Slide 1: 2024 full-year results
2024 full-year results Thursday 6 March 2025 Global Talent Solutions Robert Walters plc – 2024 full-year results | 1
Slide 2: Key messages
Key messages 1 2 3 2024 – strategic Continued focus on Confident in long- development against costs term growth drivers challenging backdrop • Greater discipline on • £4m+ structural cost • More to go for in Japan geographic portfolio savings secured • Service line diversification • Re-positioned bu
Slide 3: Operational review
Operational review David Bower CFO Robert Walters plc – 2024 full-year results | 3
Slide 4: Operational review: service lines
Operational review: service lines Subdued confidence levels impacted both specialist recruitment and outsourced volume hiring Specialist recruitment: 83% of Group Recruitment outsourcing: 17% of Talent advisory NFI Group NFI Total fees -13%* Total fees -18%* Clients served up 91% YoY Perm fees -14%*
Slide 5: Operational review: regional segments
Operational review: regional segments Challenging backdrop across most markets, with some isolated pockets of resilience Asia-Pacific: 43% of Group NFI Europe: 33% of Group NFI Total fees down 12%* Total fees down 14%* Fees flat* in Japan, led by growth in temp Netherlands (-9%*) and Belgium (-10%*)
Slide 6: Financial review
Financial review David Bower CFO Robert Walters plc – 2024 full-year results | 6
Slide 7: Group financial summary
Group financial summary Cost actions partially mitigate fee income impact driven by challenging conditions % CC £m unless otherwise stated 2024 2023 % Chg Chg* • Challenging market conditions Net fee income 321.4 386.8 (17%) (14%) drives decline in group NFI Operating costs (316.2) (360.5) (12%) (9%
Slide 8: Operating costs
Operating costs Cost actions drove reduced run rate on exiting 2024 Group operating cost breakdown Group operating cost bridge 2024 2023 – 2024 £m 100% £44.3m reduction year-on-year 90% • Average group headcount 80% down by 15%, driving reduction 360.5 70% in fixed staff costs 60% (27.4) (10.5) 1.2
Slide 9: Group cashflow
Group cashflow Lower operating cashflow driven by trading performance Group cashflow 2024 £m 20.8 0.2 • Negative free cash flow of £8m (0.5) 5.2 • Neutral working capital cash 79.9 (17.2) (6.4) impact (10.1) 52.5 (15.5) (3.9) • Total capex down by a third on prior year, driven by lower spend on offi
Slide 10: Capital allocation
Capital allocation Clear priorities, with overarching commitment to balance sheet strength Closed 2024 with net cash of £52.5m, consistent with £50m target 1 2 3 Organic investment Ordinary dividend Returning excess capital to holders • High-growth, above-group Share buybacks, special Seeking a rout
Slide 11: Guidance
Guidance Continued focus on costs whilst timing of improvement in trading conditions remains uncertain Fee income anticipated to be slightly second half-weighted Planning assumption that improvement in end markets unlikely before latter part of 2025 Good momentum from 2024 cost actions Exited 2024 w
Slide 12: Margin improvement programme
Margin improvement programme David Bower CFO Robert Walters plc – 2024 full-year results | 12
Slide 13: Disciplined entrepreneurialism
Disciplined entrepreneurialism Focused on five areas which bridge to a higher margin business Office network Procurement 16-19% Optimised optimisation Optimised front-office back-office Fee earner productivity 13% Medium-term conversion rate target Historical normalised conversion rate* Robert Walte
Slide 14: Fee-earner productivity
Fee-earner productivity Seeking to optimise further to capture medium-term opportunity Increased focus on perm placements per perm Driving right behaviours on sales funnel fee earner per month… Perm placements per perm fee earner per month1 2024 v. 2023 % Chg. More rigour on boosting job flow at top
Slide 15: Front and back-office optimisation
Front and back-office optimisation Delivering efficiencies in our ways of working Front office: ratio of fee earner support staff Back-office: moving to global business services re-balanced towards pre-pandemic levels… hubs Front office headcount mix HR function optimisation to deliver £1.5m saving
Slide 16: Office network optimisation and procurement
Office network optimisation and procurement Good progress in 2024 Office network optimisation Co-ordinated procurement Decision to close four offices across UK, France Annualised savings of £1.4m delivered in 2024 and New Zealand Consolidation and lease re-negotiation actions Focused on driving cons
Slide 17: Growth drivers
Growth drivers Toby Fowlston CEO Robert Walters plc – 2024 full-year results | 17
Slide 18: Underlying structural drivers: geographic penetration
Geographic penetration Clear actions to help us scale in our existing markets Top-left Fix internal Clear expectations on consultant business Invest to grow controllables before platform development Underlying structural drivers growing platform New leaders driving structured processes Top-right Cha
Slide 19: Service line diversification (1)
Service line diversification (1) 2024 performance gives further conviction on opportunity to drive long-term growth Rapidly changing world of work 57% of Gen Z workers would leave a role due to lack of development opportunities 79% of HR professionals value skills assessments over traditional hiring
Slide 20: Service line diversification (2)
Service line diversification (2) Focused on being a total talent solutions provider for our clients UK recruitment client base by multi- Talent advisory Client awareness of talent services discipline placements Source: Robert Walters Voice of client survey (June 2024) 2024 79% H2 referral volumes do
Slide 21: Conclusion
Conclusion 1 2 3 2024 – strategic Continued focus on Confident in long- development against costs term growth challenging backdrop drivers Good early progress as we Self-help measures to drive Conviction strengthened by began to execute strategic plan structurally higher margins 2024 progress over m
Slide 22: Appendix
Appendix Robert Walters plc – 2024 full-year results | 22
Slide 23: 2025 outlook
2025 outlook Labour demand yet to inflect, improvement in end markets not expected to be seen before latter part of 2025 Major hiring market job Japan job vacancies (re-based) UK job vacancies (re-based) vacancies (re-based) Feb 2020 = 100 3m ending Jan 2020 = 100 Feb 2020 = 100 Source: Trading Econ
Slide 24: Group net fee income summary
Group net fee income summary Group net fee income CC* 2024 2023 Chg. £m unless otherwise stated Chg. Spec. professional recruitment 267.3 319.7 (16%) (13%) Of which permanent 173.8 212.9 (18%) (14%) Of which temporary 90.9 105.0 (13%) (10%) Perm % mix 65% 67% -2 pp n/a Temp % mix 34% 33% +1 pp n/a R
Slide 25: Asia-Pacific: 2024 summary
Asia-Pacific: 2024 summary Specialist recruitment fee income mix £m unless otherwise stated 2024 2023 Chg. CC* Chg. 2024 Net fee income 138.8 167.9 (17%) (12%) Specialist professional recruitment 125.0 149.1 (16%) (11%) Other Asia- Recruitment outsourcing 13.8 18.8 (27%) (24%) Pacific Spec. professi
Slide 26: Europe: 2024 summary
Europe: 2024 summary Specialist recruitment fee income mix £m unless otherwise stated 2024 2023 Chg. CC* Chg. 2024 Net fee income 105.7 126.3 (16%) (14%) Other Europe Specialist professional recruitment 104.9 124.9 (16%) (14%) 7% Germany Recruitment outsourcing 0.8 1.4 (44%) (44%) 8% France Spec. pr
Slide 27: UK: 2024 summary
UK: 2024 summary Specialist recruitment fee income mix 2024 £m unless otherwise stated 2024 2023 Chg. Net fee income 50.4 60.9 (17%) Specialist professional recruitment 20.9 26.6 (21%) Recruitment outsourcing 29.5 34.3 (14%) Spec. professional recruitment Perm % mix 72% 73% -1pp Spec. professional r
Slide 28: Rest of World: 2024 summary
Rest of World: 2024 summary Specialist recruitment fee income mix 2024 £m unless otherwise stated 2024 2023 Chg. CC* Chg. Other Rest of World Net fee income 26.5 31.7 (17%) (13%) 10% South Africa Specialist professional recruitment 16.5 19.1 (14%) (9%) 10% Recruitment outsourcing 10.0 12.6 (21%) (18