Interim management statement, Q1 2010
- Group Q1 gross profit (net fee income) up 30% (27%*) to £32.6m (2009: £25.0m).
- Asia Pacific Q1 gross profit up 63% (52%*) to £14.9m (2009: £9.2m).
- UK Q1 gross profit up 23% to £10.1m (2009: £8.2m).
- Europe Q1 gross profit down 7% (5%*) to £6.7m (2009: £7.1m).
- USA & South Africa Q1 gross profit up 89% (93%*) to £1.0m (2009: £0.5m).
- Net cash position continues to be strong.
- Group headcount of 1,402 (31 December 2009: 1,261).
Robert Walters, Chief Executive, commented:
"We have seen a significant improvement in recruitment activity in the first quarter, with Asia Pacific in particular delivering a very strong performance. Given our position as one of the leading recruitment brands in this region, the Group is well placed to take advantage of improving trading conditions. We are continuing to invest in growing our coverage across the region with a third mainland China office planned in Beijing later this year and South Korea and Vietnam identified as target markets.
"The Group is also benefiting from increased hiring activity in the UK particularly within the banking sector, however trading conditions remain challenging across some markets in Europe. As stated in our recent year-end results we have identified Latin America as a key new market and will be opening an office in Sao Paulo during the second quarter."
The Group will provide an update on trading for the second quarter ending 30 June 2010 on 7 July 2010.
* Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.
ENQUIRIES: Robert Walters plc +44 (0) 20 7379 3333
Robert Walters, Chief Executive
Alan Bannatyne, Group Finance Director
Pelham Bell Pottinger
James Henderson +44 (0) 20 7337 1501 James Henderson
Archie Berens +44 (0) 20 7337 1509 Archie Berens
Samantha Boston +44 (0)20 7337 1562 Samantha Boston