Robert Walters PLC, the international recruitment group, today announces its half-yearly financial results for the six months ended 30 June 2021 and has reported a record first half performance and profit ahead of expectations.
The recruitment group reported an operating profit increase of 478% year-on-year to £24.1m (£25.4m) (2020: £4.2m). Recruitment activity levels across all professional disciplines accelerated through the first half of the year, with wage inflation returning as demand for talent outstrips supply. Growth is seen to be strongest across permanent and interim recruitment as candidate and client confidence levels improved while permanent recruitment now represents 67 percent (2020: 62 percent) of the Group’s net fee income.
79 percent (2020: 77 percent) of the Group’s net fee income is now made up from its international businesses with its largest region, Asia Pacific, now accounting for 45 percent (2020: 40 percent) of its net fee income.
Robert Walters, Chief Executive, said: “It’s been a record first half performance with the Group delivering a four-fold increase in pre-tax profits year-on-year. Recruitment activity levels accelerated markedly as the first half of the year progressed, with the demand for talent outstripping supply across many markets and disciplines. A war for talent and significant wage inflation is beginning to emerge.
“To produce such a strong performance during a period when many of the Group’s markets were still in either full or partial lockdown is a credit to the hard work, dedication and resilience of our people across the globe and their commitment to providing our clients and candidates with the highest quality of service. I am also delighted that we continue to be recognised as a leader in the ESG space; achieving carbon negative status and being shortlisted as a finalist in the ESG Reporting Awards.
“Trading is comfortably ahead of current market expectations for the full year, and we enter the second half of the year with cautious optimism and confidence that we will continue to take advantage of market opportunities as they arise.”
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