Robert Walters – “continue to aim for a profitable full-year outcome”, but market conditions “challenging”…

Recruitment business operating in 31 countries Robert Walters (RWA) has issued a “Q3 2024 Trading Update” including stating “client and candidate confidence levels yet to show signs of material improvement”, though also “balance sheet remains strong, with net cash of £50m (excluding IFRS 16 leases) as at 30 September 2024 (30 June 2024: £49m)… the programme of actions underway mean we continue to aim for a profitable full-year outcome”. What about this from a currently further down to around 340p share price?

Robert Walters (#RWA) – Q3 adj. net fee income -12% YoY, “client and candidate confidence levels yet to show signs of material improvement”

Robert Walters – interims, how “well-positioned for an improvement in end markets”?

Previously writing on recruitment business operating in 31 countries Robert Walters (RWA), a few weeks ago I concluded ‘at some point, this still looks likely to become a recovery play but, especially ahead of 1st August-scheduled results detail which now looks set to be very much negative, currently still avoid’. So how’s that results detail?

Robert Walters (#RWA) – H1 swing to loss, DPS maintained at 6.5p, assumes any material improvement in confidence gradual and likely not before 2025

Robert Walters – Q2 trading update, how ‘resilient’ now?

Previously writing on recruitment business operating in 31 countries Robert Walters (RWA), in January with the shares at 425p I questioned its resilience to the market environment and concluded to continue to avoid. The shares most recently closed at 382p and what of now a “Q2 2024 Trading Update” announcement from the company?

Robert Walters (#RWA) – Q2 net fee income -15%, in constant currency -12%, noting “macroeconomic turbulence and political uncertainty”

Robert Walters (#RWA) – Q1 constant currency net fees -16% YoY, “client and candidate confidence is at low levels”

Robert Walters (#RWA) – 2023 EPS -64% to 20.1p, DPS maintained at 23.5p, notes challenging industry environment

Robert Walters – argues “continued resilience despite challenging market environment”. How ‘resilient’?…

Specialist professional recruitment group with over 3,900 staff spanning 31 countries Robert Walters plc (RWA) has issued a “Q4 2023 Trading Update” headlined “FY23 profit before tax in-line with market expectations; continued resilience despite challenging market environment”. How resilient though?

Robert Walters (#RWA) – Q4 net fee income -13% YoY, -10% constant currency, “challenging macro-economic conditions”

Robert Walters is still hoping for more global jobs in a competitive world. Good luck with that!

Pink Floyd (one of the better parts of music in the 1970s in my opinion) once observed that if you “get a good job with more pay and you're okay”. On that basis, recruitment sector names such as Robert Walters (RWA) should be laughing but - as I have already observed a few times this year so far - the stock is down 30% year-to-date, and anyone who purchased the shares a couple of years ago is down about 50%. And I know the company is currently offering over a 5% dividend yield, but you would have made better total returns since October 2018 holding cash in the lowest remunerative NatWest (NWG) account wacked by inflation. I read in today’s third quarter update from Robert Walters that its 13% year-on-year fall in gross profit is a “resilient performance”.

Robert Walters (#RWA) – Q3 net fee income -17% (-13% in constant currency), states “against a record prior year comparative”

Robert Walters (#RWA) – H1 EPS down to 7.8p, DPS maintained at 6.5p, notes “current trading pressures”

Robert Walters (#RWA) – Q2 net fee income -11% YoY, notes both candidate and client lower confidence

Please give us more jobs hopes “specialist recruitment services” company Robert Walters!

Back in April, I talked about “jobs, revenues and Robert Walters plc's (RWC) dull update”. Since then the company’s shares have fallen even lower, but all of this decline is due to an over 10% fall this morning. Greetings to another dull update!

Robert Walters (#RWA) – net fee income deterioration to -9% YoY for first two months of Q2

Jobs, revenues and Robert Walters plc's dull update today

It is a big week for jobs data. I know that almost all the markets are closed in the UK, Europe and the Americas tomorrow, but US non-farm payroll numbers are out (as they always are on the first Friday of every month). The current expectation is that the numbers will be a bit weak, hence why any fears about significantly higher US interest rates later this year have calmed down a lot. Something for the macro punters to comment about on Good Friday, but you can already see that the jobs sector is getting a bit trickier either side of the Atlantic. And that brings us nicely to today’s update from Robert Walters plc (RWA).

Robert Walters (#RWA) – Q1 constant currency net fee income flat YoY, notes some “market uncertainty”

Robert Walters (#RWA) – founder CEO Robert Walters to retire, Toby Fowlston to succeed as CEO

Robert Walters (#RWA) – 2022 EPS +21%, DPS +15%, notes current market uncertainty