Robert Walters reports slower start to the year

The London-listed firm said net fee income in the three months to 31 March rose 4% to £102.4m. On a constant currency basis, net fee income was flat.

Within that, Europe reported a 16% jump to £34.3m, but Asia Pacific fell 1% and the UK 9% to £43.4m and £16.3m respectively.

Income fell particularly sharply in China, off 44% year-on-year, with market conditions still suffering from Covid disruption.

In the UK, Robert Walters said activity levels had been more muted in both London and the regions, with technology recruitment in particular hit by ongoing lay-offs across the sector.

Overall, the firm acknowledged that it had been a "slower start" to the current year.

Chief executive and founder Robert Walters said: "The market uncertainty we experience in the latter stages of last year has tipped over into the first quarter of 2023. Our businesses in Europe, the Middle East and South America help up relatively well, while Asia Pacific and the UK experienced dips in net fee income, albeit against tough and record prior year.

"It is worth noting that recruitment market fundamentals, such as vacancy levels and salary inflation, remain relatively robust.

"A return of confidence to the Chinese economy, a stabilisation of the technology sector and a continued decline in inflation should have a positive effect on the global outlook.

"We will as always keep a close eye on our cost base and react sensibly to any further deterioration to market conditions."

As at 0830 BST, the stock was trading 1% lower at 435p.