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UK – Robert Walters reports third quarter growth

08 October 2013

Recruitment firm Robert Walters (RWA: LSE) announced net fee income of £51.9 million for the third quarter ending 30 September 2013, an increase of +7% compared with a net fee income of £48.4 million last year. On an organic basis, net fee income increased by +10%, year-on-year.

Robert Walters, the company’s Chief Executive, commented: “The Group produced another encouraging performance in the third quarter and we continue to trade in line with expectations. The positive signs noted across some markets, which we highlighted in our recent half year results, have continued, albeit at a measured pace.”

“We remain mindful of the mixed nature of global market conditions and current economic and political volatility; however, we continue to focus on generating increased productivity from our existing businesses and firmly believe that the Group is well positioned to benefit from a sustained recovery,” he concluded.

Robert Walter’s largest region by net fee income, Asia-Pacific reported net fee income of £23.7 million, down by -1% from £24 million last year. On an organic basis, net fee income in the region increased by +7%, year-on-year. Excluding Australia, where market conditions remain challenging, the region reported double-digit organic growth. This was as a result of strong performances in Japan and Malaysia. 

The UK reported the biggest year-on-year net fee income growth of +21%. During Q3 2013 the Group reported net fee income of £15.8 million, up from £13.1 million a year ago. The strong growth was underpinned by the performance of the Group’s Resource Solutions business segment. 

Europe reported a +8% increase in net fee income to £10.3 million during Q3 2013, up from £9.5 million in 2012. Organically, net fee income for the region remained static.

The Group’s ‘Other International’ region reported a +19% growth in net fee income to £2.1 million, up from £1.8 million last year. Organically, net fee income for the period rose +33%, year-on-year. ‘Other International’ comprises of the US, South Africa, Brazil, and the Middle East.

In trading today, the company’s share price increased +0.65% to £3.12, an increase of +60.5% compared with a year ago. Based on its share price, the company has a current market value of £238.3 million. 

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