Robert Walters PLC on Thursday said it does not expect an improvement in its end markets until at least late-2025, as it noted initial trading this year has been ‘muted’.

The London-based international recruitment company said pretax profit sunk 98% to just £500,000 for 2024, from £20.8 million in 2023.

This was driven by a reduction in revenue to £892.1 million, down 16% from £1.06 billion the prior year.

Net fee income for the period fell 17% to £321.4 million from £386.8 million, owing to ‘the extended period of tough market conditions.’

Robert Walters said client and candidate confidence levels remained subdued throughout the year, adversely impacting both volume hiring and specialist recruitment.

Looking to 2025, the firm said initial trading has ‘continued to be muted’, with its earliest expectations for an improvement in its end markets in the latter part of 2025. However, the firm expressed confidence in driving higher rates of profitability over the medium-term.

Robert Walters said it ‘will continue to ensure its cost base is appropriate for the current conditions’.

Shares in Robert Walters were up 1.6% at 250.00 pence on Thursday afternoon in London.

The firm reported a strong cash position at the end of the year, with net cash of £52.5 million, down 34% from £79.9 million the prior year. Owing to this, Robert Walters declared a final dividend of 17.0 pence per share, bringing the total dividend to 23.5p, flat with 2023.

Chief Executive Toby Fowlston commented: ‘2024 was another challenging year for global hiring markets. Several factors acted to dampen client and candidate confidence levels, therefore slowing the pace of job moves and impacting our financial performance.

‘Though it remains uncertain as to when a sustained improvement in hiring markets will commence, we have high conviction in the value we add to clients and candidates as a talent solutions provider. The early progress in executing our strategic plan gives us confidence as we drive further momentum in 2025.’

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