APAC NFI up 11% in Q1 2018 for Robert Walters
Robert Walters has released its results for the first quarter ended 31st March 2018.
The company reported a strong start to the year with Group net fee income up 17% to £88.5m (13% actual). All regions grew net fee income year-on-year.
In Asia Pacific, net fee income was up 11% from £31.7m in Q1 2017 to £32.6m in Q1 2018 (3% actual). In Asia, Japan, Indonesia, Taiwan, Thailand and the Philippines delivered the strongest rates of net fee income growth. Market conditions in Singapore remained challenging. There was a good performance in Australia and continued strong double-digit growth in New Zealand. Resource Solutions continued to expand its client base across the region.
In the UK, net fee income was up 6% to £25.2m. Activity levels were highest in the UK regions with Manchester, Milton Keynes and St. Albans the standout performers. The company opened a new office in Leeds to capitalise on regional growth opportunities. In London, legal and commerce finance recruitment proved hotspots for growth. Resource Solutions continued to grow net fee income.
In Europe net fee income was up 32% from £18.0m to £24.2m (35% actual). The company stated it had been an excellent performance across the region. Germany, Spain and the Netherlands produced the strongest rates of growth, all increasing net fee income in excess of 35%.
Other International (Brazil, Canada, South Africa, the Middle East and the USA) net fee income was up 54% to £6.5m (37% actual). There was a strong start to the year across North America. Solid growth in Brazil and South Africa.
Robert Walters (pictured), chief executive, commented, “The Group delivered a strong performance in the first quarter with net fee income increasing 17% year-on-year and growing across all regions. Current trading is in line with market expectations.”