The slowdown in UK and emerging markets economic growth towards the end of 2015 hit sentiment towards the recruiters hard, and Robert Walters (RWA) was caught up in the |sell-off. But investors were cheered by these results, with total net fee income up 12 per cent at constant currencies and a good performance across all jurisdictions during the reported period.
The Asia Pacific division is the group's largest sector, contributing 41 per cent of net fee income. Revenue here was up a tenth at constant currencies, driven by a continued strong performance in Japan and a surge in business from the group's newer offices in Vietnam and Thailand, where net fee income was up 90 per cent and 55 per cent respectively. Business in Australia also grew in each quarter, despite challenging market conditions.
Unsurprisingly, recruitment activity slowed somewhat in the UK financial services market, but this was offset by strong activity in general finance and legal jobs in all UK branches, meaning that overall UK net fee income continued to see double-digit growth.
Broker Investec Securities expects adjusted pre-tax profit of £25.6m and EPS of 21.1p this year, up from £22.4m and 18.7p in 2015.
| ROBERT WALTERS (RWA) | ||||
|---|---|---|---|---|
| ORD PRICE: | 315p | MARKET VALUE: | £243m | |
| TOUCH: | 312-315p | 12-MONTH HIGH: | 478p | LOW: 298p |
| DIVIDEND YIELD: | 2.2% | PE RATIO: | 15 | |
| NET ASSET VALUE: | 119p | NET CASH | £18m | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2011 | 528 | 15.1 | 14.1 | 5.15 |
| 2012 | 568 | 7.7 | 6.8 | 5.15 |
| 2013 | 598 | 10.1 | 8.4 | 5.40 |
| 2014 | 680 | 18.2 | 15.3 | 6.00 |
| 2015 | 813 | 22.4 | 20.6 | 7.08 |
| % change | +20 | +23 | +35 | +18 |
Ex-div: 19 May Payment: 10 Jun | ||||
