25th Jul 2019 11:45
(Alliance News) - Shares in recruitment firm Robert Walters PLC jumped Thursday after boosting its dividend following "solid" interim 2019 results which saw profit, revenue and net fee income rise.
Shares in Robert Walters were 6.9% higher at 524.00 pence on Thursday.
For the six months ended June, pretax profit widened 1.5% to GBP20.9 million from GBP20.6 million the year prior, up 4% in constant currency. This was after revenue rose 1.4% to GBP634.5 million from GBP625.9 million the year before, up 1% in constant currency.
Net fee income rose 8.6% to GBP204.9 million from GBP188.6 million the year prior. In constant currency, net fee income also improved, by 7%.
Net fee income grew across all three of its main regions. Strongest growth, however, was in the international markets division - which includes North America, South America, the Middle East and South Africa - which saw net fee income rise 20% at constant currency and 25% at actual rates.
Robert Walters's largest region by net fee income - Asia Pacific - saw 8% constant currency and 11% reported currency growth in the year. Its next largest unit - the UK - also grew, but at a slower 1%. In Europe, net fee income was up 11% at constant currency and 10% in reported currency.
"The group produced a solid first half performance despite political and economic uncertainty in some of the group's markets," Chief Executive Officer Robert Walters said. "We are particularly encouraged by double digit net fee income growth in Japan and France, the group's two largest markets."
Robert Walters proposed a 4.5 pence interim dividend per share, up 13% from 4.0p the year prior.
"Our ability to produce this profitable growth is testament to the diversity the group now has internationally, with a footprint spanning 31 countries, as well as the breadth of our offering to clients and candidates covering permanent, contract and interim recruitment and recruitment process outsourcing," Robert Walters added.
Net cash levels at the end of June more than doubled to GBP54.4 million from GBP24.8 million the year prior.
"Trading remains in line with market expectations for the full year and the group is well positioned to continue to maximise market opportunities as they arise", Walters continued.
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