Half Yearly Report

2 AUGUST 2012

ROBERT WALTERS PLC

Half-yearly financial results for the six months ended 30 June 2012

FINANCIAL HIGHLIGHTS

·; Revenue of £275.0m (2011: £241.6m).

·; Net fee income (gross profit) of £92.4m (2011: £89.1m).

·; Operating profit of £3.4m (2011: £7.2m).

·; Profit before taxation of £3.1m (2011: £7.1m).

·; Basic earnings per share of 2.9p (2011: 6.5p).

·; Interim dividend maintained at 1.47p per share (2011: 1.47p).

·; Net cash of £4.6m as at 30 June 2012 (30 June 2011: £10.7m).

OPERATIONAL HIGHLIGHTS

·; Resilient performance with Group net fee income up 4% against a backdrop of deteriorating market conditions, particularly during the second quarter.

·; Continued investment in the Group's long-term growth:

o New offices opened in San Francisco, Rio de Janeiro, Milton Keynes and Parramatta. The Group now has 51 offices in 23 countries (2011: 44 offices in 21 countries).

o Group headcount of 2,159 (2011: 1,932).

o Average headcount increased by 15%.

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

·; Asia Pacific increased net fee income by 3% (0%*) to £45.9m (2011: £44.5m).

o Region impacted by banking sector slowdown.

o Tough year-on-year comparatives, particularly in the second quarter.

o Continued diversification into other specialist disciplines expected to deliver growth in the second half.

·; UK net fee income grew by 5% to £23.9m (2011: £22.9m).

o Respectable performance despite difficult market conditions.

o Strong growth from Resource Solutions, the Group's recruitment process outsourcing business.

·; Europe net fee income up by 3% (8%*) to £19.9m (2011: £19.4m).

o Strong performance in France and Germany, the region's largest and newest business respectively.

·; Americas and South Africa net fee income up by 11% (16%*) to £2.7m (2011: £2.4m).

·; Good balance of permanent (69%) and contract (31%) recruitment net fee income (2011: 71%:29%).

Robert Walters, Chief Executive, commented:

"Current trading remains difficult necessitating close management of the Group's cost base, particularly in those locations where market conditions are most challenging. We will continue to selectively invest in the long-term geographic growth and diversification of the Group and are confident that this strategy, combined with our strong balance sheet, market-leading global brand and experienced management team, will ensure that the Group is well positioned for the future."

* 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 financial results for the six months ended 30 June 2012

The Group produced a resilient performance during the first half of the year, delivering net fee income growth across all regions against a backdrop of deteriorating market conditions and challenging year-on-year comparatives. Revenue was up 14% to £275.0m (2011: £241.6m) and gross profit ('net fee income') by 4% (3% in constant currency) to £92.4m (2011: £89.1m), resulting in an operating profit of £3.4m (£3.4m in constant currency) (2011: £7.2m) and a profit before taxation of £3.1m (£3.1m in constant currency) (2011: £7.1m). The Group has a strong balance sheet and maintained a healthy cash position with net cash of £4.6m as at 30 June 2012 (30 June 2011: £10.7m).

Market conditions and client and candidate confidence levels remained fragile during the first half, with permanent recruitment within the banking sector most severely affected. Our long-term strategy of geographic and discipline diversification is providing the Group with resilience, competitive strength and opportunities for growth.The Group has in place the right blend of permanent, contract and interim income streams, supported further by the growth of our market-leading recruitment outsourcing business, Resource Solutions.

In line with our strategy for growth, we opened four new offices during the first half; San Francisco, Rio de Janeiro, Milton Keynes and Parramatta bringing the Group's global footprint to 51 offices in 23 countries. Headcount increased to 2,159 (2011: 1,932) however, the rate of headcount growth slowed during the second quarter in response to market conditions in some of our more challenging locations.

Contract recruitment now represents 31% (2011: 29%) of the Group's recruitment net fee income. The balance of contract and permanent recruitment provides greater resilience when market conditions are challenging and also positions us well to grow quickly and benefit from operational gearing when confidence returns.

Resource Solutions performed strongly and we have invested significantly in strengthening the offering across Asia Pacific and Europe. With clients increasingly looking to work with global recruitment partners that are able to provide an end-to-end recruitment solution, we believe that Resource Solutions provides the Group with a significant competitive advantage.

Asia Pacific (50% of net fee income)

Revenue was £134.7m (2011: £109.9m) and net fee income increased by 3% (0% in constant currency) to £45.9m (2011: £44.5m) delivering an operating profit of £3.3m (£3.1m in constant currency) (2011: £5.8m).

Australia, our largest business in the region, continued to perform well benefitting not only from high activity levels in the resources industry but our general strength in the commerce sector. The Asia region was impacted by the slowdown in the banking sector but opportunities for strong growth exist as evidenced by excellent performances from our newer businesses in Malaysia and Thailand. In China, we have continued to invest and restructured the management team to optimise long-term performance.

We continue to successfully diversify our businesses across the region into other recruitment disciplines and expect to achieve improved growth rates during the second half.

United Kingdom (26% of net fee income)

Revenue was £93.4m (2011: £86.2m) and net fee income increased by 5% to £23.9m (2011: £22.9m) delivering an operating profit of £0.0m (2011: £0.3m).

The UK business delivered a respectable increase in net fee income despite challenging market conditions. Permanent recruitment levels in the banking sector remained weak however, our London commerce business and our regional offices have performed relatively well. We opened a new office in Milton Keynes to further strengthen our regional presence.

Resource Solutions performed strongly during the first half of the year. We have been successful across a number of competitive tenders, securing new client engagements across both the commercial and banking sectors and extending a number of contracts at existing client sites.

Europe (22% of net fee income)

Revenue was £44.0m (2011: £42.9m) and net fee income increased by 3% (8% in constant currency) to £19.9m (2011: £19.4m) delivering an operating profit of £0.3m (£0.4m in constant currency) (2011: £1.0m).

France, our largest business in the region continued to perform well whilst our newest business in Germany produced strong net fee income growth. In the Netherlands, market conditions remained tough and net fee income declined marginally year-on-year. Elsewhere across the region, recruitment activity levels were also muted as a result of the ripple effect of the Eurozone's ongoing economic and political uncertainty.

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

Revenue was £2.9m (2011: £2.5m) and net fee income increased by 11% (16% in constant currency) to £2.7m (2011: £2.4m) delivering an operating loss of £0.2m (£0.2m operating loss in constant currency) (2011: operating profit of £0.1m).

We invested heavily in the region during the first half, increasing our offices from three to five. South Africa produced strong net fee income growth; in the USA our New York business was impacted by the banking sector slowdown whilst our new office in San Francisco has started well. Activity levels in Brazil slowed during the second quarter however, we believe South America is a strategically important long-term growth market for the Group and we therefore opened a second office in Rio de Janeiro.

Cash flow

The Group maintained a strong net cash position of £4.6m as at 30 June 2012 (30 June 2011: £10.7m) despite a significant increase in contractor numbers. Working capital in the period has increased by £10.7m and notable cash outflows included a dividend of £2.6m, £2.9m of tax payments and capital expenditure of £2.8m.

Dividend

The interim dividend will be maintained at 1.47p per share (2011: 1.47p) and will be paid on 19 October 2012 to those shareholders on the Company's register as at 7 September 2012.

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. Overseas currency balances that are surplus to local working capital requirements are converted on a regular basis to pounds sterling and there is a particular emphasis on minimising holdings in euros given the current uncertainty over the potential break-up of the Eurozone. The main functional currencies of the Group are 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 2011, namely the economic environment, people management, brand and reputation, laws and regulation and technology. The Board does not foresee a material change in respect of these factors for the remainder of the year.

Outlook

Current trading remains difficult necessitating close management of the Group's cost base, particularly in those locations where market conditions are most challenging. We will continue to selectively invest in the long-term geographic growth and diversification of the Group and are confident that this strategy, combined with our strong balance sheet, market-leading global brand and experienced management team, will ensure that the Group is well positioned for the future.

Philip Aiken Robert Walters

Chairman Chief Executive

1 August 2012

ROBERT WALTERS PLC

Half-yearly Financial Results 2012

CONDENSED CONSOLIDATED INCOME STATEMENT

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

AND EXPENSE

ROBERT WALTERS PLC

Half-yearly Financial Results 2012

CONDENSED CONSOLIDATED BALANCE SHEET

ROBERT WALTERS PLC

Half-yearly Financial Results 2012

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

ROBERT WALTERS PLC

Half-yearly Financial Results 2012

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

ROBERT WALTERS PLC

Half-yearly Financial Results 2012

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 International Financial Reporting Standards ('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 2011.

The Group was profitable for the period and has considerable financial resources including £4.6m of net cash at 30 June 2012 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 11 was formally approved by the Board of Directors on 1 August 2012. 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 2011 for Robert Walters plc have been delivered to the Registrar of Companies. The auditor's 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 2012 is unaudited but has been reviewed by the Company's auditor. Their report is attached on page 12. The financial information in respect of the period ended 30 June 2011 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 2012 has been prepared using, among other currencies, average exchange rates of €1.2157 to the pound (period ended 30 June 2011: €1.1492; year ended 31 December 2011: €1.1512); ¥125.750 to the pound (period ended 30 June 2011: ¥132.460; year ended 31 December 2011: ¥127.990) and AUD$1.5285 to the pound (period ended 30 June 2011: AUD$1.5648; year ended 31 December 2011: AUD$1.5544).

The condensed consolidated balance sheet as at 30 June 2012 has been prepared using the exchange rates on that day of €1.2418 to the pound (30 June 2011: €1.1133; 31 December 2011: €1.1936); ¥124.219 to the pound (30 June 2011: ¥129.748; 31 December 2011: ¥119.645) and AUD$1.5373 to the pound (30 June 2011: AUD$1.5121; 31 December 2011: AUD$1.5191).

ROBERT WALTERS PLC

Half-yearly Financial Results 2012

*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 2012

The tax charge is based on the expected annual tax rate of 33.5% (2011: 32.5%) on profit before taxation.

The proposed interim dividend was approved by the Board on 1 August 2012 and has not been included as a liability at 30 June 2012.

ROBERT WALTERS PLC

Half-yearly Financial Results 2012

ROBERT WALTERS PLC

Half-yearly Financial Results 2012

9. Bank loans

In June 2010 the Group entered into a committed, three-year, £20.0m receivables financing agreement. In February 2012 this facility was increased to a committed £25.0m receivables financing agreement and the term extended until February 2014. At 30 June 2012, £17.3m 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 11 Slingsby Place, St Martin's Courtyard, London, WC2E 9AB.

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

Chief Financial Officer

1 August 2012

ROBERT WALTERS PLC

Half-yearly Financial Results 2012

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 report for the six months ended 30 June 2012 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 report 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 report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report 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 report 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 report for the six months ended 30 June 2012 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

1 August 2012