International recruitment firm Robert Walters (RWA: LSE) reported its half-year financial results for the six months ended 30 June 2018. Revenue was up 13% in constant currency to £625.9 million.

Robert Walters reported that 72% of the group's gross profit (net fee income) was derived from its international businesses. This compares to71% in 2017.

The company said all regions delivered increases in both net fee income and operating profit.

Robert Walters, Chief Executive, commented, "The group delivered record first half profits, in line with recently increased market expectations, growing profit before tax by 32% (35% in constant currency (CC)) year-on-year. Growth was strong and broad-based across all regions and our permanent, contract, interim and recruitment process outsourcing revenue streams.”

Revenue by geography was broken down as follows.

In Asia Pacific, net fee income increased by 8% (15% CC) to £73.1 million and reported an increase of 19% (28% CC) in operating profit to £9.2 million.

In Asia, the group said its performance was strong across both emerging and established recruitment markets. In Japan, the group's most profitable market, Robert Walters delivered a record performance with operating profit increasing by over 25% (CC) fuelled by continued strong demand for bilingual professionals. Taiwan also grew profits in excess of 25% (CC) while Indonesia and Vietnam more than doubled operating profit. Hong Kong reported record results, Singapore had a more positive first half despite challenging market conditions and the Resource Solutions division (MSP and RPO) continued to grow its client portfolio across the region. Both Australia and New Zealand delivered operating profit growth of more than 35% (CC).

In the UK, net fee income increased by 9% to £52.6 million and the company reported a 5% increase in operating profit to £4.2 million. Resource Solutions continued to grow net fee income and successfully expanded its service offering across a number of key client accounts.

“In the UK, we have delivered good growth across several different disciplines and locations. We continue to see good activity levels across the UK regions particularly in technology, where we have over the last few years developed a very strong offering, and commerce finance,” the group stated.

In Europe, net fee income increased by 29% (26% CC) to £48.9 million and reported a 62% (57% CC) increase in operating profit to £7.1 million. Seven of the region's eight markets delivered record performances with France, the region's largest business, Germany, Spain and Switzerland all delivering operating profit uplifts in excess of 40% (CC).

Other International, which comprises North America, Brazil, the Middle East and South Africa, reported an increase of 29% (40% CC) in net fee income and produced an operating profit of £0.2 million, up from 0.1 million last year.

“In North America, our businesses in New York and Toronto, in particular, delivered standout first half results and we continue to invest in additional headcount to support growth opportunities. The Middle East and Brazil also delivered good performances increasing net fee income by 31% (CC) and 47% (CC), respectively, while our business in South Africa was flat year-on-year,” the group stated.

Looking ahead, Walters commented, "We enter the second half of 2018 with confidence and we have increased the interim dividend by 45%. The group's platform for growth continues to be strong, across both emerging and well-established markets and disciplines, and we are well positioned to further capitalise on market opportunities as they arise."

As of last trade Robert Walters traded at £775.60, up 1.78% on the day and 2.32% below its 52-week high of £794.00, set on 4 July 2018. Based on its current share price the company has a market value of £581.70 million.