Business
Trading update for Q2 ended 30 June 2014
Trading update for Q2 ended 30 June 2014.
About this update from Robert Walters Plc
[{"type":"text","content":"\n \nRNS Number : 5398L Robert Walters PLC 07 July 2014 \n \n\n \n7 July 2014\n \nROBERT WALTERS PLC\n \n(the 'Company' or the 'Group')\n \nTrading update for the second quarter ended 30 June 2014\n \nFinancial and operational highlights\n \n\n\n\n\nGross profit (Net fee income)\n\n\nQ2 2014\n \n\n\nQ2 2013\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£53.9m\n\n\n£51.1m\n\n\n5%\n\n\n12%\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£23.5m\n\n\n£24.3m\n\n\n(3%)\n\n\n9%\n\n\n\n\nUK\n\n\n£17.0m\n\n\n£14.0m\n\n\n21%\n\n\n21%\n\n\n\n\nEurope\n\n\n£10.9m\n\n\n£10.7m\n\n\n2%\n\n\n6%\n\n\n\n\nOther International\n\n\n£2.5m\n\n\n£2.1m\n\n\n17%\n\n\n31%\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§ Seventh successive quarter of net fee income growth in constant currency across all of the Group's regions.\n§ Good performance maintained across the UK, with accounting and legal the standout performers in both London and the regions. Resource Solutions continues to perform well delivering an impressive increase in net fee income.\n§ In Asia Pacific, Japan, Hong Kong, Malaysia and Thailand produced the strongest performances further cementing our market-leading positions in these markets. Australia remains tough, particularly in the major metropolitan hubs; however, a number of our smaller satellite and regional offices returned to growth.\n§ Robust results in Europe with the Benelux region continuing to perform well. Permanent recruitment activity levels in France remained relatively subdued but contract grew strongly. Spain continues to rebound, doubling net fee income year-on-year.\n§ Our recently opened operations in San Francisco and Dubai delivered excellent net fee income growth.\n§ Group headcount of 2,497 (31 December 2013: 2,307).\n§ Strong balance sheet with net cash of £14.7m as at 30 June 2014 (30 June 2013: £6.9m). \n \nRobert Walters, Chief Executive, commented:\n \n\"This performance serves to highlight the strength, depth and diversity that the Group has in terms of both geography and discipline and is testament to our decision to invest in the business throughout the downturn. The pe...