Robert Walters latest results prove Brexit can be beaten

Robert Walters latest results prove Brexit can be beaten

Whilst the uncertainty of Brexit appears to be wreaking havoc on hiring, London-listed recruiter, Robert Walters has shown that there are still spoils to be won in the UK market.  

The recruitment firm saw a record performance in its latest quarter, with net fee income at the staffing group jumping to £90.7million in the three months to the end of September, from £74.4million over same period in 2016. According to the Financial Times, the increase was 21% across a constant currency.

UK hiring at the group, and at competitors such as PageGroup and Hays, was affected by the results of the EU referendum. However, recruitment seems to be getting back on track, with Robert Walters’ UK net fee income up 15% in the third quarter, to £26.9million.

The recruitment giant says this was boosted, in part, by growth in its London recruitment process outsourcing division.

Furthermore, in August, the Robert Walters City Jobs Index found that job volumes in London's financial hub rose by 31% compared to the same period in 2016, amidst fears that the UK banking sector would experience an exodus.

Robert Walters, which operates in 28 countries, has also benefitted from its geographical diversity. Net fee income growth in constant currency terms, grew 31% in Europe and 14% in Asia Pacific.

The eponymous Chief Executive, Robert Walters, said the board was “confident” that full-year pre-tax profit would be ahead of current market expectations. “The Group has delivered another quarter of record results with net fee income growing 21% year-on-year,” he says. “All of the Group’s geographic regions grew net fee income strongly and growth was broad based across permanent, contract, interim and recruitment process outsourcing.”

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