Robert Walters (RWA)

Robert Walters RWA Logo

A market-leading international specialist professional recruitment group with over 3,600 staff spanning 28 countries.


Trading Statement For The Quarter Ending September 2017 – Gross Profit up 21% (CC) on a LFL basis. The board is also confident “that profit before tax for the full year will be ahead of current market expectations”.

On a PER of 15.4 RWA still looks reasonable value here. It’s a share on my “buy on a general market pullback list” but also one I keep considering paying up for and look back regretting I did not.

12-Dec-2017 – 551p – £414.5m – PER 14.5

Trading Update – PBT for the full year ending 31 December 2017 is expected to be materially ahead of current market expectations.

A short and sweet update which follows the previous “PBT for the full year will be ahead of current market expectations” statement. Remains on my “buy on a general market pullback list” as I just don’t want to be paying up here for a recruitment company.

9-Jan-2018 – 658p – £495.5m – PER 15.9

Trading Update For Q4 2017 – Net income up 19% and comfortably in-line with expectations.

Quite a lot to like here but I am not particularly keen on paying up for a recruitment company at present. If or when I take a liking to the sector this will be near the top of list.

1-Mar-2018 – 668p – £503.0m – PER 15.8

Results For The 12 Months To End December 2017 – Revenue up 14% CC to £1.2bn, PBT up 44% to £40.6m, EPS up 55% to 42.9p and the Final Dividend is up 50%, 9.3p. This year has started strongly.

Like this even more now, it’s going on my Watchlist, 580p.

10-Apr-2018 – 700p – £527.1m – PER 15.3

Trading Update For The 6 Months To End March 2018 – Strong start with Net Fee Income up 17% (13% without FX), £88.5m. Net Cash up to £34.0m (from £13.3m) and current trading is in-line.

This is one that was on my Watchlist at 580p and another one where I missed the boat waiting for a pull-back. Bigger than my usual £500m Market Cap so will remove it from the Watchlist for now. Currently revising my Entry criteria due to missing a few too many boats including this one.

9-Oct-2018 – 640p – £482.8m – PER 13.2

Q3 Trading Update – Net Fee income up 13% (CC), confident FY will be in-line.

Probably fairly priced around this level for me – I am Neutral.

10-Jan-2019 – 556p – £420.2m – PER 11.4

Trading Update For Q4 2018 (To End December 2018) – Expecting FY to be comfortably in-line with market expectations.

I see some potential for upside here but just not enough for me to get involved at this level.

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