Robert Walters reports rise in half-year profits

City.. Photo: Stefan Rousseau/PA Wire
City.. Photo: Stefan Rousseau/PA Wire
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Recruitment firm Robert Walters has reported rising half-year profits and said that a strong UK performance was driven by financial services, despite Brexit casting a shadow over the City.

The group reported a 17 per cent rise in revenue to £562.7m in the six months to June 30, while pre-tax profit rose 46 per cent to £15.6m in constant currencies.

In the UK, net fee income grew 20 per cent to £48.3m, with activity levels strongest in London in financial services, commerce finance and technology, although the firm noted a “mixed and volatile economic backdrop”.

Robert Walters also benefited from broad-based growth across the UK regions with Manchester, Milton Keynes and St Albans the “standout performers”.

All this resulted in what the firm called a “substantial uplift” in UK operating profit to £4m from £1.8m.

Chief executive Robert Walters said: “The group delivered a record performance in the first half.

“We continue to benefit from both our international footprint which now spans 28 countries, including many of the world’s fastest growing and emerging recruitment markets, and the breadth of recruitment solutions we provide to our clients.”

The group’s international arm, which accounts for 71 per cent of its net fee income, was the standout performer.

Asia Pacific net fee income was up 10 per cent to £67.4m and Europe grew 22 per cent to £38m.