TIDMRWA
RNS Number : 2763O
Robert Walters PLC
07 October 2021
7 October 2021
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Trading update for the third quarter ended 30 September 2021
STRONG PERFORMANCE.
PROFIT EXPECTED TO BE AHEAD OF EXPECTATIONS
Financial and operational highlights
Gross profit (Net fee Q3 2021 Q3 2020 % change % change
income) (constant
currency*)
Group GBP91.8m GBP72.8m 26% 32%
---------- ---------- --------- ------------
Asia Pacific GBP44.4m GBP30.5m 46% 54%
---------- ---------- --------- ------------
Europe GBP22.7m GBP19.6m 15% 22%
---------- ---------- --------- ------------
UK GBP18.7m GBP16.0m 17% 17%
---------- ---------- --------- ------------
Other International GBP6.0m GBP6.7m (10%) (6%)
---------- ---------- --------- ------------
* Constant currency is calculated by applying prior period
average exchange rates to local currency results for the current
and prior years.
-- Trading continued to be strong across all of the Group's
major regions during the third quarter. Profit for the full year is
now expected to be comfortably ahead of the guidance signalled in
the Group's half-year results statement.
-- Group net fee income for the third quarter was up 32%* (26%
actual) with growth strongest across the Asia Pacific region which
now accounts for 48% (2020: 42%) of Group net fee income.
-- Asia Pacific net fee income up 54%* (46% actual) to GBP44.4m
(2020: GBP30.5m) despite the majority of our markets in the region
being under full or significant lockdowns.
o Japan and Australia, the two largest and most profitable
businesses in the region, both delivered excellent performances
growing net fee income in excess of 40%* year-on-year.
o Mainland China continued to go from strength-to-strength with
net fee income doubling year-on-year for the second consecutive
quarter. Encouragingly, Hong Kong bounced back well with net fee
income up 110% year-on-year despite the challenging political
backdrop.
-- Europe net fee income up 22%* (15% actual) to GBP22.7m (2020:
GBP19.6m).
o Broad based growth with all eight of the Group's markets in
the region delivering double-digit increases in net fee income.
o Permanent and interim recruitment delivered the strongest
rates of growth as increased market confidence encouraged more
long-term hiring decisions.
-- UK net fee income up 17% to GBP18.7m (2020: GBP16.0m).
o Candidate and client confidence accelerated across both London
and the UK regions during the quarter with recruitment activity
levels highest across the legal, technology and commerce finance
disciplines.
o Activity levels in Resource Solutions, our recruitment process
outsouring business, remained strong, in line with increasing
client demand.
-- Other International (the Americas, South Africa and the
Middle East) net fee income down 6%* (down 10% actual) to GBP6.0m
(2020: GBP6.7m).
o Double-digit growth in our recruitment business across the
region. Resource Solutions continues to rebuild client-centric
teams, following pandemic-driven cutbacks, with a strong
performance expected in quarter four.
-- Continued investment in headcount across all markets and
disciplines. Headcount up by 5% to 3,376 (30 June 2021: 3,230).
-- The Group purchased 46,308 shares at an average price of
GBP7.27 for GBP0.3m through the Group's Employee Benefit Trust.
-- Strong balance sheet with net cash of GBP126.0m as at 30
September 2021 (30 September 2020: GBP138.9m). The Group also has a
GBP60.0m committed loan facility until 2024.
Robert Walters, Chief Executive, commented:
"The third quarter was yet another period of strong growth for
the Group with net fee income increasing by 32%* year-on-year
despite the majority of markets in our largest and most profitable
region, Asia Pacific, experiencing full or significant lockdowns
for much of the period. Consultant productivity across the Group
was up 16%* and we continue to invest in headcount to ensure we
capitalise on long-term market opportunities.
"With candidate and client confidence accelerating across all
recruitment disciplines and candidate shortages becoming ever more
acute, the competition for talent is fierce. Significant wage
inflation has emerged particularly for the most sought after
skill-sets. In short, the jobs market is hot.
"I am pleased to report that the Group has once again benefited
from operational gearing and that profit for the full year is
expected to be comfortably ahead of current market
expectations."
The Group will publish a trading update for the fourth quarter
ending 31 December 2021 on 11 January 2022.
- Ends -
Further information
Robert Walters plc
Robert Walters, Chief Executive
Alan Bannatyne, Chief Financial
Officer +44 20 7379 3333
Williams Nicolson
Steffan Williams +44 7767 345 563
About Robert Walters Group
The Robert Walters Group is a market-leading international
specialist professional recruitment group with over 3,300 staff
spanning 31 countries. We specialise in the placement of the
highest calibre professionals across the disciplines of accountancy
and finance, banking, engineering, HR, IT, legal, sales, marketing,
secretarial and support and supply chain and procurement. Our
client base ranges from the world's leading blue-chip corporates
and financial services organisations through to SMEs and start-ups.
The Group's outsourcing division, Resource Solutions is a market
leader in recruitment process outsourcing and managed services.
www.robertwaltersgroup.com
Forward looking statements
This announcement contains certain forward-looking statements.
These statements are made by the directors in good faith based on
the information available to them at the time of their approval of
this announcement and such statements should be treated with
caution due to the inherent uncertainties, including both economic
and business risk factors, underlying any such forward-looking
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END
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