Preliminary Results - year ended 31 December 2009
ROBERT WALTERS PLC
Preliminary Results for the year ended 31 December 2009
• Results ahead of expectations.
• Net fee income (gross profit) down 25% (31% in constant currency*) to £104.4m (2008: £138.6m).
• 68% of the Group’s net fee income now generated from outside of the UK (2008: 67%).
• Operating profit of £1.6m (£1.6m in constant currency) (2008: £18.6m).
• Profit before taxation of £1.3m (2008: £18.2m).
• Basic earnings per share of 0.3p (2008: 17.2p).
• Final dividend maintained at 3.35p per share, giving a total dividend for the year of 4.75p per share (2008: 4.75p).
• Strong cash position maintained, with £17.3m of net cash as at 31 December 2009 (31 December 2008: £22.2m).
• Grew market share as clients gravitated to Robert Walters as one of the larger recruitment brands with a global presence.
• Group has maintained its presence in all the markets in which it operates.
• Took advantage of lease expiry dates and consolidated two offices in Hong Kong and two offices in Tokyo into single office locations.
• Emerged from 2009 as a stronger, leaner business.
FOCUS FOR 2010
• Entry into Latin American recruitment market, with new office opening in Sao Paulo.
• Building on our established position in Asia Pacific:
– Office opening in Beijing.
– Actively assessing opportunities in other cities in mainland China and the Asia Pacific region.
• Continued investment to grow our Walters Interim business across Continental Europe.
• Strategic hiring activity across all regions.
Robert Walters, Chief Executive, commented:
“During the year, we controlled our costs and managed our cash in the face of a global downturn that was unprecedented. In June we took the decision not to reduce headcount any further, nor to withdraw from any of our markets. This enabled us to maintain our strong international presence and we are now well positioned to take advantage of any improvements in trading conditions.
“We have emerged from last year as a stronger business. We are selectively hiring, we are investing in those regions where growth prospects are most evident and we are actively assessing opportunities to grow our coverage in existing markets.”
* Constant currency is calculated by applying 2008 exchange rates to local currency results for the current and prior years.
View the full results
For PR information please contact Stephen Edwards or telephone +44 (0) 207 379 3333.