Business
Trading Update for first quarter ended 31 Mar 2021
Trading Update for first quarter ended 31 Mar 2021.
About this update from Robert Walters Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3605V\n Robert Walters PLC\n 14 April 2021\n \n \n \n \n \n \n \n 14 April 2021 \n \n \n \n \n \n ROBERT WALTERS PLC\n \n \n \n \n \n (the 'Company' or the 'Group')\n \n \n \n \n \n Trading update for the first quarter ended 31 March 2021\n \n \n \n \n \n PROFIT AHEAD OF EXPECTATIONS\n \n \n \n \n \n Financial and operational highlights\n \n \n \n \n \n \n \n \n \n Gross profit (Net fee income)\n \n \n \n \n Q1 2021\n \n \n \n \n \n \n \n Q1 2020\n \n \n \n \n \n \n \n % change\n \n \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 \n \n \n Group\n \n \n \n \n £77.3m\n \n \n \n \n £87.4m\n \n \n \n \n (12%)\n \n \n \n \n (11%)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Asia Pacific \n \n \n \n \n £32.8m\n \n \n \n \n £34.5m\n \n \n \n \n (5%)\n \n \n \n \n (3%)\n \n \n \n \n \n \n Europe\n \n \n \n \n £21.8m\n \n \n \n \n £25.4m\n \n \n \n \n (14%)\n \n \n \n \n (15%)\n \n \n \n \n \n \n UK\n \n \n \n \n £17.3m\n \n \n \n \n £19.7m\n \n \n \n \n (12%)\n \n \n \n \n (12%)\n \n \n \n \n \n \n Other International\n \n \n \n \n £5.4m\n \n \n \n \n £7.8m\n \n \n \n \n (31%)\n \n \n \n \n (25%)\n \n \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 \n \n \n \n § \n Positive trading momentum continued through the first quarter underpinned by further signs of improving market conditions across the Group's major regions. \n \n \n § \n Group net fee income for the first quarter was down 11% (12% actual) year-on-year representing a significant improvement on the 26% (24% actual), 30% (31% actual) and 34% (33% actual) declines of the preceding three quarters.\n \n \n § \n Activity levels across permanent, contract, interim and recruitment process outsourcing all trended positively through the quarter.\n \n \n § \n 78% (2020: 77%) of the Group's net fee income now derived from international operations.\n \n \n o \n Asia Pacific, the Group's largest region, now accounts for 42% of Group net fee income (2020: 39%).\n \n \n § \n Asia Pacific net fee income down 3% (5% actual) to £32.8m (2020: £34.5m...