Robert Walters reports UK fee growth after major staff reductions

In its latest trading update, Robert Walters disclosed that UK net fees grew 10% to £13.2 million for the quarter to September 30, supported by solid permanent recruitment and a 19% increase in outsourcing services. The improvement follows a global workforce reduction of roughly 15% last year, which hit the UK hardest, cutting fee-earning positions by a quarter. Chief executive Toby Fowlston said the restructuring, including stronger market leadership, is enhancing fee productivity.

The company's shares rose more than 6% on the news. While worldwide net fees rose only 1% to about £69.7 million, Europe and Asia-Pacific saw declines. The firm expects a full-year result in line with market expectations despite an estimated operating loss of £8.3 million for the year.