Half Yearly Report

4 AUGUST 2011

ROBERT WALTERS PLC

Half-yearly financial results for the six months ended 30 June 2011

CONTINUED INTERNATIONAL GROWTH

FINANCIAL HIGHLIGHTS

·; Basic earnings per share of 6.5p (2010: 4.8p).

·; Interim dividend increased by 5% to 1.47p per share (2010: 1.40p).

·; Net cash of £10.7m as at 30 June 2011 (30 June 2010: £12.9m).

OPERATIONAL HIGHLIGHTS

·; 74% of Group's net fee income now comes from outside of the UK (2010: 70%).

·; Asia Pacific increased net fee income by 29% (24%*) to £44.5m (2010: £34.4m).

o Three new offices opened:

§ Chatswood (sixth office in Australia).

§ Nanjing (fourth office in mainland China).

§ Ho Chi Minh City (first office in Vietnam).

·; UK net fee income grew by 6% to £22.9m (2010: £21.6m).

·; Europe net fee income up by 34% (34%*) to £19.4m (2010: £14.4m).

o Strong growth in France, the region's largest business.

o Excellent performance from our newly established business in Germany.

·; Healthy mix of permanent (71%) and contract (29%) recruitment net fee income (2010: 70%:30%).

·; Group headcount of 1,932 (2010: 1,539).

·; New offices planned for Indonesia, Taiwan and Germany in the second half of the year.

Robert Walters, Chief Executive, commented:

"The Group performed well during the first half of the year with growth largely driven by our international businesses which now represent 74% of the Group's net fee income.

"We are committed to expanding in those markets offering the best prospects for growth and our future investment plans reflect this."

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

ENQUIRIES:

Robert Walters plc

Half-yearly results for the six months ended 30 June 2011

Interim Management Report

The Group performed well during the first half of the year. Revenue was up 28% to £241.6m (2010: £188.8m) and gross profit ('net fee income') by 23% (21% in constant currency) to £89.1m (2010: £72.3m), resulting in an operating profit of £7.2m (£7.0m in constant currency) (2010: £5.2m) and a profit before taxation of £7.1m (£6.9m in constant currency) (2010: £5.1m). The Group has maintained a strong cash position with net cash of £10.7m as at 30 June 2011 (30 June 2010: £12.9m).

Market conditions, recruitment activity levels and client and candidate confidence varied from region to region during the first six months of the year. Net fee income and operating profit growth was largely driven by our international businesses which now represent 74% (2010: 70%) of the Group's net fee income. Permanent recruitment represents 71% (2010: 70%) of the Group's recruitment net fee income.

We have continued to grow market share and invest in the growth and diversification of the business. Headcount stands at 1,932 (2010: 1,539) and the Group has 44 offices in 21 countries. The planned office moves in Singapore and Sydney have been successfully completed and our major London head office move remains scheduled for later this month.

Asia Pacific (50% of net fee income)

Revenue was £109.9m (2010: £84.5m) and net fee income increased by 29% (24% in constant currency) to £44.5m (2010: £34.4m) delivering an operating profit of £5.8m (£5.6m in constant currency) (2010: £5.3m).

Net fee income increased across all territories despite the impact of recent natural disasters in Japan, Australia and New Zealand. Our market leading position in Asia was further reinforced with China and Thailand in particular delivering outstanding performances, both more than doubling net fee income. Our businesses in Australia and New Zealand also delivered significant uplifts in net fee income.

We continued to invest in growing our footprint across the region, opening our sixth office in Australia in Chatswood, Sydney, a fourth office in mainland China in Nanjing and our first office in Vietnam in Ho Chi Minh City. Further growth into new markets is planned for the second half of the year through office openings in Indonesia and Taiwan.

United Kingdom (26% of net fee income)

Revenue was £86.2m (2010: £69.5m) and net fee income increased by 6% to £22.9m (2010: £21.6m) delivering an operating profit of £0.3m (2010: £0.1m).

The UK business grew net fee income and operating profit against a difficult economic backdrop and cautious client and candidate sentiment. Across the financial and commercial sectors, recruitment was largely centred on replacement rather than new hires however pockets of strong demand were evident across the risk, governance, compliance and legal disciplines.

Our Resource Solutions business continued to grow net fee income through the retention of existing clients and the winning of a number of new client engagements across both the commercial and financial sectors.

Europe (22% of net fee income)

Revenue was £42.9m (2010: £33.0m) and net fee income increased by 34% (34% in constant currency) to £19.4m (2010: £14.4m) delivering an operating profit of £1.0m (£1.0m in constant currency) (2010: operating loss of £0.1m).

The Group's performance across Europe was underpinned by strong growth in France, the region's largest business. Walters People, our junior clerical recruitment business continued to perform well, particularly in France and we have consolidated two satellite offices in Paris into a significantly larger office to facilitate further growth. We continue to actively investigate growth opportunities for Walters People in both existing and new markets.

Spain and Switzerland both more than doubled net fee income and our new business in Germany has made an excellent start. We plan to expand our presence in this important market with the opening of an office in Frankfurt during the second half of the year.

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

Revenue was £2.5m (2010: £1.8m) and net fee income increased by 31% (36% in constant currency) to £2.4m (2010: £1.8m) delivering an operating profit of £0.1m (£0.1m in constant currency) (2010: operating loss of £0.1m).

In New York, recruitment activity levels in the first quarter were muted particularly in the financial services market, however our business recovered well during the second quarter. In South Africa, we moved into new, larger premises to support local expansion.

Our recently established business in Sao Paulo, the Group's first office in South America, has made a promising start. We plan to build on this foundation to grow our presence both within Brazil and other South American markets over the course of the next few years.

Cash flow

The Group maintained a strong net cash position of £10.7m as at 30 June 2011 (30 June 2010: £12.9m) despite a significant overall increase in contractor numbers. Working capital in the period has increased by £12.4m, the Company purchased £0.2m of its own shares at an average price of £2.88 per share, paid a dividend of £2.5m and £5.9m tax. Group capital expenditure was £3.9m reflecting a number of major office moves.

Dividend

The interim dividend will be increased by 5% to 1.47p per share (2010: 1.4p) and will be paid on 21 October 2011 to those shareholders on the Company's register on 9 September 2011.

Treasury management, currency risk and other principal risks and uncertainties affecting the business

The Group does not have material transactional exposures although is exposed to translation differences on the profits and cash flows generated in its overseas operations, the main functional currencies of the Group being pounds sterling, the euro, the Australian dollar and the Japanese yen.

The other principal risks and uncertainties affecting the business activities of the Group remain those detailed within the Operating and Financial Review section of the Annual Report & Accounts for the year ended 31 December 2010, namely the strength of the employment market, temporary labour law and staff attraction and retention across the Group. The Board does not foresee a material change in respect of these factors for the remainder of the year.

Outlook

We are committed to expanding in those markets offering the best prospects for growth and our future investment plans reflect this. Further offices in Indonesia, Taiwan and Germany are planned during the second half of the year.

Philip Aiken Robert Walters

Chairman Chief Executive

3 August 2011

ROBERT WALTERS PLC

Half-yearly Financial Results 2011

Condensed consolidated income statement

Condensed consolidated statement of comprehensive income and expense

ROBERT WALTERS PLC

Half-yearly Financial Results 2011

Condensed consolidated balance sheet

ROBERT WALTERS PLC

Half-yearly Financial Results 2011

Condensed consolidated cash flow statement

ROBERT WALTERS PLC

Half-yearly Financial Results 2011

Condensed consolidated statement of changes in equity

ROBERT WALTERS PLC

Half-yearly Financial Results 2011

Notes to the condensed set of financial statements

1. Statement of accounting policies

Basis of preparation

The annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements has been prepared in accordance with the International Accounting Standard 34 'Interim Financial Reporting', as adopted by the European Union.

The accounting policies applied by the Group are as set out in detail in the Annual Report for the year ended 31 December 2010.

The Group was profitable for the period and has considerable financial resources including £10.7m of net cash at 30 June 2011 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 half-yearly financial results, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months. For this reason the Directors continue to adopt the going concern basis in preparing the condensed set of financial statements.

2. Financial information

The financial information on pages 4 to 12 was formally approved by the Board of Directors on 3 August 2011. The financial information set out in this document does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts prepared under IFRS for the year ended 31 December 2010 for Robert Walters plc have been delivered to the Registrar of Companies. The auditors' report on these accounts was not qualified, did not draw attention to any matters by way of emphasis and did not contain statements under Section 498(2) or (3) of the Companies Act 2006.

The financial information in respect of the period ended 30 June 2011 is unaudited but has been reviewed by the Company's auditors. Their report is attached on page 13. The financial information in respect of the period ended 30 June 2010 is also unaudited.

3. Currency conversion

The reporting currency of the Group is pounds sterling and the condensed set of financial statements has been prepared on this basis.

The condensed consolidated income statement for the period ended 30 June 2011 has been prepared using, among other currencies, average exchange rates of €1.1491 to the pound (period ended 30 June 2010: €1.1492; year ended 31 December 2010: €1.1660); ¥132.460 to the pound (period ended 30 June 2010: ¥139.635; year ended 31 December 2010: ¥135.751) and AUD$1.5648 to the pound (period ended 30 June 2010: AUD$1.7095; year ended 31 December 2010: AUD$1.6850).

The condensed consolidated balance sheet as at 30 June 2011 has been prepared using the exchange rates on that day of €1.1133 to the pound (30 June 2010: €1.1348; 31 December 2010: €1.1675); ¥129.748 to the pound (30 June 2010: ¥133.69; 31 December 2010: ¥126.165) and AUD$1.5121 to the pound (30 June 2010: AUD$1.7599; 31 December 2010: AUD$1.5225).

ROBERT WALTERS PLC

Half-yearly Financial Results 2011

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

ROBERT WALTERS PLC

Half-yearly Financial Results 2011

The tax charge is based on the expected annual tax rate of 32.5% (2010: 32.9%) on profit before taxation.

The proposed interim dividend was approved by the Board on 3 August 2011 and has not been included as a liability at 30 June 2011.

ROBERT WALTERS PLC

Half-yearly Financial Results 2011

ROBERT WALTERS PLC

Half-yearly Financial Results 2011

9. Bank loans

In June 2010, the Group entered into a committed, three-year, £20m receivables financing agreement. At 30 June 2011, £9.9m was drawn down under this facility.

10. Related party transactions

There have been no related party transactions or changes in the related party transactions described in the latest Annual Report that have had a material effect on the financial position or performance of the Group in the first six months of the financial year.

11. Registered office

The Company's registered office is located at 55 Strand, London, WC2N 5WR.

RESPONSIBILITY STATEMENT

We confirm to the best of our knowledge:

a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';

b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

c) the interim management report and note 10 includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

By order of the Board,

Alan Bannatyne

Group Finance Director

3 August 2011

ROBERT WALTERS PLC

Half-yearly Financial Results 2011

INDEPENDENT REVIEW REPORT TO ROBERT WALTERS PLC

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial results for the six months ended 30 June 2011 which comprises the condensed consolidated income statement, the condensed consolidated statement of comprehensive income and expense, the condensed consolidated balance sheet, the condensed consolidated cash flow statement, the condensed consolidated statement of changes in equity, and related notes 1 to 11. We have read the other information contained in the half-yearly financial results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.

Directors' responsibilities

The half-yearly financial results are the responsibility of, and have been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial results in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in the half-yearly financial results has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial results for the six months ended 30 June 2011 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

Deloitte LLP

Chartered Accountants and Statutory Auditor

London, United Kingdom

3 August 2011