Robert Walters on track to meet full-year forecasts despite profit dip

(Sharecast News) - Recruiter Robert Walters reiterated its full-year outlook on Thursday, despite challenging market conditions weighing on profits. The London-listed firm said group net fee income fell 13% in three months to December end, to £91.4m, or by 10% on a constant currency basis.

Fourth-quarter fee income fell across all territories. The largest decline was in the UK, where it slid 19% to £13.8m. In Asia Pacific, Robert Walters' biggest market, fee income was 15% lower at £39.6m.

However, Toby Fowlston, chief executive, said: "Despite the challenging macroeconomic conditions, the group has delivered a resilient fourth quarter and 2023 full-year pre-tax profit will be in line with expectations.

"We have a healthy blend of income streams, a highly diversified international footprint and a strong global brand and balance sheet."

Headcount was down 5% quarter-on-quarter and 9% year-on-year.

As at 0900 GMT, shares in Robert Walters were up 3% at 422p. The firm is due to publish full-year results on 7 March.