Robert Walters (LSE:RWA), the specialist recruitment and recruitment outsourcing group, said trading in the first half was in line with the Board's expectations.
Group net fees fell 4% in the second quarter and 3% across the first half, a sequential improvement on the 14% decline recorded for the whole of 2025. Net fees were up 1% year-on-year in June alone.
Specialist recruitment, which makes up 81% of group net fees, saw growth in Japan, the UK, Spain and New Zealand among its "top 8" markets, with around half the portfolio by fee income growing year-on-year in the first half, up from 20% in the second half of 2025 and 9% in the first half.
Recruitment outsourcing, 19% of group fees, grew net fees 9% in the quarter, a second consecutive quarter of expansion led by its consultancy offering.
Europe remained the weakest region, down 15% in the quarter, though France stayed stable in volume terms and Spain posted a fourth straight quarter of growth. UK net fees rose 21%.
Group net fee income per fee earner rose 6% year-on-year, and the Group cut its underlying monthly cost run rate to about £23m from below £23.5m in the first quarter.
Total headcount fell 11% year-on-year to 2,782, while net cash stood at £17.2m at 30 June, down from £20.1m at the end of March.
"We remain focused on delivering the performance we expect for the year," said chief executive Toby Fowlston.
Robert Walters is due to publish half-year results on 30 July.
