Robert Walters (LSE:RWA) said first-quarter trading was in line with the Board’s expectations, with Group net fees down 2%* year-on-year (March was up 5%*). Crucially, management left 2026 Group net fee guidance unchanged.
Specialist recruitment showed a mixed picture: Japan returned to growth at +13%*, joining the UK (+1%), Spain (+13%*) and New Zealand (+12%*) among its stronger markets. Half of the specialist recruitment portfolio grew year-on-year in Q1 versus just 9% in H1 2025. Recruitment outsourcing posted a 13%* rise — the first quarter of growth since Q4 2022 — helped by a perm-volume contract expansion announced in late 2025 and stronger consultancy work from public-sector clients.
Productivity and cost control supported the performance: Group net fee income per fee earner rose 9%* and perm placements per perm fee earner per month were 0.80, up 6% year-on-year. The underlying Q1 monthly cost run rate fell to below £23.5m (Q4 exit: below £24m). Period-end headcount was 2,880 and net cash was £20.1m at 31 March, reflecting seasonal bonus payments; the Board expects year-end net cash to be stable versus 2025.
"Trading for the first quarter was in-line with the Board's expectations," Toby Fowlston, Chief Executive, said.
The company will publish a Q2 trading update for the June quarter on 14 July.
