Robert Walters benefits from stronger European economy

7th Apr 2014 07:30

The pick-up in the European economy has helped specialist recruitment agency Robert Walters to notch up a sixth quarter in a row of net fee income growth.Walters, which supplies accountancy and finance, banking, engineering, HR, IT, legal, sales and marketing staff to blue-chip companies, said net fee income in the first quarter to March 31st had risen 11% to £48.1m in constant currencies. On a reported basis, it was up 3%.The group performed robustly in Europe with Belgium, the Netherlands and Luxembourg growing well, activity levels in Spain continuing to improve and finance and personnel driving a good performance in the UK, where net fee income rose 21% to £15.3m.Conditions in France stayed tough but Walters continued to increase market share.Markets in Japan and Hong Kong were strong and there were some early signs of a return of market confidence in Australia despite ongoing tough trading, although net fee income for Asia Pacific as a whole fell 11% to £19.7m on a reported basis.Chief Executive Robert Walters said: "The group continues to trade in line with current market expectations."PW