A hot job market and post-pandemic boom have helped Robert Walters to report a profit which exceeded expectations.
Robert Walters reported a gross profit of £91.8m during the third quarter, an increase of 26% from the same time last year. The recruitment firm reported a 26 per cent year-on-year gross profit up from £72.8m from 2020.
The firm reported strong trading across all its key regions, especially Asia-Pacific, which accounted for 48 per cent of the total net fee income (gross profit).
It reported growing numbers from Japan, Australia, China, and even Hong Kong despite “challenging political backdrop”.
Net fee income for the UK rose by 17 per cent to £18.7m and for Europe by 22 per cent at £22.7m, the company reported.
The UK profit was aided by a high recruitment activity across legal, technology and commerce finance disciplines.
The firm’s eponymous CEO attributed performance to a hot job market and talent shortage.
“The third quarter was yet another period of strong growth for the Group with net fee income increasing by 32%* year-on-year despite the majority of markets in our largest and most profitable region, Asia Pacific, experiencing full or significant lockdowns for much of the period,” Walters said.
“With candidate and client confidence accelerating across all recruitment disciplines and candidate shortages becoming ever more acute, the competition for talent is fierce. Significant wage inflation has emerged particularly for the most sought after skill-sets. In short, the jobs market is hot,” he added.