Robert Walters posts drop in Q3 net fee income

(Sharecast News) - Recruitment firm Robert Walters backed its full-year outlook on Tuesday as it posted a drop in third-quarter net fee income - a performance it hailed as "resilient" given "ongoing global macroeconomic uncertainties". In the quarter to the end of September, group net fee income declined by 17% to £93.4m. The company pointed out that this was against a record prior year.

The UK saw a 13% drop to £15.4m, while net fee income in Asia Pacific fell 24% to £40.9m. Europe and other international saw declines of 3% to £29.3m and 27% to £7.8m, respectively.

Robert Walters said the contract and interim segments continued to outperform and now represent 33% of the group's net fee income, up from 30% a year ago.

Chief executive Toby Fowlston said: "Our third quarter performance was resilient despite the ongoing global macroeconomic uncertainties. Hiring activity levels remained largely stable quarter-on-quarter with contract and interim recruitment outperforming permanent recruitment as organisations focused on shorter-term solutions to meet their hiring needs.

"The group's strategic core remains strong, and we are focused on consultant productivity, cost discipline and long-term investments in our people and global infrastructure. The Group is well positioned to swiftly capture opportunities when there is an upturn in market confidence and our expectations for the full year remain unchanged."