Recruiter Robert Walters profit falls a quarter
Recruitment firm Robert Walters said that gross profit fell nearly a quarter in the final period of trading amid the coronavirus crisis.
The FTSE 250 company said that profit for the fourth quarter came in at £71.4m, down 24 per cent from £94.2m in the same period last year.
The fall represents an improvement on the last two quarters, when profit dropped 34 and 30 per cent respectively.
Despite the drop, Robert Walters said that profit was likely to come in ahead of market expectations for the full year.
It also pointed to improved conditions in its largest region, the Asia Pacific, as a means for optimism, but said the situation was still “challenging”.
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The firm added that it had a strong balance sheet, with net cash of £154.8m, as well as a £60m committed loan facility due for renewal in 2023.
Chief executive Robert Walters said: “Once again I would like to begin by thanking all of our people across the globe, whose wellbeing remains our number one priority, for the incredible durability and commitment they have shown during this most unprecedented and difficult of years.
“It’s their drive, passion for the business and singular focus on helping our clients and candidates that has enabled the Group to deliver such a resilient performance.
“I am however pleased to say that the better than expected performance in the fourth quarter, coupled with the sensible and targeted short-term cost reduction and control measures that were put in place at the beginning of the pandemic, means that profit for the full year is likely to be ahead of current market expectations.”