12th Jan 2021 13:21
Robert Walters PLC - London-based recruitment firm - Reports a 24% drop in net fee income for the fourth quarter of 2020 to GBP71.4 million from GBP94.2 million the year before, a 26% drop at constant currency. This was an improvement compared to the 33% year-on-year decline in the second quarter and 31% drop in the third. Regionally in the fourth quarter, UK net fee income shrank 28% to GBP14.9 million, Europe was down 24% at GBP21.2 million, and Asia Pacific was 21% lower at GBP30.2 million. Other international revenue dropped 31% to GBP5.1 million.
Nonetheless, cost reduction and control, as well as a better-than-expected net fee income trend for the fourth quarter, means annual profit is now expected to beat current market expectations. Net cash at December 31 was GBP154.8 million, up from GBP85.8 million the year before and Robert Walters also a a GBP60 million committed loan facility due for renewal in 2023. The company will post its 2020 results on March 2.
Chief Executive Robert Walters said: "It is important to note that the volatile nature of the pandemic means our forward visibility remains limited evidenced by a number of countries recently returning to versions of lockdown."
Current stock price: 487.00 pence; up 5.4% on Tuesday
Year-to-date change: up 3.0%
By Anna Farley; [email protected]
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