Robert Walters Q4 revenue drops 10% in 2023
LONDON, UNITED KINGDOM — UK-based recruitment firm Robert Walters reported a 10% drop in Q4 2023 net fee income, amounting to £91.4 million (US$116 million). All regions saw declines amidst challenging macroeconomic conditions.
Asia Pacific revenue fell 9%, but a double-digit percentage growth in Japan helped cushion the firm’s weakness in Australia. growth in Japan helped offset weakness in Australia.
Europe also showed a 7% decline, with the UK itself seeing a 19% decrease in net fee income. However, 33% growth in Belgium and 5% in Germany helped soften the fall.
Similarly, the Americas, South Africa, and the Middle East dropped 8%. In the U.S., the better performance seen in Mexico helped partially offset the region’s 9% decline.
Meanwhile, the firms’ consultant productivity rose slightly as headcount decreased 5% sequentially and 9% annually to 3,980. Robert Walters remains focused on driving productivity.
CEO Toby Fowlston stated that despite the difficult conditions, full-year pretax profit is expected to meet company-compiled consensus estimates of £20.5 million.
“We have a healthy blend of income streams, a highly diversified international footprint, and a strong global brand and balance sheet. I am very proud of our people and how we continue to work through this period of market uncertainty,” he added.
The firm’s global footprint, brand recognition, and productivity initiatives have enabled it to weather the economic storm in Q4 while maintaining profitability. Robert Walters is set to announce its full 2023 results on March 7th.
