UK recruitment player Robert Walters shows there is still life in the UK market. In Q1 ended 31 March, UK net fee income (NFI) grew 9% to £11.1m, vs. 10% for the same period in 2011. As we noted here, RW’s UK business grew 20% UK last year, however operating margins are wafer thin. Overall, RW’s group growth was 10% (ccy) to £44.7m.
UK growth is slower than emerging territories like the Americas and South Africa (+29% ccy), but it appears more mature markets like Europe (14% ccy) are also doing well. More concerning is that its largest market Asia Pacific only managed 7% growth in Q1 to £21.9m vs. 23% growth this time last year. Unsurprisingly then RW remains cautious on the outlook.