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World – UK growth boosts Robert Walters Q4

08 January 2014

Global recruitment firm Robert Walters (RWA: LN) announced that Group net fee income for the fourth quarter ending 31 December 2013 was £49.7 million, an organic rise of +9% compared with £47.7 million for the same period last year.

Commenting on the results, Robert Walters, the eponymous Chief Executive, said: “The Group continued to trade in line with expectations with net fee income for the year od £199.2 million, an increase of +8% in constant currency despite the mixed nature of global market conditions, which has prevailed this year. With our continued focus on cost control and productivity, we are confident that our business is well positioned to benefit from a sustained recovery.”

Net fee income growth, in constant currency, was reported across all of the Group’s regions for the fifth consecutive quarter. The UK continued to perform strongly, increasing net fee income by +18% to £15.1 million up from £12.8 million in Q4 2012.

Despite reporting net fee income growth in terms of constant currency, Asia Pacific net fee income fell from £23.5 million in Q4 2012 to £21.8 million in Q4 2013. An excellent performance was reported in Japan, with the internationalisation of the business continuing to drive demand for bilingual professionals. Australia, on the other hand, remained a challenging market with the strength of Sterling relative to the Australian dollar negatively impacting results.

A solid performance was achieved in Europe, underpinned by increased activity across the Benelux countries, and a robust performance in France. Net fee income rose organically by +3% to £10.8 million, up from £10.1 million a year ago.

The Group’s ‘Other International’ business segment, which includes the United States and South Africa, achieved a strong performance during Q4 2013. Net fee income rose organically by +77% to £2 million, up from £1.3 million a year ago.

In trading today, the company’s share price rose by +2.3% to £3.37, an increase of +69.6% compared with a year ago. Based on its current share price, the company has a market value of £253.2 million. 

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