Robert Walters (LSE:RWA), the specialist recruitment group, reported group net fees down 3% at constant currency to £134.6m for the six months to 30 June, a marked improvement on the 14% decline seen through 2025.
The operating loss narrowed to £4.5m, though it included a one-off £1.1m charge, mostly redundancy costs.
Chief executive Toby Fowlston said the first half showed "good strategic progress" on cost, cash and growth, and pointed to "good trading momentum in a number of our markets" heading into the second half.
The company remains on track for £7m of further annualised cost savings this year, building toward a previously flagged £12m target that should fully benefit profits in 2027. Recruitment outsourcing, spanning RPO and contingent workforce services, returned to growth for the first time since 2022, while consultancy net fees rose 41% year-on-year.
Headcount fell 11% to 2,782 at period end, with net cash down to £17.2m from £30.1m a year earlier.
No interim dividend was declared, as the board is prioritising balance sheet strength.
The board expects full-year Group net fees to be slightly below 2025 levels but anticipates a financial result toward the upper end of current market expectations, based on analyst consensus ranging from an operating loss of £14.2m to £8.1m.
Robert Walters is slated to publish its third-quarter trading update on 14 October.
News Intelligence what this means for the company
Robert Walters reported first-half net fees of £134.6m, down 3% at constant currency—a sharp deceleration from the 14% decline in 2025—and narrowed its operating loss to £4.5m (excluding a £1.1m one-off redundancy charge). The company held full-year guidance, expecting results toward the upper end of consensus (operating loss of £8.1m to £14.2m), but skipped its interim dividend to preserve balance sheet strength as net cash fell to £17.2m from £30.1m year-on-year. The underlying monthly cost run rate had been reduced to about £23m, and the company remains on track for £7m of further annualised savings this year as part of a £12m restructuring program.
The stabilization in revenue decline and return to growth in recruitment outsourcing suggest the worst of the downturn may have passed, but the £12.9m deterioration in net cash—now at only 57% of H1 operating loss—leaves limited room for error if market conditions weaken. The dividend suspension signals management's caution about near-term visibility despite upper-end guidance.
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