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Robert Walters (RWA) investor relations material

Robert Walters Q3 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 TU earnings summary14 Oct, 2025

Executive summary

  • Q3 net fee income declined 12% year on year, showing slight sequential improvement over Q2, with Asia Pacific and UK improving while Europe remained challenging.

  • Specialist Recruitment fees fell 10% year on year, with permanent placements down 7% and temporary down 16%; Recruitment Outsourcing fees dropped 22% due to non-renewal of client contracts, but a major volume hiring partnership expanded post-quarter.

  • Group net fee income per fee earner rose 7% year on year, driven by favorable job mix and stable fee rates.

  • Cost reduction initiatives continued, reducing the monthly cost base to around GBP 24 million, with ongoing finance function transformation and relocation of non-fee earner activities to Global Business Services hubs.

  • Headcount reduced by 3% quarter-on-quarter and 13% year-on-year.

Financial highlights

  • Q3 2025 group net fee income was GBP 69.6 million, down from GBP 79.9 million in Q3 2024.

  • Year-to-date group net fee income was GBP 209.6 million, down 15% from GBP 246.0 million year-on-year.

  • Net cash at quarter end was GBP 26.6 million as of 30 September 2025, down from GBP 30.1 million at 30 June 2025.

  • Group cost base reduced to around GBP 24 million per month, with progress toward GBP 10 million annualized structural cost savings by 2027.

  • Specialist recruitment permanent placements per fee earner per month increased by 8% year on year to 0.92.

Outlook and guidance

  • Board will review potential reinstatement of capital returns to shareholders at full year results in March 2026.

  • Any recovery in hiring markets is expected to develop gradually, with global conditions remaining fragile and continued focus on cost discipline.

What drives sustainable fee earner productivity?
Impact of outsourcing strategy on 2026-27 gains?
How does AI impact white-collar professional hiring?
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Frequently asked questions

Robert Walters Plc, together with its subsidiaries, provides professional recruitment consultancy services worldwide. The company offers permanent, contract and interim recruitment services in the fields of accounting and finance, banking and financial services, engineering, human resources, information technology, legal, sales and marketing, secretarial and support and supply chain; it also provides staffing and recruitment process outsourcing as well as managed services.

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