Results round-up

Recruiter Robert Walters posted a 16% rise in second-quarter gross profit on Tuesday amid growth across its regions and business lines.

Gross profit rose to £100m from £86.3m in the same quarter a year ago, with profit in Europe up 23% to £24.6m as Germany, Portugal, Spain and Switzerland produced the strongest rates of growth. In Other International, profit was 21% higher at £7.5m, with North America and the Middle East the standout performers.

Gross profit in Asia Pacific increased 13% to £40.5m, with Japan, Indonesia, the Philippines and Vietnam delivering the strongest rates of net fee income growth.

Meanwhile, in the UK, profit rose 12% to £27.4m, with Manchester, Milton Keynes and St Albans performing particularly well.

Group headcount was 3,997 versus 3,894 at the end of March, and the company had net cash of £22.9m as at 30 June compared to £18.4m at the same time last year.

Chief executive Robert Walters said: "The group delivered another quarter of strong net fee income growth across all regions. We have continued to benefit from the diversity of both our international footprint and recruitment revenue streams, with net fee income for the first six months of the year up 18% in constant currency (15% actual)."

Pub group Young & Co's Brewery hailed a solid start to the year on Tuesday as it got a boost from the warm weather and its recent acquisitions.

The company said managed house sales for the first thirteen weeks of the year were up 9.9% in total and 5.2% higher on a like-for-like basis.

"This performance is very pleasing given the very tough comparatives delivered this time last year when I was reporting to you that our managed house like-for-like sales were up 8.6%, aided by the hottest June in 40 years," said chairman Stephen Goodyear, adding that the group had once again benefited from a long period of very warm weather.

Young's also said it was seeing some benefit from the seven acquisitions it made last year and the three transfers from the Ram Pub Company to managed houses.

However, the company also noted that the macro-economic and political environment remains challenging, with continued uncertainty surrounding Britain's future trading relationship with Europe "unhelpful" for businesses.

Goodyear said: "In addition, our sector faced huge cost headwinds last year and while these pressures have continued into the current year, they have slightly moderated.

"Despite these challenges, we remain confident in our winning strategy of running differentiated well-invested, individual, premium pubs in excellent locations, which has a proven track record of outperforming the sector. We will continue to invest in our estate, our technology and our people and therefore, when combined with the hard work put in by our teams throughout Young's, we remain positive about the year ahead."