Interim Results for the 6 months ended 30 June 2009
UK, 28-Aug-2009 FINANCIAL SUMMARY- Net fee income (gross profit) of £50.0m (2008: £71.7m).
- Loss before tax of £2.6m (2008: profit of £9.8m).
- Interim dividend maintained at 1.40p per share (2008: 1.40p).
- Strong cash position, with £22.5m of net cash as at 30 June 2009 (30 June 2008: £8.3m).
OPERATIONAL SUMMARY
- Total headcount reduced from 1,571 at the start of the year to 1,260 at 30 June 2009 (30 June 2008: 1,687).
- Maintained geographic footprint: 39 offices in 17 countries.
- Contract proved more resilient than permanent business and now represents 41% (2008: 32%) of the Group's recruitment net fee income.
Robert Walters, Chief Executive, commented:
"Market conditions continued to weaken during the period, but having taken the necessary action we are
comfortable that headcount has reached an appropriate level given current trading activity.
"Our strategy is quite simple: to ride out this downturn, whilst maintaining a robust infrastructure to take full advantage of an upturn in economic conditions. We ended the period with £22.5m of net cash, we are maintaining our dividend and have no plans to withdraw from any of the markets in which we operate."
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ENQUIRIES:
Robert Walters plc
+44 (0) 20 7379 3333
Robert Walters,
Chief Executive
Alan Bannatyne,
Group Finance Director
Archie Berens
+44 (0) 20 7743 6679
archie.berens@pelhampr.com
ROBERT WALTERS - A SNAPSHOT
Robert Walters is a leading specialist professional recruitment consultancy, which focuses on placing high calibre professionals into permanent, contract and temporary positions at all levels of seniority. The Group specialises in the accounting, finance, banking, IT, management consultancy, legal, sales and marketing, human resources, secretarial and support fields. Robert Walters' blue-chip client base ranges across multinational corporations covering all market sectors.
Established in 1985, Robert Walters has built a global presence, with 39 offices now spanning 17 countries across 5 continents.
For PR information please contact Stephen Edwards or telephone +44 (0) 207 379 3333.