It has become de rigueur for recruiters in the wake of Brexit to highlight how much of their fees are earned overseas. Robert Walters (RWA) is no different, with 69 per cent of group net fee income generated outside of the UK, but the group has also seen 8 per cent growth in domestic income. This was led in part by increased income from UK resource solutions, an outsourcing business, which had depressed returns in the first half of the year due to investment.
Growth in the rest of the business also up 8 per cent in constant currency, led by Europe with constant currency growth of 15 per cent. Global expansion has continued, with new offices open in Canada, India, the Phillipines and Portugal.
Asia Pacific, the largest division by fee income, had a mixed year with the the Japanese business posting a record year in Tokyo and Osaka, but Greater China facing challenges in Hong Kong. Overall It grew 6 per cent in constant currency.
The cash position improved further to £22.5m, from £17.8m in 2015. This is in spite of the group buying £22.6m of its own shares during the year.
Analysts at Stifel are forecasting adjusted profit before tax of £28.4m, giving adjusted EPS of 24.8p in 2017 (2016: £28.1m, 25.4p).
ROBERT WALTERS (RWA) | ||||
---|---|---|---|---|
ORD PRICE: | 415p | MARKET VALUE: | £ 308m | |
TOUCH: | 405-415P | 12-MONTH HIGH: | 415p | LOW: 242p |
DIVIDEND YIELD: | 2.0% | PE RATIO: | 15 | |
NET ASSET VALUE: | 137p | NET CASH: | £22.5m |
Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
---|---|---|---|---|
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 |
2016 | 999 | 28.1 | 27.7 | 8.50 |
% change | +23 | +26 | +34 | +20 |
Ex-div:18 May Payment:09 Jun |