Robert Walters Reports 13% Fall in Net Fee Income for Q4 2023

The British recruitment company, Robert Walters, announced a 13% decrease in net fee income for the fourth quarter of 2023. Despite this decline, the company is optimistic about its full-year pretax profit guidance.

Key Details

• Net fee income for the quarter ended Dec. 31 dropped to £91.4 million ($116.5 million), compared to £105.3 million in the same period last year.
• The Asia Pacific region, which contributes 43% of net fee income, experienced a 15% decline. Europe fell 7%, the U.K. 19%, and the rest of the world 12%.
• Europe represents 34% of net fee income, with the U.K. generating 15%.
• On a constant currency basis, group net fee income fell 10%, reflecting the ongoing challenging macro-economic conditions across many of the company’s markets.

Future Outlook

Despite the current setbacks, Robert Walters remains confident in the long-term structural drivers that fuel demand for their services. The company’s focus on productivity, cost management, and commitment to retaining core consultant capacity positions them well to seize growth opportunities when conditions improve.