Global footprint boosts income at Robert Walters

Shares in Robert Walters jumped on Tuesday after the recruiter updated investors on a “record” third quarter.

Group net fees rose 13% on constant currencies in the three months to 30 September, to £101.2m. UK net fee income was ahead 4%, at £27.9m, as the firm benefited from activity in the legal professional and financial services.

In common with many recruiters, however, Robert Walters has refocused on overseas markets in recent years, and Asia Pacific and Europe produced the strongest rates of growth. The latter was up 22% at £24.3m while in Asia-Pacific, third-quarter fees income came in at £41.2m, an 18% spike.

Robert Walters now operates in 28 countries, with around 70% of its gross profit coming from outside Britain.

Chief executive Robert Walters, who founded the business in 1985, called it a record quarter and said full-year pre-tax profits were on track to meet expectations.

He added: “We have continued to invest further in growing our international footprint with the opening of new offices in Geneva and Los Angeles.

“The group’s truly global presence covering both emerging and established markets, and our blend of revenue streams across both recruitment and recruitment process outsourcing, means we are well positioned to further benefit from market opportunities as they arise.”

The shares rallied to 676p in early trading, before easing back as the session went on. By 2pm the stock was ahead 1% at 644p.