Overseas demand helps Robert Walters

4th Aug 2011 11:49

Robert Walters reported strong half yearly results and hiked its interim dividend as the white-collar recruitment group's stellar performance in UK, France and Australia offset slight weakness in New York. For the six months ended 30 June, net fee income rose 23% to £89.1m, up from £72.3m in the year-ago period, and revenue jumped 25% to £241.6m, on a constant currency basis. "The UK business grew net fee income and operating profit against a difficult economic backdrop and cautious client and candidate sentiment. Across the financial and commercial sectors, recruitment was largely centred on replacement rather than new hires however pockets of strong demand were evident across the risk, governance, compliance and legal disciplines," Robert Walters said. Strong performance in the European region was underpinned by robust growth in junior clerical recruitment business in France, the company said, whereas recruitment activity in New York, which was muted in the financial services market during the first quarter, picked up in the second quarter. The company said 74% of its net fee income now comes from outside of the UK, compared with 70% in 2010. Shares of the company edged lower 0.5% to 312p in trading session in London. Its peers Michael Page International and Hays also dropped more than 2% each, in line with the movement on the benchmark index. AR