International recruitment firm Robert Walters (RWA: LSE) reported revenue today for the six months ended 30 June 2019 of £634.5 million, up 1% in constant currency and reported rates, when compared to the previous year.

The group reported weakness in the UK due to political and economic uncertainty. This was offset by international growth

Robert Walters said profit before taxation performance remains in line with market expectations for the full year.

Earlier this month, the group reported net fee income for the second quarter, reporting an increase of 7% and 5% in constant currency.

Revenue by Geography

In Asia, Japan and Korea reported good growth and in South East Asia, Malaysia, Thailand and the Philippines were the most notable performers. Australia saw single digit net fee income growth in constant currency and a mixed state by state performance. The group added that its business in New Zealand continues to be a market leader. Resource Solutions continued to grow net fee income in the region.

France, the largest business in the Europe region, bounced back strongly from the gilet jaunes (yellow vest) political protest which impacted the first quarter, resulting in a 12% increase (constant currency) in net fee income for the first half. The Benelux business performed well across permanent, contract and interim, and Spain goes from strength to strength growing both net fee income and operating profit by more than 15% in constant currency. Germany grew both net fee income and operating profit in excess of 40% in constant currency.

In the UK, political and economic uncertainty related to Brexit increasingly impacted client and candidate confidence as the period progressed. Resource Solutions delivered single digit growth in net fee income.

Other International comprises the Americas, Middle East and South Africa.

Robert Walters, Chief Executive, commented, "The group produced a solid first half performance, increasing operating profit by 6% (4% in constant currency) to a first half record of £21.9 million despite political and economic uncertainty in some of the group's markets. We are particularly encouraged by double digit net fee income growth in Japan and France, the group's two largest markets.”

 "Our ability to produce this profitable growth is testament to the diversity the group now has internationally, with a footprint spanning 31 countries, as well as the breadth of our offering to clients and candidates covering permanent, contract and interim recruitment and recruitment process outsourcing,” Walters said.

Looking ahead, Walters said, “Trading remains in line with market expectations for the full year and the group is well positioned to continue to maximise market opportunities as they arise."

As of last trade, Robert Walters traded at £524.00, up 6.94% on the day and 17.30% above the 52 week low of £446.70 set on 19 July 2019. Based on its current share price the company has a market value of £372.06 million.