Robert Walters posts rise in net fee income

Recruitment and HR outsourcing specialist Robert Walters posted a jump in group net fee income for the fourth quarter although it highlighted a slowdown in the UK permanent market.

For the quarter ended 31 December, group net fee income rose 5% from the fourth quarter of 2014 to £59.1m. At constant currency, it was up 10%.

For the UK, net fee income was up 5% to £19.9m, while Europe saw 8% growth to £12.4m.

Robert Walters said permanent recruitment activity in the UK was noticeably slower in the fourth quarter, with financial services particularly subdued.

As far as Europe is concerned, it said the Netherlands, Belgium and Spain produced excellent results while Switzerland also grew, albeit from a low base.

The company opened a new office in Barcelona and said it saw an improvement in permanent hiring activity in France.

In Asia Pacific, net fee income increased 5% to £24.3m, or 11% at constant currency.

The group said its emerging markets in Asia continued to perform strongly with Indonesia, Taiwan, Thailand and Vietnam all producing solid growth.

Its larger and well-established businesses in the Asia region also produced strong results with Japan, Hong Kong and mainland China delivering the strongest rates of its net fee income growth.

Chief executive Robert Walters said: “The group produced a positive performance; delivering another quarter of double-digit net fee income growth in constant currency. Net fee income for the full year is up 12% in constant currency, with profit before taxation remaining in line with current market expectations.

"Looking ahead, notwithstanding ongoing global market uncertainty, our strong blend of income streams, our truly global footprint, our powerful brand and experienced senior management team ensures the group is well positioned for the future."