TIDMRWA
RNS Number : 3185L
Robert Walters PLC
12 January 2021
12 January 2021
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Trading update for the fourth quarter ended 31 December 2020
RESILIENT PERFORMANCE.
FORWARD VISIBILITY REMAINS LIMITED
Financial and operational highlights
Gross profit (Net fee Q4 2020 Q4 2019 % change % change
income) (constant
currency*)
Group GBP71.4m GBP94.2m (24%) (26%)
---------- ---------- --------- ------------
Asia Pacific GBP30.2m GBP38.5m (21%) (23%)
---------- ---------- --------- ------------
Europe GBP21.2m GBP27.7m (24%) (27%)
---------- ---------- --------- ------------
UK GBP14.9m GBP20.7m (28%) (28%)
---------- ---------- --------- ------------
Other International GBP5.1m GBP7.3m (31%) (28%)
---------- ---------- --------- ------------
* Constant currency is calculated by applying prior period
average exchange rates to local currency results for the current
and prior years.
-- Group net fee income for the fourth quarter down 26% (24%
actual) year-on-year representing an improvement on the 34% (33%
actual) and 30% (31% actual) declines of the second and third
quarters respectively.
-- 79% (2019: 78%) of the Group's net fee income now derived
from our international operations.
-- The Group's proven ability to deliver sensible and targeted
short-term cost reduction and control measures combined with the
more positive than expected net fee income trend during the fourth
quarter means that profit for the full year is now likely to be
ahead of current market expectations.
-- Market conditions do still remain challenging however there
were signs of improvement in forward-looking indicators,
particularly in Asia Pacific, the Group's largest region.
-- Demand has remained particularly robust, throughout the
pandemic, across the specialist disciplines of technology, digital,
healthcare, supply chain and logistics.
-- The Group's end-to-end offering of permanent, contract and
interim recruitment and recruitment process outsourcing continues
to enable us to meet the varying needs of our clients and
candidates across the globe.
-- The large majority of the Group's offices are open, however
the picture is volatile and changes frequently depending on local
infection rates and government policy.
o Our pre-Covid investment in technology continues to provide a
competitive advantage with all staff continuing to work seamlessly
and productively whether in the office or remotely.
-- Group headcount now stands at 3,147 (31 December 2019:
4,027).
-- Strong balance sheet with net cash of GBP154.8m as at 31
December 2020 (31 December 2019: GBP85.8m). The Group also has a
GBP60m committed loan facility due for renewal in 2023.
Robert Walters, Chief Executive, commented:
"Once again I would like to begin by thanking all of our people
across the globe, whose wellbeing remains our number one priority,
for the incredible durability and commitment they have shown during
this most unprecedented and difficult of years. It's their drive,
passion for the business and singular focus on helping our clients
and candidates that has enabled the Group to deliver such a
resilient performance.
"Group net fee income for the full year was down 25% and whilst
market conditions still remain challenging there were signs of
improvement in forward-looking indicators during the fourth
quarter, particularly in Asia Pacific, the Group's largest region.
That said, it is important to note that the volatile nature of the
pandemic means our forward visibility remains limited evidenced by
a number of countries recently returning to versions of
lockdown.
"I am however pleased to say that the better than expected
performance in the fourth quarter, coupled with the sensible and
targeted short-term cost reduction and control measures that were
put in place at the beginning of the pandemic, means that profit
for the full year is likely to be ahead of current market
expectations."
The Group will publish its full year results for the year ended
31 December 2020 on 2 March 2021.
- Ends -
Further information
Robert Walters plc
Robert Walters, Chief Executive
Alan Bannatyne, Chief Financial
Officer +44 20 7379 3333
Williams Nicolson
Steffan Williams +44 7767 345 563
About Robert Walters Group
The Robert Walters Group is a market-leading international
specialist professional recruitment group with over 3,100 staff
spanning 31 countries. We specialise in the placement of the
highest calibre professionals across the disciplines of accountancy
and finance, banking, engineering, HR, IT, legal, sales, marketing,
secretarial and support and supply chain and procurement. Our
client base ranges from the world's leading blue-chip corporates
and financial services organisations through to SMEs and start-ups.
The Group's outsourcing division, Resource Solutions is a market
leader in recruitment process outsourcing and managed services.
www.robertwaltersgroup.com
Forward looking statements
This announcement contains certain forward-looking statements.
These statements are made by the directors in good faith based on
the information available to them at the time of their approval of
this announcement and such statements should be treated with
caution due to the inherent uncertainties, including both economic
and business risk factors, underlying any such forward-looking
information.
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