Final Results

1 MARCH 2012

ROBERT WALTERS PLC

Results for the year ended 31 December 2011

STRONG RESULTS AGAINST DIFFICULT ECONOMIC BACKDROP

FINANCIAL HIGHLIGHTS

* Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.

·; Basic earnings per share of 14.1p (2010: 12.5p).

·; Final dividend increased by 5% to 3.68p per share (2010: 3.5p), giving a total dividend for the year of 5.15p per share (2010: 4.9p).

·; Balance sheet remains strong, with net cash of £17.1m as at 31 December 2011 (31 December 2010: £24.9m).

·; Purchased £1.0m of own shares through share buy-back programme.

·; Headcount increased to 2,047 as at 31 December 2011 (31 December 2010: 1,735).

OPERATIONAL HIGHLIGHTS

·; 74% of the Group's net fee income generated from outside of the UK (2010: 71%).

·; Net fee income grew across all of the Group's regions.

·; Europe grew net fee income by 29% (27%*) to £39.1m (2010: £30.4m).

o Excellent performance in France: operating profit significantly ahead and increased market share.

o Germany delivered strong growth and a second German office was opened in Frankfurt.

·; Asia Pacific increased net fee income by 23% (17%*) to £92.7m (2010: £75.6m).

o Strong growth in Australia, with Brisbane and Perth performing especially well. Sixth Australian office opened in Chatswood. First offices opened in Indonesia, Taiwan and Vietnam and fourth office opened in China.

·; UK net fee income up 3% to £47.0m (2010: £45.8m).

·; Resource Solutions secured a number of new clients across different sectors and expanded its presence in Asia Pacific and Europe.

Robert Walters, Chief Executive, commented:

"I am particularly pleased with the Group's strong performance in a year which has seen more than its fair share of economic turbulence. We have trimmed or expanded the shape of the business according to the challenges and opportunities we have experienced in different regions and sectors.

"We are mindful of current market conditions and weaker client and candidate confidence. We will run the business as we have in previous times of economic uncertainty, through sensible cost management and long-term investment in those markets offering strong growth potential.

"The Group remains well positioned to meet the challenges ahead and well placed to exploit opportunities where growth potential is strongest, given the power of our global brand, the strength of our balance sheet and the depth and experience of our management team."

The Group will publish an Interim Management Statement for the quarter ended 31 March 2012 on 5 April 2012.

ENQUIRIES:

Robert Walters plc

Results for the year ended 31 December 2011

Chairman's Statement

I am pleased to announce that the Group delivered profitable growth for the year despite a backdrop of volatile and uncertain global economic conditions. These results validate our long-established strategy of organic growth, geographic expansion and discipline diversification.

Results

Revenue was £528.1m (2010: £424.2m) and gross profit (net fee income) increased by 18% to £183.4m (2010: £155.4m). Operating profit was £15.6m (2010: £13.2m) and profit before taxation rose by 15% to £15.1m (2010: £13.1m). The Group has maintained a strong balance sheet with net cash of £17.1m as at 31 December 2011 (31 December 2010: £24.9m).

The Group opened six new offices and expanded into three new Asian markets during the year and now has a global footprint of 47 offices in 23 countries. 74% (2010: 71%) of net fee income is derived from our international businesses and permanent recruitment represents 69% (2010: 69%) of the Group's recruitment net fee income.

Europe was the Group's fastest-growing region with net fee income increasing by 29% this year. In Asia Pacific where the Group has a market-leading position, net fee income grew by 23% and this region now generates more than half of the Group's net fee income.

In view of the strength of the balance sheet and our confidence in the Group's long-term growth prospects, the Board will be recommending a 5% increase in the final dividend to 3.68p per share (2010: 3.5p per share). Combined with the interim dividend of 1.47p per share, this will result in a total dividend of 5.15p per share (2010: 4.9p).

During the year £1.0m of shares were purchased through the Group's share buy-back programme and the Board will be seeking shareholder approval for the renewal of the authority to repurchase up to 10% of the Group's issued share capital at the Annual General Meeting on 24 May 2012.

Finally, I would like to thank all of our staff across the globe for their loyalty and endeavours which have enabled the Group to deliver a positive set of results. Not only has it been a difficult year from a macro-economic perspective, but some of our operations also experienced other unexpected challenges, specifically the floods in Brisbane and Bangkok and the earthquakes in New Zealand and Japan. I would like to pay tribute to our staff for their superb response to the consequences of these natural disasters.

Philip Aiken

Chairman

29 February 2012

Chief Executive's Statement

I am particularly pleased with the Group's strong performance in a year which has seen more than its fair share of economic turbulence. During the year, we opened our first offices in Indonesia, Taiwan and Vietnam, in line with our plans to enter less mature recruitment markets offering significant growth potential. We also strengthened our existing markets, through the opening of a sixth office in Australia, a second office in Germany and a fourth office in mainland China.

Group headcount increased to 2,047 as at 31 December 2011 (2010: 1,735).

Review of Operations

Asia Pacific (51% of net fee income)

Revenue was £246.6m (2010: £191.3m) and net fee income increased 23% (17% in constant currency) to £92.7m (2010: £75.6m), producing an operating profit of £12.3m (£11.9m in constant currency) (2010: £11.3m).

Australia, the region's largest business, produced strong growth in both net fee income and operating profit with our offices in Brisbane and Perth performing especially well. Our new office in Chatswood, Sydney was profitable in its first year of operation.

In Asia, China continued to produce strong net fee income growth and we opened our fourth office, Nanjing, during the second quarter. Our business in Japan recovered well in the second half of the year following the earthquake and tsunami in March. Hong Kong performed well, aided by strong growth in its recently established contract business and Singapore delivered solid levels of net fee income. Our smaller, more recently established businesses in Malaysia, Thailand and Korea continued to deliver strong growth and offer opportunities in what are immature recruitment markets.

We also expanded our footprint further across the region with the opening of offices in Jakarta, Taipei and Ho Chi Minh City. In Asia Pacific the Group now has 22 offices in 11 countries.

UK (26% of net fee income)

Revenue was £189.0m (2010: £157.9m) and net fee income increased by 3% to £47.0m (2010: £45.8m), producing an operating profit of £0.5m (2010: £1.3m).

Trading conditions in the UK remained difficult. Hiring activity in the financial services sector continued to be weak, although demand remained for high quality professionals, particularly across risk, compliance and governance. We increased net fee income across commerce finance in both London and the regions and also successfully grew our presence in sales & marketing and human resources.

Resource Solutions, our recruitment process outsourcing business, performed well, securing a number of new clients across both commerce and industry and financial services. During the year, the business also further developed its offering across both the Asia Pacific and European regions.

Europe (21% of net fee income)

Revenue was £87.4m (2010: £71.3m) and net fee income increased by 29% (27% in constant currency) to £39.1m (2010: £30.4m), producing an operating profit of £2.8m (£2.8m in constant currency) (2010: £0.8m).

France, the region's largest business, delivered an excellent performance, growing market share and significantly increasing operating profit. Germany also delivered strong growth and we opened a second German office in Frankfurt to take advantage of buoyant conditions in what remains an immature recruitment market.

Our other offices in the region delivered solid performances against the backdrop of ongoing Eurozone uncertainty.

Americas and South Africa (2% of net fee income)

Revenue was £5.1m (2010: £3.7m) and net fee income increased by 29% (35% in constant currency) to £4.6m (2010: £3.6m), producing an operating profit of £nil (£nil in constant currency) (2010: operating loss of £0.1m).

The strong performance of our recently established presence in Brazil validates our strategic intention to continue to grow the Group's presence across South America. Our operation in New York experienced difficult market conditions and in South Africa, we moved into new, larger premises to support local expansion and grew both net fee income and operating profit.

Outlook

We are mindful of current market conditions and weaker client and candidate confidence. We will run the business as we have in previous times of economic uncertainty, through sensible cost management and long-term investment in those markets offering strong growth opportunities.

The Group remains well positioned to meet the challenges ahead and well placed to exploit opportunities where growth potential is strongest, given the power of our global brand, the strength of our balance sheet and the depth and experience of our management team.

Robert Walters

Chief Executive

29 February 2012

Consolidated Income Statement

FOR THE YEAR ENDED 31 DECEMBER 2011

The amounts above relate to continuing operations.

Consolidated Statement of Comprehensive Income

FOR THE YEAR ENDED 31 DECEMBER 2011

Consolidated Balance Sheet

AS AT 31 DECEMBER 2011

Consolidated Cash Flow Statement

FOR THE YEAR ENDED 31 DECEMBER 2011

Consolidated Statement of Changes in Equity

FOR THE YEAR ENDED 31 DECEMBER 2011

Statement of Accounting Policies

FOR THE YEAR ENDED 31 DECEMBER 2011

Robert Walters plc is a Company incorporated in the United Kingdom under the Companies Act.

The financial report for the year ended 31 December 2011 has been prepared in accordance with the historical cost convention and with International Financial Reporting Standards (IFRSs), including International Accounting Standards and Interpretations as adopted for use by the European Union, though this announcement does not itself contain sufficient information to comply with IFRSs.

The Group had net cash of £17.1m at 31 December 2011. Despite the volatile and uncertain global economic conditions, the Group remains confident of its long-term growth prospects. The Group has a strong balance sheet and considerable financial resources, together with a diverse range of clients and suppliers across different geographic locations and sectors. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully.  After making enquiries, the Directors have formed a judgement, at the time of approving the accounts, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason the Directors continue to adopt the going concern basis in preparing the accounts.

The financial information in this announcement, which was approved by the Board of Directors on 29 February 2012, does not constitute the Company's statutory accounts for the year ended 31 December 2011 but is derived from these accounts. Statutory accounts for 2010 have been delivered to the Registrar of Companies and those for 2011 will be delivered following the Company's Annual General Meeting. The auditors have reported on these accounts; their reports were unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain statements under Section 498(2) or (3) of the Companies Act 2006.

The Annual General Meeting of Robert Walters plc will be held on 24th May 2012 at 11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB.

* For the purposes of segmental information, unallocated corporate assets and liabilities include cash, bank loans and corporate deferred tax balances.

The analysis of revenue by destination is not materially different to the analysis by origin and the analysis of finance income and costs are not significant.

The Group is divided into geographical areas for management purposes, and it is on this basis that the segmental information has been prepared.

*For the purposes of segmental information, unallocated corporate assets and liabilities include cash, bank loans and corporate deferred tax balances.

The carrying value of goodwill relates to the acquisition of Talent Spotter in China (£1,095,000) and the historic acquisition of the Dunhill Group in Australia (£6,847,000). The historical acquisition cost of Talent Spotter was £768,000, with the movement to the current carrying value a result of foreign currency translation differences. Goodwill is tested annually for impairment, or more frequently if there are indications that goodwill might be impaired. The recoverable amount of the goodwill is based on value in use calculations over the next five years, calculated by preparing cash flow forecasts derived from the most recent financial budgets for the next year and an assumed growth rate of 3% for years two to five, which does not exceed the long-term average potential growth rate of the respective operations. The forecast for revenue and costs as approved by the Board reflect the latest industry forecasts and management expectation based on past experience. The value of the cash flows is then discounted at a post-tax rate of 7.8% (pre-tax rate of 11.6%), based on the Group's estimated weighted average cost of capital.

There is no material difference between the fair value and the carrying value of the Group's trade and other payables.

In March 2008, the Group borrowed Renminbi 20m (£2.0m) at a rate of 110% of the People Bank of China base rate to finance the acquisition of Talent Spotter and provide working capital. Of the Renminbi 20m (£2.0m), Renminbi 10m (£1.0m) was a long-term loan and repayable over four years. The remaining Renminbi 10m (£1.0m) is a short-term facility, which was increased to Renminbi 15m (£1.5m) in March 2011. The loan is secured against cash deposits in Hong Kong.

In June 2010, the Group entered into a committed, three-year, £20.0m receivables financing agreement. At 31 December 2011, £10.2m was drawn down under this facility. In February 2012 this facility was increased to a committed, £25.0m receivables financing agreement and the term extended until February 2014.

The Directors estimate that the fair value of all borrowings is not materially different from the amounts stated in the Consolidated Balance Sheet of £11,904,000 (2010: £7,023,000).

Net cash is defined as cash and cash equivalents less bank loans.