Growth outside banking boosts Robert Walters

RECRUITMENT firm Robert Walters said yesterday it enjoyed a solid first quarter after net fee income rose four per cent to £46.6m.

The group said it has made good progress diversifying away from the troubled banking sector by strengthening its business in other areas including energy, sales and marketing.

Investment banks around the world are taking a harder line on pay and axing jobs to cope with regulatory pressure and tough trading conditions.

The company said 85 per cent of group net fee income was now generated outside financial services.

Chief executive Robert Walters said his group will not be opening any further offices this year after opening two new sites in Dubai and Ghent in the first quarter.

“We have opened 17 new offices over the last three years, and are now focused on consolidating this investment and increasing productivity from these new and exciting businesses,” he said.

The group said it had net cash of £2.4m as at 31 March and banking facilities of £45m. Net fee income increased across all regions.

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