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UK – Robert Walters' gross profit up by +23%

06 April 2011

Group gross profit (net fee income) was up by +23% from 32.6 million Pounds in Q1 2010 to 40.1 million Pounds in Q1 2011 at staffing group Robert Walters Plc (RWA:LSE). In constant currency, group gross profit was up by +21%.

Today's interim management statement for the first quarter ended 31 March 2010 reveals that in the UK gross profit was up by +10% from 10.1 million Pounds in Q1 2010 to 11.1 million Pounds in Q1 2011.

In Continental Europe, gross profit was up by +32% from 6.7 million Pounds in Q1 2010 to 8.9 million Pounds in Q1 2011. In constant currency, it was up by +37%.

In Asia Pacific, gross profit was up by +29% from 14.9 million Pounds in Q1 2010 to 19.3 million Pounds in Q1 2011. In constant currency, it was up by +23%.

In the Americas and South Africa, gross profit was down by -12% from 1 million Pounds in Q1 2010 to 0.9 million Pounds in Q1 2011. In constant currency, it was also down by -12%.

The group's net cash position improved from 15.6 million Pounds as at 31 March 2010 to in excess of 20 million Pounds as at 31 March 2011.

Group headcount was up from 1,735 at the end of Q4 2010 to 1,838 at the end of Q1 2011.

During Q1 2011 a new office was opened in Sydney, which takes the total number of offices to 43 across 20 countries.

Robert Walters, Chief Executive, commented "Group net fee income is up +23% year-on-year in the first quarter, with Europe and Asia Pacific delivering a solid performance. Following the recent events in Japan, I am pleased to say that our Japanese business is now operational, although it may be some time before market conditions fully recover."
 
"As stated in our recent year-end results, the outlook for the year remains broadly positive. We continue to pursue our strategy of international expansion and diversification, having chosen Brazil, China and Germany as new markets providing strong opportunities for growth."

In early trading Robert Walters's shares were up by +2.36% to 315 Pence.

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