Robert Walters Profits Rise, But Group Cautious on Costs

Robert Walters posted a 12 percent increase in net fee income for the first quarter as growth across its operating regions accelerated.

The British-based international recruitment firm said net fee income was £44.7m for the period ending 31 March 2012 compared to £39.9m in 2010. UK net fee income was at £11.8m, up £1m from last year. Net cash was reported at £8.8m.

"As I stated in our year-end results announcement in March, there is still a degree of caution amongst clients and candidates which does vary from region to region and sector to sector. We therefore continue to manage costs sensibly whilst investing where sentiment and long-term growth opportunities are strongest," CEO Robert Walters said.

Shares in the group, which have gained more than 60 percent this year, fell by 3.75 percent to 253.6p per share in early London trading.

The group is scheduled to release its trading update for the six months ended June 30, 2012 on July 5, 2012.