Robert Walters (RWA: LSE), the international recruitment firm, reported revenue for the year ending 31 December 2014 of £679.6 million, an increase of 13.7% (19% in constant currency (CC)) compared with £597.7 million in 2013.

Robert Walters, eponymous Chief Executive, commented: “We delivered an excellent performance in 2014, increasing profit before tax by 80%. This is testament to the strength, depth, and diversity that the Group now as in terms of both geography and discipline.”

“Early trading in 2015 has been in line with expectations. Whilst we are mindful of continued Eurozone uncertainty, we believe we are very well positioned to capitalise on both current and future growth,” he added.

In terms of business segment, Robert Walters’ achieved the strongest growth from its recruitment process outsourcing (RPO) business, while recruitment revenue growth was more muted.

 Geographically, Robert Walters achieved strong growth in the UK, with more modest revenue growth in Europe. The only region in which the company reported a decrease in revenue was Asia Pacific. 

The UK, Robert Walters’ home market, accounted for 33% of group net fees during 2014. Revenue during the year rose by 32.3% to £311.9 million, while net fees increased by 24% to £71.1 million, up from £57.2 million a year ago.

According to the company’s financial statement, the UK had an excellent year as both client and candidate confidence continued to improve. Growth was broad-based and spread across both London and the regions, with disciplines; such as commerce finance, legal, and sales & marketing delivering particularly strong performances. Also of note was the beginning of a recovery in the permanent financial services market in London, with recruitment levels across risk, compliance, and projects particularly high.

Asia Pacific, which accounted for 42% of net fee income during 2014, achieved constant currency net fee income growth of 8% to £90.5 million. The region also delivered a constant currency operating profit increase of 59% to £10.5 million.

In Asia, Robert Walters benefitted from strong growth in their larger, more mature markets in Japan, Singapore, and Hong Kong. The company also reported seeing positive returns from recent investments in a number of the region’s emerging recruitment markets. The company’s operation in Malaysia, Thailand and Vietnam delivered excellent net fee income growth and demonstrating the capacity to grow into substantial businesses.

Australia returned to growth in the fourth quarter and in New Zealand, the company’s businesses in Auckland and Wellington both delivered record performances.

Net fee income in Europe increased by 10% on a constant currency basis to £43.8 million, and the operating profit grew 73% to £2.2 million.

Market conditions across the Eurozone were mixed. In France, the company’s largest business in Europe, the permanent recruitment market remained challenging while the contract recruitment business produced excellent growth.

Recruitment activity across the Benelux countries was more favourable with the business in Belgium the standout performer across both the permanent and contract markets. Germany remains a key growth market for the group. Strong performances have also been noted in some smaller markets, including Spain and Ireland.

For "Other International” which encompasses the US, South Africa, the Middle East, and Brazil. revenue rose by nearly a quarter to £9.9 million, with net fee income increasing by 35% in constant currency.

Robert Walters’ US business reported a record year in both San Francisco and New York. Similarly to London, New York’s permanent financial services market has seen some recovery, with areas such as compliance particularly active. The technology-driven San Francisco market remains extremely buoyant.

The company’s offices in Dubai more than doubled net fee income in 2014, compared with a year ago, while net fee income grew strongly in South Africa. Client and candidate confidence in Brazil, however, remains low. 

In early trading today, the company’s share price rose slightly by 0.1% to £3.44, an increase of 1.6% compared with a year ago. Based on its current share price, the company has a market value of £265.2 million.