FINANCIALS: Record first-half year for Robert Walters

Global recruiter Robert Walters has today [1 August 2022] reported a record first-half year performance with group net fee income (NFI) up 27% to £210.5m and operating profit rising by 15% to £27.7m year-on-year.

Job support for Ukrainian refugees, a new office opening in Milan and nearly 600 promotions, of which more than half were women, also figured strongly in the half-year report.

The results reflect the six months ended 30 June 2022.

In the report, the company said the market was experiencing “acute talent shortages and wage inflation across all geographies and specialist professional disciplines [with] fierce competition for talent as demand continues to strip supply”.

Highlights of the half-year report:

  • Permanent recruitment now represents 71% of the group’s NFI.
  • 82% of the NFI now comes from the group’s international businesses.
  • Opened a new office in Milan, Italy.
  • Group headcount up by 16% during the first half to 4,051.
  • UK NFI was up 8% to £38m, with operating profit increasing by 8% to £3.6m. Revenue in the UK was £141.2m.
  • 589 promotions took place within the company, of which 60% were female.
  • Delivered investment, resourcing and mentoring support to GoodJob, an initiative co-founded by a group consultant to help displaced Ukrainian professionals find meaningful employment. Also, the group has employed six Ukrainian professionals within its technology & transformation team.
  • Roll-out of Zenith, the group’s new customer relationship management system, “progressed well”, the company said, with successful deployments to the US, Canada, Brazil, Mexico and Chile. The roll-out’s next stage will cover South-East Asia.
  • Skills shortages are especially acute across Australia and New Zealand. NFI in Australia grew by 17% year-on-year and in New Zealand by 36% year-on-year.
  • NFI for the group’s Resource Solutions business in the UK declined by 8% year-on-year. The company said placement rates were affected by candidate shortages and delays in the time taken to onboard new hires. However, the company went on to say: “A number of new client wins and extensions were secured during the first half across a range of sectors including mining, healthcare, technology and insurance, which will deliver returns in the second half of the year and beyond.”
  • Robert Walters Board changes: Ron Mobed stepped down as non-executive chair on 15 July, following Brian McArthur-Muscroft’s departure from the board at the group’s annual general meeting in April after completing his nine-year term. Tanith Dodge is the interim non-executive chair as the group searches for Mobed’s successor.

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