By Najat Kantouar
Robert Walters remains confident of reaching full-year market expectations, despite seeing a sharp gross-profit decline as performance dropped in some of its regions–particularly in the U.K. and Asia Pacific businesses.
The British recruitment company said on Tuesday that for the third quarter ended September 30 the group gross profit, or net fee income was down by 13% on a constant currency basis to 93.4 million pounds ($114.3 million) from GBP112.3 million for the same period a year earlier, due to performance decreases in several core regions of the group.
The company experienced net-fee income declines in Asia Pacific, Europe and U.K. of 16%, 3% and 13% respectively, despite growth in the Middle East and South Africa of 3% and 74%.
The group generated 84% of its net fee income through its international businesses, it said.
Net cash balance dropped to GBP65.0 million as compared with GBP69.9 million.
“Our third-quarter performance was resilient despite the ongoing global macro-economic uncertainties. Hiring activity levels remained largely stable quarter-on-quarter with contract and interim recruitment outperforming permanent recruitment as organizations focused on shorter-term solutions to meet their hiring needs,” Chief Executive Officer Toby Fowlston said.
Shares at 0811 GMT were up 1.0 pence, or 0.3% at 356.0 pence.
Write to Najat Kantouar at [email protected]
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