Business
Half-yearly financial results
Half-yearly financial results.
About this update from Robert Walters Plc
[{"type":"text","content":"\n\n \n1 August 2023\n \nROBERT WALTERS PLC\n(the \"Company\" or the \"Group\")\n \nHalf-yearly financial results for the six months ended 30 June 2023\n \nCANDIDATE AND CLIENT CONFIDENCE MUTED AGAINST RECORD PRIOR YEAR\n \nRobert Walters plc (LSE: RWA), the leading international recruitment group, today announces its half-yearly financial results for the six months ended 30 June 2023.\n \nFinancial and Operational Highlights\n \n\n\n\n \n\n\nH1 2023\n\n\nH1 2022\n\n\n% change\n\n\n% change (constant currency*)\n\n\n\n\nRevenue\n\n\n£548.3m\n\n\n£538.6m\n\n\n2%\n\n\n1%\n\n\n\n\nGross profit (net fee income)\n\n\n£202.3m\n\n\n£210.5m\n\n\n(4%)\n\n\n(5%)\n\n\n\n\nOperating profit\n\n\n£11.2m\n\n\n£27.7m\n\n\n(60%)\n\n\n(57%)\n\n\n\n\nProfit before taxation\n\n\n£8.1m\n\n\n£26.4m\n\n\n(70%)\n\n\n(67%)\n\n\n\n\nBasic earnings per share\n\n\n7.8p\n\n\n27.5p\n\n\n(72%)\n\n\nn/a\n\n\n\n\nInterim dividend per share\n\n\n6.5p\n\n\n6.5p\n\n\n0%\n\n\nn/a\n\n\n\n* Constant currency is calculated by applying prior period exchange rates to local currency results for the current and prior periods.\n \nGroup Highlights\n§ Group net fee income (gross profit) down 4% (5%*) to £202.3m (£199.7m*) (2022: £210.5m) against a record prior year. Candidate and client confidence levels have yet to show sustained improvement across many of the Group's markets and specialist disciplines.\n§ Contract and interim recruitment have outperformed permanent, as organisations increasingly sought more flexible solutions to their hiring needs.\n§ Contract and interim recruitment now represent 33% of the Group's net fee income (2022: 29%).\n§ 84% of the Group's net fee income (2022: 82%) now derived from our international businesses.\n§ Our Europe and Asia Pacific regions, which together account for 76% of Group net fee income have proven to be most resilient, with the adverse impact most acutely felt in our UK, US and Mainland China businesses.\n§ Group headcount is up 6% year-on-year to 4,280 (30 June 2022: 4,051) but down 3% quarter-on-quarter, largely due to natural attrition, in line with more challenging trading conditions.\n§ Over the last two years, the Group has invested in attracting and developing our people and in evolving our global infrastructure and intends to continue to protect our strategic core whilst sen...