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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.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.
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