Robert Walters posts rise in Q3 net fee income

Recruiter Robert Walters reported a rise in net fee income for the third quarter to the end of September.

Group net fee income was up 8% to £74.4m at constant currency, or 23% higher at actual exchange rates.

In the UK, net fee income was up 9% to £23.4m. In Europe, Asia Pacific and Other International, it was up 8%, 4% and 28% respectively at £14.5m, £32m and £4.5m.

Robert Walters said financial services remained relatively subdued but noted signs of a pick-up in activity levels towards the end of the quarter.

The company said its recruitment process outsourcing business, Resource Solutions, performed strongly thanks to the significant investment made in the first half to implement a number of major client wins.

In terms of countries, the Netherlands, Spain, Germany and Switzerland all generated net fee income growth of more than 20% at constant currency, while France's was broadly flat against tough comparatives.

Chief executive Robert Walters said: “The group has had a good third quarter increasing net fee income by 8% in constant currency. All of the Group's regions grew net fee income which coupled with a strong performance from Resource Solutions, our recruitment process outsourcing business, again demonstrates the strength of our global and diversified business.”

The group said current trading remains in line with market expectations.