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UK — Robert Walters sees marked acceleration in recruitment activity in Q2

07 July 2010

Robert Walters Plc (RWA:LSE), the staffing and recruitment process outsourcing (RPO) group, today announces a trading update for the second quarter ended 30 June 2010.

Group net fee income (gross profit) was up by +59% from 24.9 million Pounds in Q2 2009 to 39.7 million Pounds in Q2 2010. In constant currency it was up by +51%.


UK net fee income was up by +36% from 8.5 million Pounds in Q2 2009 to 11.6 million Pounds in Q2 2010.

European net fee income was up by +25% from 6.2 million Pounds in Q2 2009 to 7.8 million Pounds in Q2 2010. In constant currency it was up by +29%.

Asian/Pacific net fee income was up by +99% from 9.8 million Pounds in Q2 2009 to 19.5 million Pounds in Q2 2010. In constant currency it was up by +75%.

US, South African and South American net fee income was up by +119% from 0.4 million Pounds in Q2 2009 to 0.8 million Pounds in Q2 2010. In constant currency it was up by +105%.

Headcount was up from 1,260 in Q2 2009 to 1,539 in Q2 2010.

Robert Walters, Chief Executive, commented "recruitment activity accelerated markedly in the second quarter and as a result Group net fee income for the half year was up +45% (+39% in constant currency) to 72.3 million Pounds (2009: 50 million Pounds). Our Asia Pacific business has delivered an outstanding performance and we intend to continue growing our office footprint across the region to build on our market leading position. Our UK business has also experienced increased levels of activity, most notably in the financial services sector. In Europe, the group has done well to grow net fee income against a backdrop of continuing economic uncertainty."
 
"We have invested significantly in the business during the first six months of the year, increasing headcount by 21% to 1,539 and further developing our IT, training and marketing infrastructure to underpin the Group's strategy for growth."

Looking ahead, Chief Operating Officer Giles Daubeney told Reuters that given Robert Walters's small exposure to the UK public sector, a downturn in public sector employment was unlikely to impact the group.

The company is looking to expand further in Asia opening another office in mainland China and, possibly in Vietnam, Indonesia and South Korea.

The Group will publish its Half-yearly Financial Results for the six months ended 30 June 2010 on Thursday 26 August 2010.

In early trading Robert Walters's shares were up strongly by +11.65% to 218 Pence.

 

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