.3% compared with a year ago. Based on its current share price, the company has a market value of £330.5 million.