Shares in Robert Walters rise 2.7 percent, outperforming the FTSE All-Share index, as the British recruitment firm posts a 15 percent rise in 2011 profit in difficult markets, leading Investec Securities to raise its target price for the stock.
Walters, which places people in accountancy, banking, IT and marketing jobs, said pretax profit for the year was 15.1 million pounds ($24.12 million), up from 13.1 million in 2010.
"We believe the group has delivered a good performance in the year, considering the global downturn which impacted on both client and candidate confidence towards the end of the year," Investec says in a note, maintaining its "buy" rating and raising its target price to 265 pence, from 235 pence.
The new target is about 13 percent higher than the current share price.
"Although trading conditions are likely to be difficult for a little while yet, we believe that the underlying structural recovery is still intact and that the group is well placed to recover strongly when the trading background in due course improves," Investec says.
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