APAC NFI up 14% YoY in Q3 2017 for Robert Walters
Robert Walters has released a trading update for the third quarter ended 30th September 2017.
Group net fee income grew 21% (22% actual) year-on-year, from £74.4m to £90.7m, and the company says all of its regions delivered strong net fee income growth.
Asia Pacific net fee income is up 14% (12% actual), increasing from £32.0m in Q3 2016 to £35.8m in Q3 2017. In Asia, there was a continued strong performance across both established and emerging recruitment markets with Japan, Hong Kong and Indonesia delivering impressive rates of growth. There was a record performance in New Zealand and continued solid results across Australia. There was also increased demand for recruitment outsourcing services across the region helped Resource Solutions to continue to grow net fee income across both existing and new clients.
In the UK, net fee income was up 15% to £26.9m (from £23.4m in Q3 2016). In London, activity levels were highest across technology and legal recruitment. The UK regions also delivered good growth, with St Albans and Manchester the standout performers. Resource Solutions again performed strongly and continued to broaden its client base into new industry sectors.
Europe net fee income is up 31% (39% actual) to £20.1m, from £14.5m in the previous year. Robert Walters says there were outstanding results across the region with all businesses delivering net fee income growth in excess of 15%. Growth remains broad-based across permanent, interim and contract recruitment.
Other International (North America, Brazil, the Middle East and South Africa) net fee income was up 74% (75% actual) with the strongest growth delivered by the North America region. Brazil delivered a second successive quarter of net fee income growth. Net fee grew from £4.5m in Q3 2016 to £7.9m in Q3 2017.
Robert Walters (pictured), chief executive, commented, “The Group has delivered another quarter of record results with net fee income growing 21% year-on-year. All of the Group’s geographic regions grew net fee income strongly and growth was broad based across permanent, contract, interim and recruitment process outsourcing.
“The Board is therefore confident that profit before tax for the full year will be ahead of current market expectations.”
The Group will publish a trading update for the fourth quarter ending 31st December 2017 on 9th January 2018.