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Professional recruiter Robert Walters (RWA:LSE) today reported that gross profit in the first three months of the year rose by +5% in constant currency, helped by growth across all regions. Gross profit in the period overall increased to £46.6 million from £44.7 million a year ago.
Chief executive, Robert Walters, said the firm had performed in line with expectations. “We continue to build our position in disciplines outside of banking and closely manage our cost base.
“Having already opened offices in Dubai and Ghent in the first quarter, the group will not be opening any further offices this year. We have opened 17 new offices over the last 3 years, and are now focused on consolidating this investment and increasing productivity from these new and exciting businesses.”
During the first quarter in the UK, the firm’s domestic market, gross profit was up +7% to £12.7 million while elsewhere in Europe profits rose +1% in constant currency to £10.2 million.
The firm generates the majority of its gross profit from the Asia Pacific region which posted growth of +3%, in constant currency, as profits increased to £22.1 million. In the Americas and South Africa, gross profit nearly doubled from £1.1 million to £1.6 million.
Robert Walters, one of the 50 largest staffing firms in the world, has continuously reported tough trading conditions in its banking segment. It therefore implemented measures to diversify its business offerings, including sales & marketing, oil & gas, engineering and supply chain & procurement. 85% of the firm’s gross profit is now generated outside financial services.
In early trading, the company’s share price rose by a marginal +0.1% to 221 pence, down -13% from a year ago. Based on its stock price, Robert Walters has a market value of £169.29 million.