Business
Trading Update for Q4 ended 31 December 2019
Trading Update for Q4 ended 31 December 2019.
About this update from Robert Walters Plc
[{"type":"text","content":"\n \nRNS Number : 2136Z Robert Walters PLC 09 January 2020 \n\n \n9 January 2020\n \nROBERT WALTERS PLC\n \n(the 'Company' or the 'Group')\n \nTrading update for the fourth quarter ended 31 December 2019\n \nFULL YEAR PROFIT IN LINE WITH EXPECTATIONS DESPITE CHALLENGING MARKET CONDITIONS\n \nFinancial and operational highlights\n \n\n\n\nGross profit (Net fee income)\n\n\nQ4 2019\n \n\n\nQ4 2018\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£94.2m\n\n\n£102.3m\n\n\n(8%)\n\n\n(7%)\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£38.5m\n\n\n£40.0m\n\n\n(4%)\n\n\n(4%)\n\n\n\n\nEurope\n\n\n£27.7m\n\n\n£27.6m\n\n\n1%\n\n\n4%\n\n\n\n\nUK\n\n\n£20.7m\n\n\n£26.8m\n\n\n(23%)\n\n\n(23%)\n\n\n\n\nOther International\n\n\n£7.3m\n\n\n£7.9m\n\n\n(7%)\n\n\n(7%)\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 for the fourth quarter down 7% (down 8% actual) against a backdrop of significant political and economic uncertainty, particularly in the UK. \n§ 78% (2018: 74%) of the Group's net fee income now derived from overseas businesses. \n§ Asia Pacific net fee income down 4% (down 4% actual).\no In Asia Pacific, Japan, Korea, New Zealand and the Philippines delivered the strongest rates of net fee income growth. Market conditions in Hong Kong were extremely challenging given the ongoing protests. \no Resource Solutions impacted by the hiring slowdown across a number of financial services clients. \no Robust performance in Australia with Sydney, Chatswood and Brisbane the strongest performers. \n§ Europe net fee income up 4% (1% actual).\no Blend of permanent, contract and interim recruitment revenue streams continues to be a strength. \no The Netherlands and Spain delivered record results. Robust performance in France, the region's largest business, with net fee income growing 6%. Trading conditions in Germany and Switzerland were more challenging.\n§ UK net fee income down 23%.\no During the quarter client and candidate confidence deteriorated, across both recruitment and recruitment process outsourc...