FINANCIALS: Robert Walters releases trading update

Pre-Covid-19 investment in technology ensured that Robert Walters employees remained productive during the pandemic, the company revealed in its Q2 trading update today [9 July].

In addition to the previous technology investment – which included all consultants having been equipped with tablets enabling “a seamless transition to remote working”, video CV, interviewing and communications platforms already in place – the company credited a strong cost reduction and control measures throughout the quarter for mitigating the pandemic’s impact on the business.

The group’s cost base had been reduced by 19% as of 1 July, including executive director salary reductions of 20%, voluntary reduced working hour schemes for employees globally and reductions in all discretionary spending, the trading update said.

Group headcount fell by 5%, or 201 employees, during the quarter through the end of June.

At the same time, UK net fee income was down 34% in the second quarter of the year, with activity levels in UK regions, while “significantly down year-on-year” stronger than in London, the company said. 

“Market conditions were challenging across the UK,” the company said.

Elsewhere:

  • Asia Pacific NFI was down 35%
  • Europe NFI was down 32%
  • Other international NFI (the Americas, Middle East and South Africa) was down 36%.

Group NFI for Q2 was £71.1m, compared to £106.4m at the same time last year.

CEO Robert Walters said: “Given the fluid and volatile nature of the global pandemic including the inherent risk of infection spikes and localised lockdowns, our forward visibility remains limited. That said, current trading is in line with market consensus for the full year.”

The group will publish its half-yearly results for the six months ended 30 June of this year on 30 July.

• Comment below on this story. Or let us know what you think by emailing us at [email protected] or tweet us to tell us your thoughts or share this story with a friend.

FINANCIALS: Robert Walters reports ‘positive momentum’ for business

Global recruiter Robert Walters reports “profit ahead of expectations” for the first quarter ended 31 March 2021, according to its financial results released today.

Financials 14 April 2021

NEW TO THE MARKET: 6-9 APRIL 2021

This week’s new launches include: Capital Outsourcing Group (Food), Cielo TalentCloud, Lorien, Thrive Education, TrueProfile.io

New to Market 6 April 2021

NEW TO THE MARKET: 22-26 MARCH 2021

This week’s new launches include: Sanderson Solutions Group

New to Market 24 March 2021

Looking for ‘well-stocked minds’ in future candidates

What characteristics should employers look for when they are hiring in the future to successfully navigate business change?

23 March 2021
Top