Robert Walters Q1 profit rises as London bank hiring picks up

Recruiter Robert Walters reported a 33% jump in net fee income for the first quarter as it noted an upturn in financial services recruitment activity in London.

In a trading update for the quarter to the end of March, the company said net fee income rose to £78.3m, with income in the UK up 27% as hiring in London's banking sector picked up and thanks to good performance in legal recruitments and the UK regions.

The company also said it saw strong net fee income growth in Resource Solutions and continued headcount growth to support new business wins in the UK.

In Europe, net fee income pushed up 40% to £18m, with a solid performance across the region, although Spain, Germany and the Netherlands produced the strongest rates of growth, all increasing net fee income more than 25%.

Asia Pacific saw a 29% increase to £31.7m and Other International income surged 74% to £4.7m.

The group had net cash of £13.3m as at the end of March, versus £19.2m in the same period a year ago.

Chief executive Robert Walters said: "We remain confident about the group's prospects for the full year."