Robert Walters returns to net fee growth on UK hiring strength
After more than three years of quarterly declines, Robert Walters posts a return to net fee growth in the third quarter as stronger UK hiring and cost cuts support performance. The improvement comes despite continued weakness in parts of Northern Europe, while the recruiter says full-year results should be at least in line with market expectations.
Highlights
- Robert Walters reports net fees up 1% at constant currency in Q3, ending 13 consecutive quarters of decline.
- UK net fees climb 10% on permanent hiring strength, while Asia Pacific remains flat and France and Netherlands fall 8% and 9%, respectively.
- Management expects full-year results at least in line with market expectations, attributing stabilization to UK momentum and recent cost cuts.
Third-quarter performance and regional trends
As reported by Reuters, Robert Walters says net fees rise 1% at constant currency in the quarter ended September, marking the company’s first quarterly increase after 13 consecutive quarters of decline.The UK is the main driver of the rebound, with net fees up 10% on continued strength in permanent hiring. In Asia Pacific, the group’s largest market, net fees are flat during the quarter.
Northern Europe remains difficult for the recruiter. Net fees in France fall 8%, while the Netherlands records a 9% decline, showing that improvements in the UK do not yet extend across all of its European operations.
Outlook for recruitment sector demand
Robert Walters says it expects full-year results to be at least in line with market expectations, suggesting recent cost cuts and better UK momentum are helping to stabilize the business.The update also points to a broader shift in recruitment markets as hiring demand improves unevenly by region and specialism. Rival Michael Page also returns to profit growth after four years of declines, helped by strong hiring in U.S. construction and Asian markets.
UK finance chiefs have been growing more defensive, expecting inflation and borrowing costs to remain elevated over the next year. Our earlier coverage noted that this backdrop is pushing more large companies to prioritize cost-cutting and treat further rate rises and geopolitics as key risks—conditions that can influence recruitment budgets and the pace of hiring.
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