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Robert Walters' profit jumps on London banking hiring upturn
April 11, 2017 / 6:45 AM / in 7 months

Robert Walters' profit jumps on London banking hiring upturn

April 11 (Reuters) - Recruiter Robert Walters reported a sharp rise in first-quarter profit thanks to a notable increase in hiring activity in London’s financial services industry and a good performance in legal and markets around the UK.

The firm, which places people in finance, engineering, legal and marketing jobs, said gross profit - net fee income - rose 33 percent to 78.3 million pounds ($97.3 million) in the three months ended March 31, helped by growth in all its geographies.

Profit was up 20 percent at constant currency.

Robert Walters’ UK business, which accounts for around a third of gross profit, saw a 27 percent increase in gross profit at reported and constant currency, as its domestic outsourcing business continued to grow strongly.

The company said the impact of uncertainty caused by Britain’s vote to leave the European Union was easing, especially on the financial services industry, where some recruiters have reported a slowdown. ($1 = 0.8051 pounds) (Reporting by Esha Vaish in Bengaluru, editing by Louise Heavens)

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