Robert Walters PLC - Interim Management Statement for the Third Quarter Ended 30 September 2011
Financial and Operational Highlights
- 75% of Group's net fee income generated from international businesses.
- Strong growth in France and Germany: second German office opened in Frankfurt.
- Further investment in Asia, with the opening of the Group's first office in Indonesia.
- UK market conditions remain challenging.
- Recently opened office in Sao Paulo, the Group's first in South America, continues to perform well.
- Group headcount of 2,001 (30 June 2011: 1,932).
- All major office moves (London, Singapore and Sydney) successfully completed.
- Balance sheet remains strong, with net cash in excess of £5m as at 30 September 2011 (£10.7m as at 30 June 2011).
Robert Walters, Chief Executive, commented:
"During the third quarter, we have increased Group net fee income and achieved strong growth across our international businesses. Net fee income growth, whilst positive, has slowed as markets have become more challenging. Group headcount increased by 4% to 2,001, mainly in Asia and Continental Europe and year to date we have opened five offices, two in new countries. The Group is in a robust position as a result of this strategy of international growth and diversification and we continue to invest in those markets where longer term growth opportunities are strongest."
The Group will publish its fourth quarter and full year trading update on 6 January 2012.
* Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.
Robert Walters plc +44 (0)20 7379 3333
Robert Walters, Chief Executive
Alan Bannatyne, Group Finance Director
Pelham Bell Pottinger
James Henderson +44 (0)20 7861 3160
Archie Berens +44 (0)20 7861 3112