REG - Robert Walters PLC - Trading Update

Robert WaltersAnnouncement

14/06/2023 07:00

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RNS Number : 6171C  Robert Walters PLC  14 June 2023

14 June 2023

 

ROBERT WALTERS PLC

 

(the 'Company' or the 'Group')

 

Trading update

 

Robert Walters plc (LSE: RWA), the leading international recruitment group,
today provides an update on current trading. Net fee income for the first two
months of the second quarter was down year-on-year by 10%* (down 9% actual)
(Q1 2023: 0%*, up 4% actual). It is now considered likely that profit for the
full year ending 31 December 2023 will be significantly lower than current
market expectations.

Reduced levels of candidate confidence and lengthening time to hire were
signalled in the second half of 2022 and, contrary to the Board's prior
expectations, are not yet showing sustained improvement. Conversely,
recruitment market fundamentals such as job flow, candidate shortages and wage
inflation remain solid, suggesting that when market confidence recovers there
will likely be a return to meaningful growth.

The Group has invested significantly in both headcount and its global
infrastructure over the last two years, and whilst appropriate cost reduction
is central to the management of the current short-term pressure, we will
protect our strategic core to ensure we can fully benefit from future growth
opportunities as they arise.

The Group will publish a trading update for the second quarter ending 30 June
2023 on 6 July 2023.

 

* Constant currency is calculated by applying prior period average exchange
rates to local currency results for the current and prior years.

 

 

- Ends -

 

Further information

 

 Robert Walters plc                        +44 20 7379 3333

 Toby Fowlston, Chief Executive Officer

 Alan Bannatyne, Chief Financial Officer

 Williams Nicolson

 Steffan Williams                          +44 7767 345 563

About Robert Walters Group

The Robert Walters Group is a market-leading international specialist
professional recruitment group. With over 4,400 staff spanning 31 countries,
we deliver specialist recruitment consultancy, staffing, recruitment process
outsourcing and managed services across the globe. We match highly skilled
professionals to permanent, contract and interim roles across the disciplines
of accountancy & finance, banking, engineering, HR, healthcare,
technology, legal, sales, marketing, secretarial & support, and supply
chain, logistics & procurement. Our client base ranges from the world's
leading blue-chip corporates and financial services organisations through to
SMEs and start-ups. 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.

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