Robert Walters' net fee income drops in Q4

9th Jan 2020 11:07

(Sharecast News) - Professional recruitment group Robert Walters reported a 7% drop in group net fee income in the fourth quarter as a result of significant political and economic uncertainty during the period, particularly in the UK.
UK net fee income was down 23.0% year-on-year at £20.7m as client and candidate confidence deteriorated, across both recruitment and recruitment process outsourcing, while Asia Pacific and International NFI were down 4.0% and 7.0%, respectively.

European NFI was up 4.0% as the London-listed group's blend of permanent, contract and interim recruitment revenue streams continued to be a strength.

Chief executive Robert Walters said: "Trading conditions in the fourth quarter proved challenging with client and candidate confidence impacted by political turbulence around Brexit, the UK General Election, Hong Kong protests and the US/China trade standoff.

"Whilst group net fee income for the fourth quarter was down 7%, net fee income for the full year was up 2% year-on-year. We expect profit for the full year to be in line with market expectations."

As of 1105 GMT, Robert Walters shares were down 5.84% at 548p.