Business
Q2 Trading Update
Q2 Trading Update.
About this update from Robert Walters Plc
[{"type":"text","content":"\n \nRNS Number : 4742D Robert Walters PLC 07 July 2016 \n\n \n7 July 2016\n \nROBERT WALTERS PLC\n \n(the 'Company' or the 'Group')\n \nTrading update for the second quarter ended 30 June 2016\n \nFinancial and operational highlights\n \n\n\n\n\nGross profit (Net fee income)\n\n\nQ2 2016\n \n\n\nQ2 2015\n \n\n\n% change\n\n\n% change (constant currency*)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGroup\n\n\n£69.3m\n\n\n£60.0m\n\n\n16%\n\n\n10%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAsia Pacific \n\n\n£29.4m\n\n\n£25.8m\n\n\n14%\n\n\n7%\n\n\n\n\nUK \n\n\n£21.6m\n\n\n£20.2m\n\n\n7%\n\n\n7%\n\n\n\n\nEurope\n\n\n£15.4m\n\n\n£11.2m\n\n\n37%\n\n\n26%\n\n\n\n\nOther International\n\n\n£2.9m\n\n\n£2.9m\n\n\n2%\n\n\n(1%)\n\n\n\n\n* Constant currency is calculated by applying prior period average exchange rates to local currency results for the current and prior years.\n \n§ Group net fee income up 16%. \n§ 69% of Group net fee income derived from outside of the UK.\n§ Growth rates strongest in the Group's Asia Pacific and Continental European regions.\n§ Asia Pacific, the Group's largest region, net fee income up 14%, further strengthening the Group's market leading position in the region. \no Japan, Indonesia, New Zealand, Taiwan and Thailand delivered record results.\no New office opened in the Philippines. \no South East Asia footprint is the strongest in the specialist recruitment space and now covers Singapore, Malaysia, Thailand, Vietnam, Indonesia and the Philippines.\no Good progress in Australia with the business delivering a marked improvement in net fee income growth. \n§ UK net fee income up 7%.\no Solid results against an uncertain backdrop with a particularly strong performance from Resource Solutions.\n§ Europe net fee income up 37%.\no Strong quarter with all markets across the region performing well. \no Six countries grew net fee income in excess of 20%. \n§ Group headcount of 2,902 (31 March 2016: 2,944).\n§ Strong balance sheet with net cash of £8.7m as at 30 June 2016 (30 June 2015: £14.8m). \n \nRobert Walters, Chief Executive, commented:\n \n\"The Group performed well in the second quarter increasing net fee income by 16% year-on-year with our Asia Pacific and Continental Eu...