Robert Walters announces solid first quarter figures

Press release   •   Apr 09, 2013 14:25 BST

Recruitment firm Robert Walters announced first quarter figures today; with the company experiencing a solid first quarter.

Group net fee income was up 4% at £46.6 million. The group had net cash of £2.4 million as at 31st March and banking facilities of £45 million.

The company said 85% of its fees were now generated outside financial services, after it moved into new areas such as oil and gas and engineering and developed its presence in newer territories across the globe.

Two years ago banking represented 27% of the company's fees worldwide. Last year that figure fell to 22%.

Chief executive Robert Walters said: "In accordance with our strategy, which we reaffirmed at the end-of-year results, we continue to build our position in disciplines outside of banking and closely manage our cost base."

London is in limbo," he said in January. "There are people who want to move jobs but they don't feel confident enough to do so.

"There's a lot of pent-up demand. As and when things do recover you'll see a big movement of staff.

Investment banks around the world are taking a harder line on pay and axing jobs to cope with increased regulatory pressure and tough trading conditions.

Group headcount rose to 2,249 in the period from 2,233 at the end of December thanks to six new contracts won in the quarter.

Walters added: "Having already opened offices in Dubai and Ghent in the first quarter, the Group will not be opening any further offices this year.

"We have opened 17 new offices over the last three years, and are now focused on consolidating this investment and increasing productivity from these new and exciting businesses."

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