Robert Walters half-yearly financial results

Asia

ASIA PACIFIC DRIVES STRONG FIRST HALF PERFORMANCE

FINANCIAL HIGHLIGHTS
· Net fee income (gross profit) up 45% (39%*) to £72.3m (2009: £50.0m).
· Operating profit of £5.2m (£4.4m*) (2009: operating loss of £2.3m).
· Profit before taxation of £5.1m (£4.3m*) (2009: loss before taxation of £2.6m).
· Basic earnings per share of 4.8p (2009: loss per share of 3.7p).
· Interim dividend maintained at 1.40p per share (2009: 1.40p).
· Net cash of £12.9m as at 30 June 2010 (30 June 2009: £22.5m).
· Purchased £2.0m of own shares through share buy-back programme.

OPERATIONAL HIGHLIGHTS
· Group is now more internationally diverse than ever before with 70% of net fee income derived from outside the UK.
· Strong recovery in permanent recruitment activity particularly within the financial services sector. Permanent recruitment now represents 70% of the Group's recruitment net fee income.
· Outstanding performance in Asia Pacific with net fee income up 81% (64%*) to £34.4m (2009: £19.0m).
· Trading conditions remained challenging across the UK and Continental Europe.
· Opened an office in Sao Paulo, the Group's first in the fast developing South American recruitment market and a fourth office in Belgium. The Group now has 39 offices in 18 countries.
· Significant investment in the business:
- Group headcount up 22% to 1,539 (2009: 1,260).
- Further investment in our IT, training and marketing infrastructure to underpin the Group's strategy for growth.

OUTLOOK
· The diversity of our business means that whilst economic uncertainty currently exists across some of the markets in which we operate, we are very well positioned to take advantage of growth opportunities in the second half of the year.
· We are continuing to expand in Asia, a region of huge potential in which we are the leading player, with the opening of our first office in South Korea and a third mainland China office in Beijing planned before the end of the year.

Robert Walters, Chief Executive, commented:
"These are very strong results on the back of a very difficult year in 2009. Our strategy of maintaining our global network of offices and minimising headcount reductions has paid off and we are already benefiting from the improved economic environment in many of our key markets.

"Our forward strategy is clear; keep a watchful eye on our cost base given economic conditions remain uncertain, but extend the Robert Walters footprint and brand in obvious growth markets such as Asia and South America. We believe this strategy will generate growth and offset any slowdown in other markets."

*In constant currency. Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.

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For PR information please contact Stephen Edwards or telephone +44 (0) 207 379 3333.