REG - Robert Walters PLC - Robert Walters results for year ended 31 Dec 2021
08/03/2022 07:00
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RNS Number : 9421D Robert Walters PLC 08 March 2022
8 March 2022
ROBERT WALTERS PLC
(the "Company", or the "Group")
Results for the year ended 31 December 2021
RECORD YEAR.
PROFIT AHEAD OF EXPECTATIONS
Robert Walters plc (LSE: RWA), the leading international recruitment group,
today announces its results for the year ended 31 December 2021.
Financial and Operational Highlights
2021 2020 % change % change (constant currency*)
Revenue £970.7m £938.4m 3% 6%
Gross profit (net fee income) £353.6m £302.4m 17% 21%
Operating profit £54.1m £14.8m 265% 285%
Profit before taxation £50.2m £12.1m 315% 339%
Basic earnings per share 46.3p 8.0p 482% N/A
Proposed final dividend per share 15.0p 11.0p 36% N/A
* Constant currency is calculated by applying prior year exchange rates to
local currency results for the current and prior years.
§ Record Group performance with operating profit increasing by 265% (285%*)
year-on-year to an all-time high of £54.1m (2020: £14.8m).
§ Fierce competition for talent and significant wage inflation across all
geographic locations and specialist disciplines.
§ Consultant productivity up 20% year-on-year.
§ Blend of revenue streams across permanent, contract and interim recruitment
and recruitment process outsourcing continues to enable the Group to meet the
diverse needs of clients and candidates across the globe.
§ Activity levels strongest across permanent and interim recruitment with
clients increasingly confident to hire for the long term.
§ 81% (2020: 78%) of Group net fee income now derived from our international
businesses.
§ Asia Pacific net fee income up 32% (39%*) to £164.2m (£172.5m*) (2020:
£124.1m) and operating profit increased by 336% (361%*) to £36.5m (£38.6m*)
(2020: £8.4m).
§ Europe net fee income up 11% (15%*) to £95.3m (£98.9m*) (2020: £85.7m)
and operating profit increased by 192% (205%*) to £13.7m (£14.3m*) (2020:
£4.7m).
§ UK net fee income up 3% to £68.7m (2020: £66.9m) and operating profit up
146% to £3.3m (2020: £1.3m).
§ Other International (the Americas, South Africa and the Middle East) net
fee income was down 1% (up 5%*) to £25.4m (£27.0m*) (2020: £25.7m) and
operating profit increased by 43% (58%*) to £0.6m (£0.6m*) (2020: £0.4m).
§ Group headcount increased by 11% to 3,484 (2020: 3,147).
§ Continued investment in ESG:
§ Finalist for two major ESG awards - the ESG Annual Reporting Awards and the
global Reuters Responsible Business Awards;
§ Group has been offsetting the equivalent of our carbon emissions since 2015
and has committed to further carbon reduction targets by 2030; and
§ Engaged a leading ESG consultancy to undertake a Group-wide ESG materiality
assessment.
§ Proposed final dividend of 15.0p per share (2020: 11.0p per share).
§ In 2021, the Group purchased 1,626,375 shares at an average price of £7.47
for £12.3m through the Group's Employee Benefit Trust. A further 363,723
shares were purchased after year-end at an average price of £7.50 for £2.7m.
§ Strong balance sheet with net cash of £126.6m as at 31 December 2021 (31
December 2020: £155.5m).
Robert Walters, Chief Executive, said:
"The Group delivered an outstanding performance in 2021 increasing operating
profit by 265% to a record of £54.1m. This result is testament to the Group's
proven track record of profitably weathering international crises and
benefiting from operational gearing when market conditions become more
favourable and of the talent, hard-work and commitment of all our staff right
across the globe.
"The jobs market is strong, wage inflation is increasing everywhere and
candidate and client confidence is high. Together with the Group's strong
brand, global international footprint covering both well-established and
emerging recruitment markets and blend of permanent, interim, contract and
recruitment process outsourcing revenue streams it serves to create clear
opportunities across the recruitment market.
"We are however mindful of the macro-economic and political uncertainties that
do exist. To date, early 2022 trading is in line with Board expectations."
The Company will be holding a presentation for analysts at 10.30am today.
The Company will publish a trading update for the first quarter ending 31
March 2022 on 7 April 2022.
Further information
Robert Walters plc +44 (0) 20 7379 3333
Robert Walters, Chief Executive
Alan Bannatyne, Chief Financial Officer
Williams Nicolson +44 7767 345 563
Steffan Williams
About Robert Walters Group
The Robert Walters Group is a market-leading international specialist
professional recruitment group with over 3,400 staff spanning 31 countries. We
specialise in the placement of the highest calibre professionals across the
disciplines of accountancy and finance, banking, engineering, HR, healthcare,
IT, legal, sales, marketing, secretarial and support and supply chain,
logistics and procurement. Our client base ranges from the world's leading
blue-chip corporates and financial services organisations through to SMEs and
start-ups. The Group's outsourcing division, Resource Solutions, is a market
leader in recruitment process outsourcing and managed services.
www.robertwaltersgroup.com (http://www.robertwaltersgroup.com)
Forward looking statements
This announcement contains certain forward-looking statements. These
statements are made by the Directors in good faith based on the information
available to them at the time of their approval of this announcement and such
statements should be treated with caution due to the inherent uncertainties,
including both economic and business risk factors, underlying any such
forward-looking information.
Robert Walters plc
Results for the year ended 31 December 2021
Chair's Statement
The Group delivered a record performance in 2021 with operating profit
increasing by 265% (285%*) to an all‑time high of £54.1m. This has been
achieved despite the backdrop of the ongoing global pandemic and a significant
number of our businesses around the world experiencing prolonged periods of
full or partial lockdowns.
Candidate and client confidence grew steadily as the year progressed as the
macroeconomic outlook became increasingly positive underpinned by vaccination
programme roll outs and the increasing ability of organisations and talent to
adapt to 'new normal' ways of working. Permanent and interim recruitment
activity were the strongest drivers of growth as organisations more
confidently hired for the long term. Permanent recruitment now represents 68%
(2020: 62%) of the Group's net fee income.
Revenue was up 3% (6%*) to £970.7m (2020: £938.4m) and net fee income
increased by 17% (21%*) to £353.6m (2020: £302.4m). Operating profit
increased by 265% (285%*) to £54.1m (2020: £14.8m) and profit before
taxation increased by 315% (339%*) to £50.2m (2020: £12.1m). Earnings per
share increased by 482% to 46.3p per share (2020: 8.0p per share). The Group
has maintained a very strong balance sheet with net cash of £126.6m as at 31
December 2021 (31 December 2020: £155.5m).
All of the Group's regions delivered substantial operating profit growth with
our business in Asia Pacific delivering a standout performance increasing
operating profit by 336% (361%*) to £36.5m (£38.6m*) (2020: £8.4m). 81%
(2020: 78%) of the Group's net fee income is now derived from our
international operations reflecting the strength of the Group's global brand
and geographic footprint.
People and Culture
The Group's purpose is to power people and organisations to fulfil their
unique potential and this is the foundation that underpins what we do as a
business. In 2021, across our permanent, contract, interim and recruitment
process outsourcing businesses I am proud to say that we helped over 43,500
people and 11,500 organisations fulfil that unique potential through providing
new careers and valued team members.
Our purpose is not just about our candidates and clients - it is as important
to the development of our own people and culture. During the year, we added
net 337 new people to the Group to continue to drive the business forward and
maximise the opportunities we can see across the globe. We continued to invest
in the ongoing development of both existing and new staff with 288 leadership,
coaching and training sessions delivered during the year. Whilst already proud
of the comprehensive training programmes we run for our people at all levels,
we are not resting on our laurels and have appointed a new Head of Learning
& Development to continue to ensure our programmes are leading edge and a
differentiator in what is a very competitive space. I am also delighted to
report that over 780 staff were promoted during the period with 55% of these
promotions being female as we continue to strive to improve gender balance
particularly in senior leadership positions.
The transparency and regular cadence of communication, both through our global
technology platforms and, of course, one-to-one phone or video conversations,
has continued to be essential in fostering togetherness and teamwork
particularly during the periods of the year when offices have been closed or
at reduced capacity. Our senior management teams have continued to keep staff
updated through our global internal communications platform, Workplace from
Meta, as well as Microsoft Teams. But communication is only truly effective
when two-way and we have recently launched a global employee engagement survey
in conjunction with Glint, from LinkedIn, to gain staff feedback on issues
such as ways of working, our culture and values.
An Organisational Health Committee, comprising members of the Board, has also
been established with a view to making recommendations to maintain, encourage
and improve the health of the business from a people perspective.
Equality, Diversity & Inclusion (ED&I)
ED&I is another key area of focus for the Group where strong efforts have
been made over the last year. Following a Group-wide ED&I survey carried
out in 2020, we worked closely with Vercida Consulting, one of the world's
leading ED&I consultancies, to design a comprehensive ED&I training
programme that has been successfully rolled out to all Managers and above
globally. The Group has also chosen its first Global Head of ED&I,
starting in 2022, with a clear remit to ensure the Group continues to evolve
and align with best practice. A global ED&I council has been established
which provides regular updates to the Board and it's been positive to already
see active ED&I discussion groups established to enable staff at all
levels to both formally and informally feed into our overall strategy and
approach.
Environmental, Social and Governance (ESG) Awards and Committee
As a Group, we continue to be recognised as a leader in the ESG space. We were
a finalist in both the ESG Annual Reporting Awards and the global Reuters
Responsible Business Awards at which we were highly commended for our ESG
activities. We have been a member of the FTSE4Good Index for the last thirteen
years and we have been offsetting the equivalent of our carbon emissions since
2015. We also recognise that we have an ongoing responsibility to drive
continued improvement and therefore, during the year, we published new
targets, aligned to the United Nations' Sustainable Development Goals to
further reduce the Group's environmental impact by 2030.
An ESG Committee has been established comprising members of our operational
management team, Board and business support functions and we have recently
engaged a leading ESG consultancy to conduct a Group-wide ESG Materiality
Assessment, the findings of which will further inform and influence our
policies moving forward.
Board
I am delighted to welcome Matt Ashley to the Board as an independent
Non-executive Director. Matt was appointed to the Board on 23 December 2021
and will be a member of each of our standing Committees and Chair of the Audit
and Risk Committee, following the conclusion of our 2022 Annual General
Meeting. Matt brings a wealth of financial and listed business experience from
different sectors and I look forward to working closely with him.
Dividend and Share Buy Backs
The Board will be recommending a 36% increase in the final dividend to 15.0p
per share, which combined with the interim dividend of 5.4p per share would
result in a 32% increase in the total dividend to 20.4p per share (2020:
15.5p).
In 2021, the Group purchased 1.6m shares at an average price of £7.47 per
share through the Group's Employee Benefit Trust. A further 0.3m shares were
purchased after year-end at an average price of £7.50 for £2.7m. The Board
is authorised to re-purchase up to 10% of the Group's issued share capital and
will be seeking approval for the renewal of this authority at the Group's
Annual General Meeting on 28 April 2022.
Last and most certainly not least, I would like to take this opportunity to
thank all of our wonderful people across the globe for their energy,
commitment and determination to so successfully come through another
pandemic-impacted year and deliver such an outstanding result.
Ron Mobed
Chair
7 March 2022
*Constant currency is calculated by applying prior year exchange rates to
local currency results for the current and prior years.
Chief Executive's Statement
The Group's proven track record of profitably weathering international crises
and benefiting from operational gearing when market conditions become more
favourable enabled the Group to deliver its most profitable year ever.
Clients and candidates were relatively cautious during the first few months of
the year as a result of the uncertainty surrounding the likelihood of further
Covid waves, the efficacy of vaccine programmes and the pace and
sustainability of any global economic recovery. This early caution quickly
gave way to confidence resulting in one of the hottest job markets in recent
times. The emergence of the Omicron variant during the fourth quarter did mean
a return to Work from Home guidance or reduced office capacities in many
locations, however, recruitment activity levels were not adversely affected as
clients, candidates and our consultants were again able to seamlessly adapt
with no material impact on productivity.
The competition for talent is fierce across all geographies and professional
disciplines driven by an ever-more acute shortage of qualified professionals.
The shortage has been exacerbated by the pandemic's impact on talent mobility
which has further served to drive significant wage inflation for those
candidates moving jobs. Uplifts of circa 20% are commonplace across the globe
for job movers with high-demand and niche skill sets particularly in
disciplines such as technology and digital demanding even higher premiums.
The Group's blend of revenue streams covering permanent, interim and contract
recruitment and recruitment process outsourcing coupled with our broad range
of specialist disciplines and geographies has enabled us to benefit from this
acceleration in recruitment activity right across the globe and to meet the
diverse recruitment needs of our clients and candidates. Whilst the global
pandemic has limited our ability to open new offices in new locations, I am
delighted that we have continued to grow our capability in high-growth and
pandemic-proof disciplines such as technology, supply chain and interim with
the establishment of 47 new teams.
We increased our staff numbers by 11% year-on-year with total headcount at
year-end standing at 3,484 (2020: 3,147). This is still below our peak
headcount of 4,348 which provides us significant headroom and opportunities
for further growth right across the globe. It is particularly pleasing to
report that despite adding a large number of new staff during the period,
consultant productivity increased by 20% year-on-year.
Technology and Insights
The Group's long-term investment in technology continued to provide our people
with the ability to work remotely when required and ensured no impact on our
ability to deliver the highest quality of service to our clients and
candidates. Video CV and interviewing platforms again played an important role
but it was heartening to see clients and candidates, where possible, beginning
to revert to face-to-face meetings especially for the latter stages of
recruitment processes.
Our ability to provide comprehensive market insights and analysis to both
clients and candidates continued to prove a key differentiator. Harnessing
both internal and external data to inform recruitment searches and
decision-making has proven hugely advantageous to our clients. Additionally
our global thought leadership programme encompassing whitepapers, e-guides,
webinars and podcasts engaged over 100,000 clients and candidates during the
year.
During the fourth quarter, we successfully rolled out Zenith, the Group's new
customer relationship management (CRM) system, in our Middle East business.
This was the Group's first live deployment of the new system with the aim to
have a significant proportion of the business fully transitioned across by the
end of 2022. The global roll out of this first generation system is expected
to be completed during the first half of 2023.
Review of Operations
Asia Pacific (47% of Group net fee income)
Revenue was £427.0m (2020: £373.6m), net fee income increased by 32% (39%*)
to £164.2m (£172.5m*) (2020: £124.1m) and operating profit increased by
336% (361%*) to £36.5m (£38.6m*) (2020: £8.4m). The region delivered an
outstanding performance despite a number of markets experiencing prolonged
full or partial lockdowns during the year.
Japan, the Group's most profitable business, had a record year, increasing
operating profit by 138%*; further strengthening our leading position in this
high-growth and exciting recruitment market. Hong Kong bounced back strongly
after a turbulent socio-economic and Covid-impacted period, with a significant
increase in both net fee income and operating profit. In Mainland China, our
business continues to go from strength to strength delivering record net fee
income and operating profit. Across South East Asia, standout performances
came from Malaysia and Vietnam with both businesses also producing record
levels of both net fee income and operating profit.
Australia, the second largest business in the region, had an excellent year
with a 33%* increase in net fee income driving a 423%* increase in operating
profit. During the year, we further cemented our dominant market position in
New Zealand, increasing net fee income by 56%* and operating profit by 306%*.
New Zealand is now the fourth most profitable business in the Asia Pacific
region.
Resource Solutions had a record year across the region increasing both net fee
income and operating profit year-on-year underpinned by a number of new client
wins and extensions, particularly in India and South East Asia.
Europe (27% of Group net fee income)
Revenue was £216.1m (2020: £204.6m), net fee income increased by 11% (15%*)
to £95.3m (£98.9m*) (2020: £85.7m) and operating profit increased by 192%
(205%*) to £13.7m (£14.3m*) (2020: £4.7m).
Our blend of permanent, contract and interim recruitment solutions continues
to provide the Group with a competitive advantage across the region with our
teams able to respond to the diverse nature of client and candidate needs.
Permanent and interim grew most strongly during the period as markets
recovered from an extremely tough 2020.
Six of our eight businesses across the region more than doubled operating
profit during the period. France, the largest business in the region, bounced
back well increasing net fee income by 9%* and operating profit by 180%*
year-on-year. Our mature businesses in the Netherlands and Belgium, which both
weathered the 2020 Covid crisis exceptionally well, continued to perform
strongly increasing net fee income by 13%* and 14%* respectively year-on-year.
Spain, where we now have a footprint covering Madrid, Barcelona and Valencia,
delivered record net fee income and operating profit and in Germany, I am
delighted that we produced a significant increase in both net fee income and
operating profit after a challenging few years.
UK (19% of Group net fee income)
Revenue was £297.6m (2020: £329.1m), net fee income increased by 3% to
£68.7m (2020: £66.9m) and operating profit increased by 146% to £3.3m
(2020: £1.3m).
Growth across the UK was broad-based with recruitment activity levels
increasing across both permanent and contract and geographically across both
London and the regions. Candidate shortages were most acute at the mid to
senior end of the market, with legal, technology and commerce finance the
fastest growing disciplines where competition for talent and wage inflation
was highest. With hybrid working becoming ever more prevalent, clients became
increasingly location agnostic when hiring and we expect this trend to
continue through 2022.
Resource Solutions in the UK saw a single-digit decline in net fee income due
to the lag effect of clients having to re-hire on-site recruitment teams
following the restructures and hiring freezes that were commonplace during
2020. Hiring momentum did increase during the second half of the year and we
expect this to continue throughout 2022 as clients gear up hiring plans.
Other International (7% of Group net fee income)
Other International encompasses the Americas, South Africa and the Middle
East. Revenue was £30.0m (2020: £31.1m), net fee income decreased by 1% (up
5%*) to £25.4m (£27.0m*) (2020: £25.7m) and operating profit increased by
43% (58%*) to £0.6m (£0.6m*) (2020: £0.4m).
In North America, our US business saw a single-digit decline in net fee income
year-on-year largely as a result of a difficult first quarter. As the year
progressed, second half results significantly improved and we expect this to
continue in 2022. The US jobs market is strong and we plan to further grow our
existing businesses and open at least one new office during this year. Our
business in Canada delivered a record performance in terms of both net fee
income and operating profit.
In South America, our newest businesses in Chile and Mexico continue to grow
well, with Chile in particular having an excellent year increasing net fee
income by over 70%*. Our Middle East operation continued to perform strongly
with net fee income increasing by 42%* year-on-year resulting in a threefold
increase of operating profit.
Outlook
The jobs market is strong, wage inflation is increasing everywhere and
candidate and client confidence is high. Together with the Group's strong
brand, global international footprint covering both well-established and
emerging recruitment markets and blend of permanent, interim, contract and
recruitment process outsourcing revenue streams it serves to create clear
opportunities across the recruitment market.
We are however mindful of the macro-economic and political uncertainties that
do exist. To date, early 2022 trading is in line with Board expectations.
Robert Walters
Chief Executive
7 March 2022
*Constant currency is calculated by applying prior year exchange rates to
local currency results for the current and prior years.
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF
ROBERT WALTERS PLC ON THE PRELIMINARY STATEMENT OF ANNUAL RESULTS
As the independent auditor of Robert Walters plc we are required by UK Listing
Rules to agree to the publication of the Company's preliminary statement of
annual results for the year ended 31 December 2021 which includes the
financial and operational highlights, the Chair's Statement, the Chief
Executive's Statement, and summarised financial statements.
Use of our report
This report and our auditor's report on the Company's financial statements are
made solely to the Company's members, as a body, in accordance with Chapter 3
of part 16 of the Companies Act 2006 and the terms of our engagement. Our
audit work has been undertaken so that we might state to the Company's members
those matters we have agreed to state to them and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the Company and the Company's members as a body, for our
audit work, for our auditor's report on the financial statements or this
report, or for the opinions we have formed.
Responsibilities of Directors and Auditor
The Directors of the Company are responsible for the preparation, presentation
and publication of the preliminary statement of annual results in accordance
with the UK Listing Rules. We are responsible for agreeing to the publication
of the preliminary statement of annual results, having regard to the Financial
Reporting Council's Bulletin "The Auditor's Association with Preliminary
Announcements made in accordance with the requirements of UK Listing Rules".
Status of our audit of the financial statements
Our audit of the annual financial statements of the Company is complete and we
signed our auditor's report on 7 March 2022. Our auditor's report is not
modified and contains no emphasis of matter paragraph.
Our auditor's report on the full financial statements contained the following
information regarding key audit matters and how they were addressed by us in
the audit, our application of materiality and the scope of our audit.
An overview of the scope of our audit
Our Group audit was scoped by obtaining an understanding of the Group and its
environment, including the Group's system of internal control, and assessing
the risks of material misstatement in the financial statements. We also
addressed the risk of management override of internal controls, including
assessing whether there was evidence of bias by the Directors that may have
represented a risk of material misstatement.
We designed an audit strategy to ensure we have obtained the required audit
assurance for each component for the purposes of our Group audit opinion (ISA
600 (UK)). Components were scoped in to address aggregation risk and to
ensure sufficient coverage was obtained of group balances on which to base our
audit opinion.
Our involvement with component auditors
For the work performed by component auditors, we determined the level of
involvement needed in order to be able to conclude whether sufficient
appropriate audit evidence has been obtained as a basis for our opinion on the
Group financial statements as a whole. Our involvement with component auditors
included the following:
Significant components · We focused our Group audit scope primarily on the audit work at
four significant components, which were subject to full scope audit
procedures.
· These significant components contribute 35% (2020: 26%) of the
Group profit before taxation, 34% (2020: 35%) of the Group net fee income, and
38% (2020: 42%) of the Group revenue.
· The four components considered to be significant were Robert
Walters plc, Resource Solutions Limited (UK), Robert Walters Operations
Limited (UK) and Robert Walters Japan KK (Japan).
· For the Japanese component, following involvement in risk
assessment and setting the overall audit approach and strategy at the planning
stage with the component auditor, we performed a detailed review of the
testing performed and attended remote meetings with local management and the
component auditor (a local BDO Member Firm in Japan) to challenge conclusions
reached.
· The audits of the remaining UK significant components were
performed by the Group audit team.
Full scope audits · Fifteen further components were subject to full scope audit
procedures in addition to the four identified significant components above
(nineteen in total).
· These components contribute 44% (2020: 20%) of the Group profit
before taxation, 39% (2020: 27%) of the Group net fee income, and 46% (2020:
20%) of the Group revenue.
· Full scope audit procedures were performed on the following
components:
o Walters People
(France)
o Walters People Business Support
(France)
o Robert Walters Holding SAS
(France)
o Robert Walters Pty Ltd
(Australia)
o Robert Walters Talent Consulting (Shanghai) Ltd
o Robert Walters China
WOFE
o Resource Solutions
(China)
o Robert Walters SA
(Belgium)
o Walters People
(Belgium)
o Robert Walters New Zealand
Ltd
o Robert Walters BV
(Holland)
o RWA Dutch
BV
o Robert Walters Dubai
Limited
o Resource Solutions Europe
Limited
o Robert Walters Holdings Limited.
· All testing was performed by BDO Member Firms under direction and
supervision of the Group audit team.
· The Group audit team directed work for all full scope components
through detailed instructions, remote briefings and review of selected working
papers on significant risk areas.
Specified procedures · Specified audit procedures were performed by the Group audit team
to address the risk of material misstatement arising from key balances in
smaller components, with testing performed on certain material balances within
these components.
· This specific scope testing was performed on components that
contribute 16% (2020: 28%) of the Group profit before taxation, 16% (2020:
27%) of the Group net fee income, and 10% (2020: 20%) of the Group revenue.
· These components included:
o Resource Solutions Inc (Delaware)
o Robert Walters Spain
o Robert Walters Luxembourg Investment SARL
o Robert Walters (Singapore) Pte
Ltd
o Resource Solutions Consulting (Singapore) Pte Ltd
o Robert Walters Resource Solutions Sdn Bhd (Malaysia)
o Robert Walters Company Limited (Taiwan)
o Resource Solutions India Private Limited
o Robert Walters (Hong Kong) Limited
o Resource Solutions Consulting (Hong Kong) Limited
o Robert Walters Korea Limited
o Resource Solutions Korea.
Remaining components · All other components were scoped in for analytical review
procedures performed by the Group audit team to confirm our conclusion that
there were no significant risks of material misstatement of the aggregated
financial information.
Parent Company & Consolidation · The Group audit team performed testing of the consolidation and
related consolidation adjustments posted in preparation of the Group financial
statements.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were
of most significance in our audit of the financial statements of the current
period and include the most significant assessed risks of material
misstatement (whether or not due to fraud) that we identified, including those
which had the greatest effect on: the overall audit strategy, the allocation
of resources in the audit, and directing the efforts of the engagement team.
This matter was addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on this matter.
Key audit matter How the scope of our audit addressed the key audit matter
Revenue recognition for permanent and temporary placements · The significant risk in revenue recognition lies within the · The operating effectiveness of key controls in the revenue cycle
existence, accuracy and valuation of accrued and uncollected revenues, due to have been tested in the significant components where relevant. For permanent
the high degree of judgement and scope for fraud/error. There is also a risk placements, we have considered controls over the signing of the contract,
that revenue that has not yet been invoiced, or has been invoiced but the cash evidence of candidate acceptance and allocation of cash receipts. For
not yet collected, does not exist. temporary placements we checked that timecards and the rate applied have been
appropriately approved.
· For permanent placements, revenue is recognised when a start date
is confirmed and a candidate has accepted in writing. An Earned But Not · Permanent placements recorded around year-end were sampled and
Invoiced (EBNI) provision is held for candidates who accept but are expected agreed to confirmation of candidate acceptance to ensure that the point of
to reverse their acceptance at a percentage of the accrued income balance revenue recognition was supportable.
based on historical experience. Whether the percentage applied remains valid
is considered to be a matter of significant management judgement. · For those permanent candidates that had accepted but had not
started at the year‑end, where revenue is recorded in accrued income, we
· For temporary placements, the Group's policy is to recognise challenged the appropriateness of the provision rate applied by reference to
revenue as the service is provided at contractually agreed rates. There is a the rate of historical and actual 'back-outs' post year end.
risk that timecards are not appropriately approved or are not submitted on
time, or that incorrect rates are applied and therefore that the related · We tested the operating effectiveness of key controls around the
revenue does not exist, is inaccurate or is not recognised in the appropriate correct application of contract rates to invoicing and agreed a sample of
financial year. rates used to contractual documentation.
· We recalculated the accrued income and associated costs
recognised for late timecards or timecards straddling the year‑end (where
the approved timecard was submitted after the year end but related to services
provided in the year).
· We assessed the recovery of uncollected revenues against post
year-end cash collections, as well as assessing whether the expected credit
loss (ECL) provisions were in line with historical 'bad debt' experience,
appropriately adjusted for expected default levels.
Key observations communicated to the Audit and Risk Committee:
· We did not identify any material indication that revenue, that
has not yet been invoiced or has been invoiced but not cash collected, does
not exist or it not valued appropriately.
· We did not identify any material indication that revenue has not
been recognised in the correct period or at the correct value.
· Immaterial judgement differences were identified relating to both
ECL and EBNI provisions, which management made certain adjustments for.
Our application of materiality
We apply the concept of materiality both in planning and performing our audit,
and in evaluating the effect of misstatements. We consider materiality to be
the magnitude by which misstatements, including omissions, could influence the
economic decisions of reasonable users that are taken on the basis of the
financial statements.
In order to reduce to an appropriately low level the probability that any
misstatements exceed materiality, we use a lower materiality level,
performance materiality, to determine the extent of testing needed.
Importantly, misstatements below these levels will not necessarily be
evaluated as immaterial as we also take account of the nature of identified
misstatements, and the particular circumstances of their occurrence, when
evaluating their effect on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the
financial statements as a whole and performance materiality as follows:
Group Parent company
Materiality £2.4m (2020: £1.8m) £2.2m (2020: £1.6m)
Basis 5.0% of profit before taxation (2020: 5.0% three year average profit before 2% of net assets (2020: 1.3%)
taxation).
Rationale Profit before taxation is considered to be the most appropriate benchmark Net assets is considered to be the most appropriate benchmark as the Parent
based on market practice and investor expectations. Company does not trade.
A three year average was used in the prior year given the distortion to
profits caused by the coronavirus pandemic. Such normalisation was not
necessary in the current year.
Performance materiality £1.7m (2020: £1.3m) based on 70% (2020: 70%) of materiality. £1.5m (2020: £1.1m) based on 70% (2020: 70%) of materiality.
Based on history of adjustments and an assessment of the aggregated error Based on history of adjustments and an assessment of the aggregated error
risk. risk.
Measure Application
Component materiality £0.3m - £2.2m (90% of materiality) Our audit work at each component, excluding the Parent Company, was executed
at levels of materiality applicable to each individual entity as approved by
(2020: £0.5m - £1.6m) the Group audit team and in each case, lower than that applied to the Group.
Reporting threshold £96,000 The amount agreed with the Audit and Risk Committee for which all individual
audit differences in excess of this amount will be reported. We also agreed to
(2020: £72,000) report differences below this threshold that, in our view, warranted reporting
on qualitative grounds.
Qualitative disclosures We also reported to the Audit and Risk Committee on disclosure matters that we
identified when assessing the overall presentation of the financial
statements.
Procedures performed to agree to the preliminary statement of annual results
In order to agree to the publication of the preliminary statement of annual
results of the company we:
· checked the accuracy of extraction of the financial information in
the preliminary statement from the audited financial statements of the
Company;
· considered whether any "alternative performance measures" and
associated narrative explanations may be misleading; and
· read the management commentary and considered whether it is in
conflict with the information that we have obtained in the course of our
audit.
Mark Cardiff (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
London, UK
7 March 2022
Consolidated Income Statement
FOR THE YEAR ENDED 31 DECEMBER 2021
2021 2020
£s millions £s millions
Notes
Revenue 970.7 938.4
1
Cost of (617.1) (636.0)
sales
Gross profit (net fee 353.6 302.4
income)
Administrative expenses (299.5) (287.6)
Operating 54.1 14.8
profit
Finance income 0.4 1.0
Finance (3.0) (3.8)
costs
2
(Loss) gain on foreign exchange (1.3) 0.1
Profit before 50.2 12.1
taxation
Taxation (16.7) (6.4)
3
Profit for the year 33.5 5.7
Attributable to:
Owners of the Company 33.5 5.7
Earnings per share
(pence):
5
Basic 46.3 8.0
Diluted 43.7 7.5
The amounts above relate to continuing operations.
Consolidated Statement of Comprehensive Income
FOR THE YEAR ENDED 31 DECEMBER 2021
2021 2020
£s millions £s millions
Profit for the year 33.5 5.7
Items that may be reclassified subsequently to profit and loss:
Exchange differences on translation of overseas operations (7.4) 3.4
Total comprehensive income and expense for the year 26.1 9.1
Attributable to:
Owners of the Company 26.1 9.1
Consolidated Balance Sheet
AS AT 31 DECEMBER 2021
2021 2020
£s millions £s millions
Notes
Non-current assets
Intangible 24.7 18.2
assets
6
Property, plant and 9.0 9.1
equipment
7
Right-of-use 62.6 59.5
asset
8
Deferred tax assets 11.2 12.2
107.5 99.0
Current assets
Trade and other receivables 190.4 153.0
Corporation tax receivables 6.1 5.1
Cash and cash equivalents 142.3 155.5
338.8 313.6
Total assets 446.3 412.6
Current liabilities
Trade and other (173.5) (170.5)
payables
10
Corporation tax liabilities (12.5) (5.5)
Bank overdrafts and borrowings (15.7) -
Lease liabilities (15.2) (15.7)
Provisions (1.3) (2.0)
(218.2) (193.7)
Net current assets 120.6 119.9
Non-current liabilities
Lease liabilities (51.2) (48.1)
Deferred tax liabilities (0.2) (0.2)
Provisions (1.9) (1.3)
(53.3) (49.6)
Total liabilities (271.5) (243.3)
Net assets 174.8 169.3
Equity
Share capital 16.1 16.0
Share premium 22.6 22.2
Other reserves (71.8) (71.8)
Own shares held (29.9) (18.1)
Treasury shares held (9.1) (9.1)
Foreign exchange reserves 5.1 12.5
Retained earnings 241.8 217.6
Equity attributable to owners of the Company 174.8 169.3
( )
Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 DECEMBER 2021
2021 2020
£s millions £s millions
Notes
Operating profit 54.1 14.8
Adjustments for:
Depreciation and amortisation charges 21.0 23.3
Impairment of intangible assets - 0.6
Impairment of right-of-use assets (reversal) (1.1) 1.3
Loss on disposal of property, plant and equipment and computer software 0.3 0.3
Charge in respect of share-based payment transactions 2.3 2.2
Unrealised foreign exchange (gain) loss (0.3) 1.2
Operating cash flows before movements in working capital 76.3 43.7
(Increase) decrease in receivables (42.2) 64.2
Increase in payables 8.6 5.7
Cash generated from operating activities 42.7 113.6
Income taxes paid (9.1) (14.7)
Net cash from operating activities 33.6 98.9
Investing activities
Interest received 0.4 1.0
Investment in intangible (8.7) (7.4)
assets
6
Purchases of property, plant and equipment (4.5) (2.5)
7
Net cash used in investing activities (12.8) (8.9)
Financing activities
Equity dividends (11.9) (3.2)
paid
4
Interest paid (0.8) (1.4)
Interest on lease liabilities (2.2) (2.4)
Principal paid on lease liabilities (16.4) (16.2)
Proceeds from financing facility 41.8 17.7
Repayment of financing facility (26.1) (44.3)
Purchase of own shares (12.3) -
Proceeds from exercise of share options 0.2 0.7
Proceeds from issue of equity 0.5 -
Net cash used in financing activities (27.2) (49.1)
Net (decrease) increase in cash and cash equivalents (6.4) 40.9
Cash and cash equivalents at beginning of year 155.5 112.4
Effect of foreign exchange rate changes (6.8) 2.2
Cash and cash equivalents at end of year 142.3 155.5
Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2021
Share capital Share premium Other reserves Own shares held Treasury shares held Foreign exchange reserves Retained earnings Total equity
Group £s millions £s millions £s millions £s millions £s millions £s millions £s millions £s millions
Balance at 1 January 2020 16.0 22.2 (71.8) (26.5) (9.1) 9.1 220.7 160.6
Profit for the year - - - - - - 5.7 5.7
Foreign currency translation differences - - - - - 3.4 - 3.4
Total comprehensive income and expense for the year - - - - - 3.4 5.7 9.1
Dividends paid - - - - - - (3.2) (3.2)
Credit to equity for equity-settled share-based payments - - - - - - 2.2 2.2
Deferred tax on share-based payment transactions - - - - - - (0.1) (0.1)
Transfer to own shares held on - - - 7.7 - - (7.7) -
exercise of equity incentives
New shares issued and own shares purchased - - - 0.7 - - - 0.7
Balance at 31 December 2020 16.0 22.2 (71.8) (18.1) (9.1) 12.5 217.6 169.3
Profit for the year - - - - - - 33.5 33.5
Foreign currency translation differences - - - - - (7.4) - (7.4)
Total comprehensive income and expense for the year - - - - - (7.4) 33.5 26.1
Dividends paid - - - - - - (11.9) (11.9)
Credit to equity for equity-settled share-based payments - - - - - - 2.3 2.3
Deferred tax on share-based payment transactions - - - - - - 0.6 0.6
Transfer to own shares held on exercise of equity incentives - - - 0.3 - - (0.3) -
New shares issued and own shares purchased 0.1 0.4 - (12.1) - - - (11.6)
Balance at 31 December 2021 16.1 22.6 (71.8) (29.9) (9.1) 5.1 241.8 174.8
Statement of Accounting Policies
FOR THE YEAR ENDED 31 DECEMBER 2021
Accounting Policies
Basis of preparation
Robert Walters plc is a public company limited by shares, incorporated and
domiciled in the United Kingdom under the Companies Act. The financial report
for the year ended 31 December 2021 has been prepared in accordance with the
historical cost convention and with international accounting standards in
conformity with the requirements of the Companies Act 2006 and with UK adopted
International Financial Reporting Standards (IFRSs).
The Group has a strong balance sheet with net cash as at 31 December 2021 of
£126.6m, a £60.0m four-year committed financing facility until March 2025
(£15.7m was drawn down as at 31 December 2021), a blend of revenue streams
covering permanent, contract, interim and recruitment process outsourcing and
a diverse range of clients and suppliers across 31 countries. As a
consequence, the Directors believe that the Group is well placed to manage its
business risks successfully. After making enquiries, the Directors have formed
a judgement, at the time of approving the financial statements, that there is
a reasonable expectation that the Group has adequate resources to continue in
operational existence and meet its liabilities as they fall due over the
three-year assessment period. The Directors have not identified any material
uncertainties relating to events or conditions that, individually or
collectively, may cast significant doubt on the entity's ability to continue
as a going concern for a period of at least twelve months from when the
financial statements are authorised for issue. For this reason, the Directors
continue to adopt the going concern basis in preparing the accounts.
The financial information in this announcement, which was approved by the
Board of Directors on 7 March 2022, does not constitute the Company's
statutory accounts for the year ended 31 December 2021 but is derived from
these accounts. Statutory accounts for 2020 have been delivered to the
Registrar of Companies and those for 2021 will be delivered following the
Company's Annual General Meeting. The auditors have reported on these
accounts; their reports were unqualified, did not draw attention to any
matters by way of emphasis without qualifying their report and did not contain
statements under Section 498(2) or (3) of the Companies Act 2006.
The Annual General Meeting of Robert Walters plc will be held on 28 April 2022
at 11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB.
1. Segmental information
2021 2020
£s millions £s millions
i) Revenue:
Asia Pacific 427.0 373.6
UK 297.6 329.1
Europe 216.1 204.6
Other International 30.0 31.1
970.7 938.4
ii) Gross profit (net fee income):
Asia Pacific 164.2 124.1
UK 68.7 66.9
Europe 95.3 85.7
Other International 25.4 25.7
353.6 302.4
1. Segmental information (continued)
2021 2020
£s millions £s millions
iii) Operating profit and profit before taxation:
Asia Pacific 36.5 8.4
UK 3.3 1.3
Europe 13.7 4.7
Other International 0.6 0.4
Operating profit 54.1 14.8
Net finance costs (3.9) (2.7)
Profit before taxation 50.2 12.1
The analysis of revenue by destination is not materially different to the
analysis by origin and the analysis of finance income and costs are not
significant.
The Group is divided into geographical areas for management purposes, and it
is on this basis that the segmental information has been prepared.
2021 2020
£s millions £s millions
iv) Revenue by business grouping:
Robert Walters(1) 700.0 627.7
Resource Solutions (recruitment process outsourcing) 270.7 310.7
970.7 938.4
(1) Walters People is included within Robert Walters
2. Finance costs
2021 2020
£s millions £s millions
Interest on financing facilities 0.8 1.4
Lease interest 2.2 2.4
Total borrowing costs 3.0 3.8
3. Taxation
2021 2020
£s millions £s millions
Current tax charge
Corporation tax - UK 0.1 0.7
Corporation tax - Overseas 15.8 6.2
Adjustments in respect of prior years
Corporation tax - UK (0.8) 0.2
Corporation tax - Overseas 0.3 (0.2)
15.4 6.9
Deferred tax
Deferred tax - UK 0.7 (0.8)
Deferred tax - Overseas (0.4) (0.3)
Adjustments in respect of prior years
Deferred tax - UK 0.4 0.3
Deferred tax - Overseas 0.6 0.3
1.3 (0.5)
Total tax charge for year 16.7 6.4
Profit before taxation 50.2 12.1
Tax at standard UK corporation tax rate of 19% (2020: 19%) 9.5 2.3
Effects of:
Unrelieved losses 1.2 1.0
Tax exempt income and other expenses not deductible 0.8 0.2
Other timing differences (0.3) 0.5
Overseas earnings taxed at different rates 5.1 1.8
Adjustments to tax charges in previous years 0.5 0.6
Impact of tax rate change (0.1) -
Total tax charge for year 16.7 6.4
Tax recognised directly in equity
Tax on share-based payment transactions (0.6) 0.1
The tax charge is based on the expected annual effective tax rate of 33.3%
(2020: 53.3%) on profit before taxation. The effective tax rate is higher than
the standard UK rate of 19%, primarily as a result of overseas taxation in
Japan, Australia and the Netherlands, and the impact of adjustments to
accounting profit in the tax calculation and the movement in deferred tax
asset in relation to accruals and provisions.
The UK Government announced its intention to increase the rate of corporation
tax from 19% to 25% with effect from 1 April 2023. The change in corporation
tax from 19% to 25% has been substantively enacted and therefore the effects
of the increase have been included in the calculation of deferred tax in the
financial results.
4. Dividends
2021 2020
£s millions £s millions
Amounts recognised as distributions to equity holders in the year:
Interim dividend paid of 5.4p per share (2020: 4.5p) 3.9 3.2
Final dividend for 2020 of 11.0p per share (2019: nil p) 8.0 -
11.9 3.2
Proposed final dividend for 2021 of 15.0p per share 10.7 7.9
(2020: 11.0p)
The proposed final dividend of £10.7m is subject to approval by shareholders
at the Annual General Meeting and has not been included as a liability in
these financial statements.
The final dividend, if approved, will be paid on 20 May 2022 to those
shareholders on the register as at 22 April 2022.
5. Earnings per share
The calculation of earnings per share is based on the profit for the year
attributable to equity holders of the Parent and the weighted average number
of shares of the Company.
2021 2020
Number Number
of shares of shares
Weighted average number of shares:
Shares in issue throughout the year 80,167,760 80,121,475
Shares issued in the year 310,858 18,850
Treasury and own shares held (8,152,297) (8,507,237)
For basic earnings per share 72,326,321 71,633,088
Outstanding share options 4,266,350 4,034,123
For diluted earnings per share 76,592,671 75,667,211
2021 2020
£s millions £s millions
Profit for the year attributable to equity holders of the Parent 33.5 5.7
6. Intangible assets
Goodwill Computer software Assets under construction Total
£s millions £s millions £s millions £s millions
Cost:
At 1 January 2020 8.0 12.3 2.2 22.5
Additions - 1.9 5.5 7.4
Disposals - (5.1) - (5.1)
Transfers - 2.2 (2.2) -
Foreign currency translation differences - - - -
At 31 December 2020 8.0 11.3 5.5 24.8
Additions - 8.7 - 8.7
Disposals - (0.3) - (0.3)
Transfers - 5.5 (5.5) -
Foreign currency translation differences 0.1 (0.5) - (0.4)
At 31 December 2021 8.1 24.7 - 32.8
Accumulated amortisation and impairment:
At 1 January 2020 - 9.1 - 9.1
Charge for the year - 1.8 - 1.8
Disposals - (4.9) - (4.9)
Impairment - 0.6 - 0.6
Foreign currency translation differences - - - -
At 31 December 2020 - 6.6 - 6.6
Charge for the year - 1.7 - 1.7
Disposals - (0.3) - (0.3)
Impairment - - - -
Foreign currency translation differences - 0.1 - 0.1
At 31 December 2021 - 8.1 - 8.1
Carrying value:
At 1 January 2020 8.0 3.2 2.2 13.4
At 31 December 2020 8.0 4.7 5.5 18.2
At 31 December 2021 8.1 16.6 - 24.7
An impairment test was completed in 2020 on the carrying amount of intangibles
where impairment indicators were identified and following the test, an
impairment loss of £0.6m was recognised, mainly in respect of an in‑house
custom built system. There is no movement in the impairment in 2021.
7. Property, plant and equipment
Fixtures, fittings and office equipment Computer equipment Total
£s millions £s millions £s millions
Leasehold improvements
£s millions
Cost:
At 1 January 2020 9.9 17.9 11.3 39.1
Additions - 1.3 1.2 2.5
Disposals (0.2) (1.2) (1.5) (2.9)
Foreign currency translation differences - 0.5 0.1 0.6
At 31 December 2020 9.7 18.5 11.1 39.3
Additions 0.4 2.6 1.5 4.5
Disposals (0.9) (2.8) (1.5) (5.2)
Foreign currency translation differences (0.1) (0.8) (0.2) (1.1)
At 31 December 2021 9.1 17.5 10.9 37.5
Accumulated depreciation and impairment:
At 1 January 2020 7.1 11.5 9.1 27.7
Charge for the year 0.9 2.0 1.9 4.8
Disposals (0.2) (1.1) (1.5) (2.8)
Foreign currency translation differences - 0.4 0.1 0.5
At 31 December 2020 7.8 12.8 9.6 30.2
Charge for the year 0.9 1.9 1.4 4.2
Disposals (0.9) (2.6) (1.4) (4.9)
Foreign currency translation differences (0.3) (0.6) (0.1) (1.0)
At 31 December 2021 7.5 11.5 9.5 28.5
Carrying value:
At 1 January 2020 2.8 6.4 2.2 11.4
At 31 December 2020 1.9 5.7 1.5 9.1
At 31 December 2021 1.6 6.0 1.4 9.0
8. Leases
Right-of-use asset Equipment Vehicles Total
£s millions £s millions £s millions
Buildings
£s millions
Cost:
At 1 January 2020 84.7 0.2 3.6 88.5
Additions 5.3 - - 5.3
Lease modifications (3.2) - 1.1 (2.1)
Foreign currency translation differences 0.9 0.4 0.6 1.9
At 31 December 2020 87.7 0.6 5.3 93.6
Additions 11.0 - - 11.0
Lease modifications 6.9 - 0.8 7.7
Disposals (9.0) - - (9.0)
Foreign currency translation differences (2.4) (0.3) (0.4) (3.1)
At 31 December 2021 94.2 0.3 5.7 100.2
Accumulated depreciation and impairment:
At 1 January 2020 14.5 - 1.1 15.6
Charge for the year 14.9 0.2 1.6 16.7
Impairment 1.3 - - 1.3
Foreign currency translation differences 0.2 0.1 0.2 0.5
At 31 December 2020 30.9 0.3 2.9 34.1
Charge for the year 13.8 0.1 1.2 15.1
Impairment (1.1) - - (1.1)
Disposals (9.0) - - (9.0)
Foreign currency translation differences (1.1) (0.2) (0.2) (1.5)
At 31 December 2021 33.5 0.2 3.9 37.6
Carrying value:
At 1 January 2020 70.2 0.2 2.5 72.9
At 1 December 2020 56.8 0.3 2.4 59.5
At 31 December 2021 60.7 0.1 1.8 62.6
Following the review of the recoverable amount of a number of subsidiaries
where impairment indicators were identified, the impairment recognised in 2020
less any further depreciation for 2021 was reversed in the year due to an
improvement in operations which were adversely impacted by the Covid pandemic
in 2020. As a result an impairment reversal of £1.1m (2020: loss of £1.3m)
was recognised.
9. Trade and other receivables
2021 2020
£s millions £s millions
Receivables due within one year:
Trade receivables 116.1 93.3
Other receivables 7.9 11.1
Prepayments 6.2 5.6
Accrued income 60.2 43.0
190.4 153.0
Included within accrued income is a provision against the cancellation of
placements where a candidate may reverse their acceptance prior to the start
date.
The value of this provision as of 31 December 2021 is £2,433,000 (31 December
2020: £1,658,000). The movement in the provision during the year is a charge
in the income statement of £775,000 (2020: credit of £776,000). Contract
assets are expected to convert into contract receivables within three months
of recognition.
Trade and other payables: amounts falling due within one year
10.
2021 2020
£s millions £s millions
Trade payables 7.0 7.2
Other taxation and social security 23.7 37.6
Other payables 27.4 24.2
Accruals and deferred income 115.4 101.5
173.5 170.5
There is no material difference between the fair value and the carrying value
of the Group's trade and other payables.
Bank overdrafts and borrowings
11.
2021 2020
£s millions
£s millions
Bank overdrafts and borrowings: current 15.7 -
15.7 -
The borrowings are repayable as follows:
Within one year 15.7 -
15.7 -
In May 2021, the Group renewed its four-year committed financing facility of
£60.0m which expires in March 2025.
At 31 December 2021, £15.7m (2020: £nil) was drawn down under this facility.
The Group has a short-term facility of Renminbi 25m (£2.9m) of which Renminbi
nil (£nil) was drawn down as at 31 December 2021 (2020: £nil). The loan is
secured against cash deposits in Hong Kong.
The Directors estimate that the fair value of all borrowings is not materially
different from the amounts stated in the Consolidated Balance Sheet of £15.7m
(2020: £nil).
The Group has not entered into any reverse factoring arrangements during the
year ended 31 December 2021 (2020: none).
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