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City job drought hits Robert Walters

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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Recruitment firm Robert Walters is still cautious about the short term outlook as pre-tax profit fell 15% to £9.8m during the first half.

A downturn in city-related permanent business slashed UK operating profit for the six months ended 30 June by 77% to £600,000 and revenue by over 6% to £68.4m.

The company said its exposure to the banking sector, despite being more limited than in previous years, was still a material impact on its UK business.

Group operating profit fell 8% to £10.6m on revenue from continuing operations up 13% to £169.8m.

“The prevailing economic climate shows little sign of improving and we therefore remain cautious with regard to the short term outlook,” it said.

The interim dividend increases 4% to 1.40p a share.

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