8th Apr 2015 06:48
LONDON (Alliance News) - Robert Walters PLC on Wednesday said group net fee income rose in the first quarter, despite taking a currency hit from the weaker euro, as the recruitment company's performance in the UK and internationally boosted its results and it said it expects full-year profit to beat market expectations.
The company said group net fee income in the first quarter to the end of March was up 12% to GBP53.9 million from GBP48.1 million a year earlier. The biggest boosts came from the UK, where net fee income rose 22% to GBP18.6 million from GBP15.3 million, and from its international operations, which excludes Asia Pacific and Europe, where net fee income rose 53% to GBP3.1 million from GBP2 million.
In the UK, the company said it has seen a broad-based rise in permanent recruitment activity across London and the regions, while its Resource Solutions division, its recruitment outsourcing business, has seen solid growth.
Asia Pacific net fee income rose 8% to GBP21.2 million from GBP19.7 million in the quarter, with good momentum in the Australian market and significant increases in Thailand, Vietnam and Indonesia.
In Europe, net fee income rose 1% to GBP11.1 million from GBP11 million, but was up 12% in constant currencies as the weaker euro dragged on reported results. Contract business in France and the Benelux region performed well, while permanent recruitment activity in Ireland and Spain was robust, Robert Walters said.
The international business was boosted by strong performances in the US and Middle East markets.
"The strong growth in net fee income, coupled with our ongoing focus on increasing consultant productivity has enabled the group to continue to benefit from operational gearing. The board is therefore confident that profit for the year will be ahead of current market expectations," said Chief Executive Robert Walters.
By Sam Unsted; [email protected]; @SamUAtAlliance
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