Robert Walters Plc (RWA.L), on Monday, reported that its Q2 group net fee income declined 12%, reflecting the continued rebasing in market conditions relative to the post-pandemic peak. Fees were down 18% in June, while new job flow in the month was also weaker than expected.
Headcount was down 5% quarter-on-quarter and 15% year-on-year to 3,625. The Group continues to appropriately tailor headcount to current demand conditions and is highly selective in replacing fee earner natural attrition.
Further, the company stated that the balance sheet remains strong, with net cash of about £49 million, excluding IFRS 16 leases, as at 30 June 2024.
Toby Fowlston, Chief Executive, said, "Fee income for the first half of 2024 continued to reflect the rebasing in market conditions relative to the post-pandemic peak. This period of market adjustment is now longer in duration than previously expected, with macroeconomic turbulence and political uncertainty restraining client and candidate confidence in certain geographies…"
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