Slide 1: Half yearly results
Half yearly results Robert Walters Plc 28 July 2022
Slide 2: About us: Our strategy and mission
Half-yearly results About us Our strategy The Group’s strategy for growth is centred on organic international expansion and discipline diversification, ensuring a balanced footprint covering mature and developing markets. International expansion Driving growth through expansion into new geographic l
Slide 3: Strategy in action: Core disciplines
Half-yearly results Strategy in action Core disciplines Accountancy & finance Banking Engineering HR IT Legal Marketing Secretarial & support Supply chain & 49 New teams opened in 2022 Healthcare Sales procurement 3
Slide 4: Our brands
Half-yearly results About us Our brands Specialist professional Specialist Recruitment process recruitment staffing outsourcing Robert Walters recruits specialists Walters People specialises in Resource Solutions is a market for permanent, contract and interim temporary/contract and junior leader in
Slide 5: Financial review
Half-yearly results Financial review 5
Slide 6: Group highlights
Half-yearly results Group highlights Group performance Net fee income up 27% (27%*) to £210.5m (2021: £166.2m) Operating profit up 15% (7%*) to £27.7m (2021: £24.1m) Profit before taxation up 19% (22%*) to £26.4m (2021: £22.1m) Group headcount now stands at 4,051 (2021: 3,230) Permanent re
Slide 7: Consolidated Group income statement and financial review
Half-yearly results Consolidated Group income statement and financial review 6 months to 6 months to % Change 12 months to £ % Change 30 June 2022 30 June 2021 (constant currency*) 31 Dec 2021 Revenue1 538.6m 468.2m 15% 16% 970.7m Net fee income2 210.5m 166.2m 27% 27% 353.6m Operating profit 27.7m 2
Slide 8: Summary of Group balance sheet
Half-yearly results Summary of Group balance sheet As at As at As at £m 30 June 2022 30 June 2021 31 Dec 2021 Goodwill 8.1 8.1 8.1 Tangible assets and computer software 29.2 20.1 25.6 Right-of-use assets 61.2 59.9 62.6 98.5 88.1 96.3 Receivables 236.8 161.3 190.4 Payables and provisions (183.4) (145
Slide 9: Summary of cash flow
Half-yearly results Summary of cash flow 6 months to 6 months to 12 months to £m 30 June 2022 30 June 2021 31 Dec 2021 Operating profit 27.7 24.1 54.1 Depreciation, amortisation and impairment 10.7 11.1 20.2 Share-based payments and other non-cash items 1.6 1.4 2.3 Unrealised foreign exchange loss (
Slide 10: Regional analysis (net fee income)
Half-yearly results Regional analysis (net fee income) 6 months to 30 June 2022 6 months to 30 June 2021 21% 45% 18% UK (£35.2m) UK (£38.0m) Asia Pacific (£93.7m) 45% Asia Pacific (£73.7m) 29% Europe (£61.1m) 27% Europe (£45.2m) 8% 7% Other International Other International (£17.7m) (£12.1m) 10
Slide 11: Net fee income by geography (H1 2022 v H1 2018)
Half-yearly results Net fee income by geography (H1 2022 v H1 2018) 8% Asia Pacific 30% UK 21% 79% (45% of Group NFI) 9% (18% of Group NFI) Japan 30% 2018: 29% London 79% 2018: 85% Other 24% 2018: 23% 10% Regions 21% 2018: 15% Australia 19% 2018: 22% Hong Kong 10% 2018: 12% New Zealand 9% 2018: 6% S
Slide 12: Net fee income by discipline (H1 2022 v H1 2018)
Half-yearly results Net fee income by discipline (H1 2022 v H1 2018) 3% 2% 1% 4% 33% Commerce Finance 33% 2018: 35% 4% IT 21% 2018: 16% Banking Finance 13% 2018: 15% 4% Sales and Marketing 9% 2018: 8% Legal 6% 2018: 5% Support 4% 2018: 5% HR 4% 2018: 4% 6% Engineering & Construction 4% 2018: 5% Proc
Slide 13: Significant investment in headcount
Half-yearly results Significant investment in headcount 5,000 4,500 4,051 4,000 +821 (25%) 3,500 3,230 3,000 2,500 2,000 1,500 1,000 500 0 2018 2019 2020 2021 2022 13
Slide 14: Track record of growth
Half-yearly results Track record of growth Net fee income 2008 - 2022 450,000 400,000 350,000 300,000 FY £000's 250,000 H1 200,000 150,000 100,000 50,000 - 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Operating profit 2008 - 2022 60,000 50,000 FY 40,000 30,000 H1 £000's
Slide 15: Track record of growth
Half-yearly results Track record of growth Dividend payments 2008 - 2022 25.00 20.00 15.00 Pences FY 10.00 H1 5.00 - 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Earnings per share 2008 - 2022 60.00 50.00 40.00 FY 30.00 Pences H1 20.00 10.00 - 2008 2009 2010 2011 2012 2
Slide 16: Operations review
Half-yearly results Operations review 16
Slide 17: Operational management team
Half-yearly results Operational management team 37* 20* Robert Walters Alan Bannatyne Group CEO Chief Financial Officer 22* 15* Toby Fowlston Norma Gillespie CEO, RW & WP CEO, RS 22* 17* 13* 19* 7* 23* 1* Chris Hickey Rob Vermaak Marco Laveda James Hazel Kristen Kristin CEO, UKI, CEO, Benelux, CEO,
Slide 18: Asia Pacific (45% of net fee income)
Half-yearly results Asia Pacific (45% of net fee income) Asia Pacific Permanent/contract 23% Net fee income: £93.7m (2021: £73.7m) recruitment Contract 2021: 25% Operating profit: £16.2m (2021: £14.0m) 77% Permanent 2021: 75% Locations: Australia New Zealand Hong Kong Philippines India Singapore
Slide 19: Asia Pacific: Japan and South Korea
Half-yearly results Asia Pacific Japan and South Korea Japan The Group’s largest and most profitable business – net fee income increased by 25%* year-on-year Acute shortage of bilingual professionals remains across all sectors – both perm and temp Wage inflation – increases of 15-20%+ when mov
Slide 20: Asia Pacific: Greater China and South-East Asia
Half-yearly results Asia Pacific Greater China and South-East Asia Unrivalled footprint – including some of the world’s fastest growing, emerging recruitment markets Greater China Mainland China impacted by periods of extended lockdown during the first half. Operating profit remained flat year-
Slide 21: Asia Pacific: Australia and New Zealand
Half-yearly results Asia Pacific Australia and New Zealand Australia Region’s second largest and second most profitable business Good net fee income growth (17%*) Skills shortages across every discipline and geography exacerbated by talent migrating overseas Permanent market remains solid bu
Slide 22: Europe (29% of net fee income)
Half-yearly results Europe (29% of net fee income) Europe Permanent/contract 23% Net fee income: £61.1m (2021: £45.2m) recruitment Interim 2021: 21% Operating profit: £7.3m (2021: £6.2m) 57% Permanent 2021: 58% Locations: Belgium France Germany 20% Contract Ireland 2021: 21% Italy Netherlands Po
Slide 23: Europe
Half-yearly results Europe Europe Breadth of permanent, contract and interim recruitment solutions provides a competitive advantage which continues to enable us to service the full range of client requirements Excellent performance across the region with all markets delivering net fee income gro
Slide 24: UK (18% of net fee income)
Half-yearly results UK (18% of net fee income) UK Permanent/contract Net fee income: £38.0m (2021: £35.2m) recruitment 21% Contract 2021: 24% Operating profit: £3.6m (2021: £3.3m) 79% Locations: Permanent Birmingham 2021: 76% Bracknell Liverpool London Manchester Milton Keynes St Albans Recruitm
Slide 25: UK
Half-yearly results UK UK Recruitment volumes across London and the regions accelerated through the first half of the year Wage inflation (circa 20%) continued to fuel candidate confidence and created significant job churn Blanket cross-organisation pay rises becoming more common in the battle
Slide 26: Other International (8% of net fee income)
Half-yearly results Other International (8% of net fee income) Other International Permanent/contract Net fee income: £17.7m (2021: £12.1m) recruitment Operating profit: £0.6m (2021: £0.6m) 100% Permanent 2021: 100% Locations: Brazil Canada Chile Mexico Middle East South Africa USA Recruitment n
Slide 27: Other International: Americas, South Africa, Middle East
Half-yearly results Other International Americas South Africa Tech lay-offs impacted the US market particularly during Volatile economic backdrop with rising fuel prices and the second quarter wider inflation US market has hinged away from the candidate towards Net fee income was largely fla
Slide 28: Resource Solutions: Core product propositions
Half-yearly results Resource Solutions Core product propositions RPO Non-permanent workforce Advisory From full RPO to modular and project RPO, solutions Helping our clients build a balanced, Our consulting services are delivered our services are designed with client and with deep speciality and gro
Slide 29: Resource Solutions
Half-yearly results Resource Solutions UK business saw an 8%* decline in net fee income due to both the lag effect of clients re-hiring on-site teams following Covid forced restructures and lengthening times to onboard new staff Recruitment levels more muted relative to core UK recruitment busin
Slide 30: Technology & Transformation
Half-yearly results Technology & Transformation As a business with innovation embedded at its core, being at the cutting edge of technological change has paid dividends in terms of our readiness to face the continued and unique challenges presented to us whilst realising strong commercial benefits M
Slide 31: Innovation Awards & Recognition in 2022
Half-yearly results Innovation Awards & Recognition in 2022 Automation & Productivity During H1 2022 we added The Innovation team continues Development of our Digital CV of Innovation of the Year Awards to drive productivity gains in the Future is already delivering and winner status for our their p
Slide 32: ESG: Powering people and organisations to fulfil their unique potential
Half-yearly results ESG Our strategy is based upon three strategic pillars which align to ESG and are underpinned by our purpose Protecting the planet Powering people potential Responsible business ENVIRONMENT SOCIAL GOVERNANCE The Group has been offsetting the Helped over 23,700 candidates and
Slide 33: ESG: Timeline to 2030 - our commitments to act
Half-yearly results ESG Timeline to 2030 - our commitments to act: We have committed to reducing our global carbon emissions by 30% per head by the end of 2030*. Ambition of targets will be kept under constant review In the first half we appointed Sillion, a market leading ESG consultancy, as th
Slide 34: HY 2022: Telling our ESG story
Half-yearly results HY 2022: Telling our ESG story Protecting the planet Powering people potential Responsible business Our global fundraiser Robert Walters We are proud to support GoodJob, co- We celebrated International Women’s Day Group Walks to Kenya launched for the founded by one of our own co
Slide 35: HY 2022: Equity, Diversity & Inclusion (ED&I)
Half-yearly results HY 2022: Equity, Diversity & Inclusion (ED&I) We held our second global group-wide ED&I webinar for clients, How do inclusive leaders think and act? Transforming yourself into an inclusive leader Our global and regional ED&I councils hosted a number of ED&I events for staff, incl
Slide 36: HY 2022: Brand-building and market share
Half-yearly results HY 2022: Brand-building and market share 2022 digital Salary Survey available for hiring managers and candidates The Robert Walters Group UK New Artist of the Year Award launched. Now in it’s third year, the award in collaboration with UK New Artists and Saatchi Gallery helps to
Slide 37: HY 2022: Our people
Half-yearly results HY 2022: Our people Continuing to invest in our people in the long term Figures as at 30 June 2022 589 73 1,200+ 74 Internal promotions across Languages spoken by our Nationalities represented Coaching and training the Group in H1 2022 employees across the Group (60% female) sess
Slide 38: Supporting the communities where we work
Half-yearly results Corporate Responsibility Supporting the communities where we work 38
Slide 39: A snapshot of our recent awards
Half-yearly results HY 2022: Awards A snapshot of our recent awards Group UK Hong Kong South Korea UK’s Top 25 Companies for Senior Leadership Netherlands Australia Japan Resource Solutions Best HR Outsourcing Providers HR Vendor of the Year 39
Slide 40: Outlook
Half-yearly results Outlook 40
Slide 41: Outlook
Half-yearly results Outlook “The jobs market remained active throughout the first half of the year and we are yet to see signs of any slowdown despite the volatile macro-economic backdrop and inflationary pressure that is being experienced across global markets. “Current trading remains in line with