- Growth strongest in our Asia Pacific and Continental European regions which together now account for 64% of the Group’s net fee income.
- Asia Pacific net fee income up 15% (10%*) to £54.0m (£51.5m*) (2015: £47.0m) and operating profit up 35% (16%*) to £6.4m (£5.5m*) (2015: £4.7m).
- Japan, our largest business in the region, Taiwan, Indonesia and Thailand all delivered record performances.
- Australia produced the strongest growth rates we have seen for four years.
- Solid performances from businesses in Hong Kong, mainland China and Singapore.
- First office opened in the Philippines.
- UK net fee income up 4% to £40.2m (2015: £38.7m) producing an operating profit of £1.8m (2015: £2.8m).
- Weaker performance against an uncertain political and economic backdrop.
- Significant investment in Resource Solutions to implement two major client wins.
- Europe net fee income up 27% (19%*) to £28.2m (£26.5m*) (2015: £22.3m) and operating profit more than doubled to £2.1m (£1.8m*) (2015: £1.0m).
- Excellent performance in France and Benelux across both permanent and contract recruitment.
The results highlight the strength of our global, diversified business with our blend of revenue streams covering permanent, contract, interim and recruitment process outsourcing and a geographic footprint spanning 25 countries including many of the world’s fastest growing and emerging recruitment markets.
- Spain and Switzerland continue to go from strength to strength.
- Group headcount of 2,902 (30 June 2015: 2,728).
- Interim dividend increased by 18% to 2.30p per share (30 June 2015: 1.95p).
- Group funded the purchase of 4.2m shares by the Employee Benefit Trust for £13.5m at an average price of £3.17 during the period. A further 1.9m shares have been purchased for £5.3m at an average price of £2.75 since the period end.
- Strong balance sheet with net cash of £10.2m as at 30 June 2016 (30 June 2015: £14.6m).
Robert Walters, Chief Executive, said:
“The Group achieved a 9% increase in net fee income in constant currency, with growth rates strongest in our Asia Pacific and Continental European regions. Profits in the first half were impacted by weakness in the UK due to uncertainty surrounding the EU referendum and significant investment in Resource Solutions to support two new and large scale client wins. Both engagements will be profitable in the second half.
“The results highlight the strength of our global, diversified business with our blend of revenue streams covering permanent, contract, interim and recruitment process outsourcing and a geographic footprint spanning 25 countries including many of the world’s fastest growing and emerging recruitment markets. Current trading is in line with market expectations for the full year.”