The Robert Walters plc Board has declared an interim dividend of 6.5p per share (H1 2023: 6.5p), which will be paid on 27 September 2024 to shareholders on the register on 30 August 2024.
Other financial highlights include:
- Group net fee income down 14% to £166.1m, reflecting the rebasing in hiring market conditions relative to the post-pandemic peak.
- Specialist professional recruitment net fee income down 12%, with permanent (66% of fees) down 14% and temporary (33% of fees, being contract and interim) more resilient and down 9%.
- Recruitment outsourcing net fee income down 23%.
- Fees remain geographically well-diversified, with no single country accounting for more than a sixth of Group net fee income in the first half.
- Operating profit of £0.2m (H1 2023: £11.2m), reflective of the reduced trading volumes, the operating leverage of the Group's model and the foreign exchange impact particularly from the Japanese Yen. Included in operating costs is c.£2m of redundancy costs.
- Period end headcount down 15% year-on-year to 3,625 (30 June 2023: 4,280). The Group continues to match headcount with demand in local markets, whilst being well-positioned for an improvement in conditions.
- Actions to strengthen medium-term performance in progress, including: differentiating on the quality of service; better penetration of existing markets; and improved fee earner productivity and people efficiency, underpinned by technology.
- Balance sheet remains strong, with period-end net cash of £48.8m (30 June 2023: £69.8m).
