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Investing.com - Robert Walters PLC (LSE:RWA) on Wednesday reported first quarter net fees declined 2% YoY in constant currency to £65.2 million, representing a sequential improvement from the 13% decline seen in the second half of 2025.
The recruitment firm said trading was in-line with the Board’s expectations, with shares rising 3.5% following the update.
The company’s specialist recruitment division, which accounts for 81% of group net fee income, saw fees decline 5% YoY, while its recruitment outsourcing business grew 13%, marking the first quarter of growth since the fourth quarter of 2022.
Asia Pacific, contributing 42% of group fees, posted 4% growth, with Japan, the company’s largest market, returning to 13% growth after a challenging fourth quarter. The UK grew 1%, while Europe declined 16% as northern European markets remained challenging.
Chief Executive Toby Fowlston said, "Trading for the first quarter was in-line with the Board’s expectations. It was encouraging that the momentum we saw in the second half of last year in certain specialist recruitment markets, such as the UK, Spain and New Zealand, continued into the early months of 2026."
The company reported net fee income per fee earner increased 9% YoY, with specialist recruitment permanent placements per fee earner rising 6% to 0.80 per month. Total headcount stood at 2,880 at period-end, down 10% YoY, while fee earner headcount of 1,722 increased 3% quarter-on-quarter.
Robert Walters reported net cash of £20.1 million as of March 31, 2026, down from £26.2 million at year-end 2025, reflecting typical seasonal patterns including annual bonus payments. The company said its guidance for 2026 group net fees remains unchanged.
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