Robert Walters posts record full-year profit

Recruiter Robert Walters reported a 26% rise in full-year pre-tax profit as revenue grew and net fee income increased across all of the group's regions and 15 countries delivered record performances.

In the year to the end of December, pre-tax profit rose to a record £28.1m from £22.4m on revenue of £998.5m, up 23%, or 15% at constant currency.

Net fee income in the UK was up 8% to £86.7m, with operating profit up 4% to £6.4m. In Asia Pacific, net fee income was 22% higher at £117.6m while operating profit rose 13% to £14.7m.

Europe net fee income increased 30% to £60.1m, with operating profit up 27% to £4.2m.

In Other International, which includes North America, Brazil, the Middle East and South Africa, net fee income was up 22% to £14m and operating profit up 36% to £1m.

The company upped its final dividend by 21% to 6.2p per share.

Robert Walters said last year was dominated by the run-up to and fallout from the EU referendum, with candidate and client confidence levels negatively impacted and activity levels, particularly in financial services in London, down.

Nevertheless, it said there were areas of notable activity with commerce finance across the UK performing well and its regional recruitment businesses in Manchester, Milton Keynes and St. Albans benefiting from their focus on SMEs to deliver record performances.

Chief executive Robert Walters said: “We grew net fee income across all of the group's regions and opened offices in four new countries; Canada, India, the Philippines and Portugal.

"Looking ahead, we remain mindful of the unpredictable geopolitical environment, however, the group's global footprint coupled with the range of recruitment services we provide positions us well to maximise opportunities for growth as they arise."

At 0840 GMT, the shares were down 0.3% to 398.75p.