Business

Robert Walters profit rises with City hiring proving a hotspot for growth

Recruiter Robert Walters has reported a 17 per cent rise on a constant currency basis in net fee income for its first quarter trading update, with growth across all regions.

For the first three months of the year it reported gross profit of £88.5m, up from £78.3m the same time last year.

The firm said UK net fee income for the quarter ended 31 March was up six per cent to £25.2m, with recruitment activity highest in Manchester, Milton Keynes and St Albans.

Read more: Jobs ahoy: UK firms' hiring intentions are at a record high

In the capital, legal and commerce finance recruitment "proved hotspots for growth" too, while Robert Walters said growth was stronger still elsewhere in Europe.

Separate research from job site CV-Library earlier this month showed firms in London were on the hunt for new recruits, with job vacancies up 9.1 per cent last month.

Germany, Spain and the Netherlands were top, all increasing net fee income more than 35 per cent.

While Asia Pacific income rose by 11 per cent, the recruiter did say market conditions in Singapore "remained challenging".

Chief executive Robert Walters said:

The group delivered a strong performance in the first quarter with net fee income increasing 17 per cent year-on-year and growing across all regions. Current trading is in line with market expectations.

Earlier this week, an Employment Index compiled by accountancy firm BDO rose to new heights in April, driven by businesses investment in people over capital at a time of low wage growth.

It indicated that domestic firms were more encouraged to hire than at any point on record.

Read more: Job vacancies surged in London last month

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