Business
2024 Half-Year Results
2024 Half-Year Results.
About this update from Robert Walters Plc
[{"type":"text","content":"\n1 August 2024\n\nROBERT WALTERS PLC\n \nInterim results for the six months ended 30 June 2024\n \nContinued actions to strengthen performance amidst challenging market conditions\n \n\n\n\n\nGroup financial summary\nSix months ended 30 June\n\n\n 2024\n\n\n2023\n\n\nChange\n\n\nCC change*\n\n\n\n\nRevenue\n\n\n£459.3m\n\n\n£548.3m\n\n\n(16%)\n\n\n(13%)\n\n\n\n\nGross profit (net fee income)\n\n\n£166.1m\n\n\n£202.3m\n\n\n(18%)\n\n\n(14%)\n\n\n\n\nOperating profit\n\n\n£0.2m\n\n\n£11.2m\n\n\n(98%)\n\n\n(96%)\n\n\n\n\nConversion rate %**\n\n\n0.1%\n\n\n5.5%\n\n\n(5.4) pp\n\n\n\n\n\n\n\n(Loss)/Profit before taxation\n\n\n£(2.3)m\n\n\n£8.1m\n\n\nnm\n\n\n\n\n\n\n\nBasic (loss)/earnings per share\n\n\n(3.7)p\n\n\n7.8p\n\n\nnm\n\n\n\n\n\n\n\nInterim dividend per share\n\n\n6.5p\n\n\n6.5p\n\n\n-\n\n\n\n\n\n\n\nNet cash***\n\n\n£48.8m\n\n\n£69.8m\n\n\nnm\n\n\n\n\n\n\n\n* Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years and denoted by '*' throughout this announcement\n**Conversion rate is calculated by expressing operating profit as a proportion of net fee income.\n***Net cash is cash and cash equivalents net of bank overdrafts and borrowings.\n'nm' denotes where change is 'not measured'\n \nGroup strategic and operational summary\n§ Group net fee income down 14%* to £166.1m, reflecting the rebasing in hiring market conditions relative to the post-pandemic peak.\n§ Specialist professional recruitment net fee income down 12%*, with permanent (66% of fees) down 14%* and temporary (33% of fees, being contract and interim) more resilient and down 9%*.\n§ Recruitment outsourcing net fee income down 23%*.\n§ Fees remain geographically well-diversified, with no single country accounting for more than a sixth of Group net fee income in the first half.\n§ Operating profit of £0.2m (H1 2023: £11.2m), reflective of the reduced trading volumes, the operating leverage of the Group's model and the foreign exchange impact particularly from the Japanese Yen. Included in operating costs is c.£2m of redundancy costs.\n§ Period end headcount down 15% year-on-year to 3,625 (30 June 2023: 4,280). The Group continues to match headcount with demand in local markets, whilst being well-positioned for an improvement in conditions.\n§ Actions to strengthen medi...