Business
Interim Results
Interim Results.
About this update from Robert Walters Plc
[{"type":"text","content":"\n RNS Number : 2664C Robert Walters PLC 29 August 2008 \n \n\n\n\n\n29 AUGUST 2008\n\nROBERT WALTERS PLC\n\nHalf-Yearly Financial Results for the 6 months ended 30 June 2008\n\nFINANCIAL HIGHLIGHTS\n\n\n\nNet fee income (gross profit) up 17% to £71.7m (2007: £61.5m):\n\n\n\n\n68% (2007: 61%) of the Group's net fee income generated outside of the UK.\n\n\n\n\nContinued investment in overseas development in the first half of 2008:\n\n\n\n\nHeadcount investment focused largely in Europe and Asia Pacific. The Group now employs 1,687 people worldwide (2007: 1,382).\n\n\n\n\nNew offices opened in Bangkok, Kowloon, Paris and Strasbourg.\n\n\n\n\nTwo new offices acquired in China, in Shanghai and Suzhou.\n\n\n\n\nOperating profit down 8% to £10.6m (2007: £11.5m).\n\n\nProfit before taxation down 15% to £9.8m (2007: £11.4m).\n\n\nBasic earnings per share down 12% to 9.2p (2007: 10.4p).\n\n\nInterim dividend increased 4% to 1.40p per ordinary share (2007: 1.35p).\n\n\nStrong balance sheet with £18.3m cash as at 30 June 2008 (30 June 2007: £13.4m).\n\n\n£9.5m of the Company's own shares purchased through share buy-back programme. The Group intends to continue with this policy.\n\n\n\nRobert Walters, Chief Executive, commented:\n\n'The international diversity and multi-disciplined nature of the Group has enabled us to deliver a solid performance. The results also reflect the investment made in the business, which was weighted towards the first half of the year. Our businesses in Europe and Asia Pacific continue to grow and perform strongly, whilst in the UK we have implemented management and structural changes to improve future performance.' \n\n\nOUTLOOK\n\n\n\nExtended geographic reach, with 37 offices in 16 countries.\n\n\nChina acquisition now fully integrated.\n\n\nOur growing contract businesses in Europe and Asia Pacific continue to contribute strongly to growth. Contract now represents 32% (2007: 30%) of the Group's recruitment net fee income.\n\n\nThe Group is well positioned, with a strong internatio...