We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Robert Walters Plc | LSE:RWA | London | Ordinary Share | GB0008475088 | ORD 20P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -6.00 | -1.60% | 369.00 | 363.00 | 369.00 | 374.00 | 364.00 | 367.00 | 538,491 | 16:35:06 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Employment Agencies | 1.06B | 13.4M | 0.1831 | 20.37 | 272.95M |
From May 2019 to May 2024
TIDMRWA
RNS Number : 3210G
Robert Walters PLC
01 March 2018
1 March 2018
ROBERT WALTERS PLC
(the "Company", or the "Group")
Results for the year ended 31 December 2017
OPERATING PROFIT UP 60%; DIVID UP 50%
Robert Walters plc (LSE: RWA), the leading international recruitment group, today announces its results for the year ended 31 December 2017.
Financial and Operational Highlights
Hot Features
Premium
2017 2016 % change % change (constant currency*)
------------------------------- ---------- --------- --------- -----------------------------
Revenue GBP1.2bn GBP1.0bn 17% 14%
------------------------------- ---------- --------- --------- -----------------------------
Gross profit (net fee income) GBP345.2m GBP278.3m 24% 20%
------------------------------- ---------- --------- --------- -----------------------------
Operating profit GBP41.9m GBP26.2m 60% 54%
------------------------------- ---------- --------- --------- -----------------------------
Profit before taxation GBP40.6m GBP28.1m 44% 50%
------------------------------- ---------- --------- --------- -----------------------------
Basic earnings per share 42.9p 27.7p 55% n/a
------------------------------- ---------- --------- --------- -----------------------------
Final dividend per share 9.3p 6.2p 50% n/a
------------------------------- ---------- --------- --------- -----------------------------
* Constant currency is calculated by applying prior period exchange rates to local currency results for the current and prior periods.
-- Record performance with operating profit increasing by 60% (54%*) to GBP41.9m (2016: GBP26.2m) and profit before taxation increasing by 44% (50%*) to GBP40.6m (2016: GBP28.1m).
-- 71% of the Group's net fee income derived from outside of the UK.
-- All regions grew both net fee income and operating profit.
-- Asia Pacific net fee income up 16% (11%*) to GBP136.6m (GBP131.1m*) (2016: GBP117.6m) and operating profit up 21% (14%*) to GBP17.7m (GBP16.8m*) (2016: GBP14.7m).
-- In Asia, growth continued to be broad-based across both established and emerging markets with Japan, Hong Kong, Vietnam and Indonesia all delivering excellent results.
-- Good performance across Australia and a record set of results in New Zealand.
-- Resource Solutions won several new multi-country contracts across the region.
-- UK net fee income up 16% to GBP100.9m (2016: GBP86.7m) producing an 84% increase in operating profit to GBP11.8m (2016: GBP6.4m).
-- Activity levels in London were strongest across technology, legal and financial services. In the regions, Manchester and St. Albans were the standout performers.
-- Resource Solutions delivered impressive net fee income growth and entered new industry sectors winning clients in retail, mobile telecommunications, fintech and property management.
-- Europe net fee income up 34% (26%*) to GBP80.6m (GBP75.5m*) (2016: GBP60.1m) and operating profit increased 168% (149%*) to GBP11.3m (GBP10.5m*) (2016: GBP4.2m).
-- Outstanding performance across the region.
-- Belgium, Germany, Portugal, the Netherlands and Spain all delivered net fee income growth in excess of 20% year-on-year.
-- Our French business, our largest in the region, grew net fee income by 18% and delivered a significant increase in operating profit.
-- Blend of permanent, contract and interim recruitment businesses is a pillar of strength and point of differentiation.
-- Other International (Brazil, Canada, South Africa, the Middle East and the USA) net fee income up 93% (87%*) to GBP27.1m (GBP26.2m*) (2016: GBP14.0m) and operating profit increased by 16% (41%*) to GBP1.1m (GBP1.3m*) (2016: GBP0.9m).
-- Strongest growth across the North America region. Market conditions in Brazil remain challenging but encouraging to see our local business deliver net fee income growth in excess of 50%.
-- Group headcount increased by 17% to 3,793 (2016: 3,229).
-- The Group purchased 2.1m shares at an average price of GBP3.79 for GBP8.0m which were subsequently cancelled. An additional 0.4m shares have also been purchased at an average price of GBP4.03 for GBP1.8m through the Group's Employee Benefit Trust.
-- Strong balance sheet with net cash of GBP31.1m as at 31 December 2017 (31 December 2016: GBP22.5m).
Robert Walters, Chief Executive, said:
"The Group delivered a record performance in 2017 increasing operating profit by 60% year-on-year. We continued to benefit from both our international footprint which covers 28 countries including many of the world's fastest-growing and exciting recruitment markets and our blend of revenue streams covering permanent, contract, interim and recruitment process outsourcing.
"The Group has successfully maintained the momentum of 2017 and started the year strongly. As a result, we look ahead with confidence."
The Company will be holding a presentation for analysts at 11.00am today at Newgate Communications, Sky Light City Tower, 50 Basinghall Street, London EC2V 5DE.
The Company will publish an interim management statement for the first quarter ending 31 March 2018 on 10 April 2018.
Further information
Robert Walters plc Robert Walters, Chief Executive Alan Bannatyne, Chief Financial Officer +44 (0) 20 7379 3333 Newgate Communications Steffan Williams Charlotte Coulson +44 (0) 20 7680 6550
About Robert Walters
Robert Walters is a market-leading international specialist professional recruitment group with over 3,700 staff spanning 28 countries. We specialise in the placement of the highest calibre professionals across the disciplines of accountancy and finance, banking, engineering, HR, IT, legal, sales, marketing, secretarial and support and supply chain and procurement. Our client base ranges from the world's leading blue-chip corporates and financial services organisations through to SMEs and start-ups. The Group's outsourcing division, Resource Solutions is a market leader in recruitment process outsourcing and managed services.
www.robertwalters.com
Forward looking statements
This announcement contains certain forward-looking statements. These statements are made by the directors in good faith based on the information available to them at the time of their approval of this announcement and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.
Robert Walters plc
Results for the year ended 31 December 2017
Chairman's Statement
The Group delivered an outstanding performance in 2017, increasing profit before taxation by 44% (50%*) to a record GBP40.6m (2016: GBP28.1m). All of the Group's regions delivered increases in both gross profit (net fee income) and operating profit and 71% (2016: 69%) of the Group's net fee income is now derived from overseas businesses.
Revenue was up 17% (14%*) to GBP1.2bn (2016: GBP1.0bn) and net fee income increased by 24% (20%*) to GBP345.2m (2016: GBP278.3m). Operating profit was up 60% (54%*) to GBP41.9m (2016: GBP26.2m) and earnings per share increased by 55% to 42.9p per share (2016: 27.7p per share). The Group further strengthened its balance sheet with net cash of GBP31.1m as at 31 December 2017 (31 December 2016: GBP22.5m). The Group's ratio of permanent and contract recruitment net fee income is 68% permanent to 32% contract (2016: 69%:31%).
During the year, headcount increased by 17% to 3,793 (2016: 3,229). Headcount investment is highest in those regions and business units demonstrating the strongest potential for accelerated growth.
The Board will be recommending a 50% increase in the final dividend to 9.3p per share which combined with the interim dividend of 2.75p per share would result in a 42% increase in the total dividend to 12.05p per share (2016: 8.5p).
In 2017, the Group purchased 2.1m shares at an average price of GBP3.79 for GBP8.0m, which were subsequently cancelled. An additional 0.4m shares were purchased at an average price of GBP4.03 for GBP1.8m through the Group's Employee Benefit Trust. The Board is authorised to re-purchase up to 10% of the Group's issued share capital and will be seeking approval for the renewal of this authority at the Annual General Meeting on 17 May 2018.
As recently announced, I will be stepping down from my role as the Group's Non-executive Chairman on 1 March. It has been a privilege to serve on the Board for the past five years and I have absolutely no doubt that the Robert Walters Group will continue to go from strength to strength. I would like to take this opportunity, one final time, to thank all of the Group's staff for their hard work and support in delivering a high-quality service to our candidates and clients.
Leslie Van de Walle
Chairman
28 February 2018
Chief Executive's Statement
Review of Operations
The Group's ability to deliver its best ever performance was, once again, testament to the success of our long-term strategy for growth; founded on the two pillars of international expansion and discipline diversification.
Our international footprint covers 28 countries, and most crucially, encompasses some of the world's fastest growing and exciting recruitment markets as well as more mature and well-established locations that continue to have significant scope for additional growth.
The breadth of solutions we can provide to our clients, from permanent, contract and interim recruitment through to recruitment process outsourcing is also a key point of differentiation in our ability to provide a true end-to-end recruitment offering to both candidates and clients.
Asia Pacific (40% of Group net fee income)
Revenue was GBP370.2m (2016: GBP348.6m) and net fee income increased by 16% (11%*) to GBP136.6m (GBP131.1m*) (2016: GBP117.6m) and operating profit increased by 21% (14%*) to GBP17.7m (GBP16.8m*) (2016: GBP14.7m).
One of the key strengths of the Group is its presence in both established and emerging recruitment markets and nowhere is this more prevalent than in Asia Pacific. The Group operates in 13 countries and has an unrivalled footprint across the region.
In Asia, the Group's most profitable single country, Japan, enjoyed yet another record year in both Tokyo and Osaka, reinforcing our market leading position in this exciting market. Hong Kong, another of the Group's well-established scale businesses, also had a record year whilst market conditions in Singapore remained more challenging. Across our emerging markets, all businesses delivered record performances and continued to grow net fee income and market share.
Australia had a good year and a particularly strong fourth quarter, benefiting from our footprint of offices covering five states; our focus on margin growth in the SME market; and high growth disciplines such as technology, digital and contract. New Zealand had a record year with the Group's successful sponsorship of the recent British & Irish Lions Tour helping to further build our brand profile and market leading position.
Resource Solutions continued to grow its client base across the region, winning a number of multi-country contracts with new clients. A new Global Service Centre was opened in Manila during the year to complement our existing site in India.
UK (29% of Group net fee income)
Revenue was GBP569.6m (2016: GBP480.6m), net fee income increased by 16% to GBP100.9m (2016: GBP86.7m) and operating profit increased by 84% to GBP11.8m (2016: GBP6.4m).
In the UK and particularly in London and the South East, candidate and client confidence levels remain somewhat cautious. However, activity levels in certain sectors and disciplines were strong. In London, growth was strongest across technology, legal, financial services and commerce finance. In the regions, growth was broad-based with St. Albans and Manchester in particular delivering the strongest rates of growth, benefiting from a focus on SMEs and the trend of a number of large businesses moving operations outside of London.
Resource Solutions continued to deliver impressive rates of growth and encouragingly won several clients in new industry sectors including retail, mobile telecommunications, fintech and property management.
Europe (23% of Group net fee income)
Revenue was GBP189.1m (2016: GBP147.0m), net fee income increased by 34% (26%*) to GBP80.6m (GBP75.5m*) (2016: GBP60.1m) and operating profit increased by 168% (149%*) to GBP11.3m (GBP10.5m*) (2016: GBP4.2m).
The Group has a geographic footprint that spans nine countries. Performance was outstanding across the region with both net fee income and operating profit increasing significantly year-on-year.
Belgium, Germany, Portugal, the Netherlands and Spain all delivered net fee income increases in excess of 20%. Our French business, our largest in the region, grew net fee income by 18% and delivered a significant increase in operating profit.
Other International (8% of Group net fee income)
Other International encompasses Brazil, Canada, South Africa, the Middle East and the USA. Revenue was GBP36.9m (2016: GBP22.3m), net fee income increased by 93% (87%*) to GBP27.1m (GBP26.2m*) (2016: GBP14.0m) and operating profit increased by 16% (41%*) to GBP1.1m (GBP1.3m*) (2016: GBP0.9m).
Market conditions in Brazil remain challenging but it has been positive to see our business deliver in excess of 50% growth in net fee income year-on-year. Our new business in Canada has started well whilst in the US, although financial services remains tough, other market sectors, particularly technology and digital continue to be strong. The Middle East was largely flat year-on-year whilst in South Africa, we are seeing good growth from Sub-Saharan markets as our brand presence grows across the region.
Board Changes
Leslie Van de Walle will be stepping down from his role as Non-executive Chairman on 1 March 2018. On behalf of myself and the Board, I would like to thank Leslie for his strong contribution to the Group over the last five years and wish him all the best for the future. Carol Hui, who is currently Senior Independent Director will step up to the role of Non-executive Chairman whilst Brian McArthur-Muscroft will take on the role of Senior Independent Director. The Board is in the process of identifying an additional Non-executive Director.
Outlook
The Group has successfully maintained the momentum of 2017 and started the year strongly. As a result, we look at the year ahead with confidence.
Robert Walters
Chief Executive
28 February 2018
INDEPENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF ROBERT WALTERS PLC ON THE PRELIMINARY ANNOUNCEMENT OF ROBERT WALTERS PLC
As the independent auditor of Robert Walters plc we are required by UK Listing Rule LR 9.7A.1(2)R to agree to the publication of Robert Walters plc's preliminary announcement statement of annual results for the year ended 31 December 2017.
The preliminary statement of annual results for the year ended 31 December 2017 includes financial and operational highlights, the Chief Executive's Statement, the Chairman's Statement and summarised financial statements. We are not required to agree to the publication of the presentation to analysts.
The directors of Robert Walters plc are responsible for the preparation, presentation and publication of the preliminary statement of annual results in accordance with the UK Listing Rules.
We are responsible for agreeing to the publication of the preliminary statement of annual results, having regard to the Financial Reporting Council's Bulletin "The Auditor's Association with Preliminary Announcements made in accordance with UK Listing Rules".
Status of our audit of the financial statements
Our audit of the annual financial statements of Robert Walters plc is complete and we signed our audit report on 28 February 2018. Our audit report is not modified and contains no emphasis of matter paragraph.
Our audit report on the full financial statements sets out the following key audit matters which had the greatest effect on our overall audit strategy; the allocation of resources in our audit; and directing the efforts of the engagement team, together with how our audit responded to those key audit matters and the key observations arising from our work:
Key audit Permanent revenue - accuracy and completeness
matter description of the provision for back-outs
For permanent placements, which accounted
for 68% of the Net Fee Income (gross
profit) of the Group's recruitment
business in 2017 (2016: 69%), the
Group's policy (as detailed in the
Accounting Policies note) is to record
revenue when specific recognition
criteria have been met, namely where
a candidate accepts a position in
writing and a start date is agreed.
Accordingly revenue is accrued in
respect of permanent placements meeting
the above criteria but which remain
unbilled.
A provision is made for placements
expected to be cancelled prior to
the start date ('back-outs') on the
basis of past experience.
Determining the level of provision
required for back-outs involves a
significant degree of management judgement,
and is an area where there is potential
for fraudulent manipulation of the
financial results.
Temporary revenue - changes in temporary
worker rates in the Resource Solutions
business
The Group's policy is to recognise
revenue relating to temporary workers
as the service is provided, at contractually
agreed rates (as detailed in the Accounting
Policies note).
For temporary income, the risk identified
in the current year is that changes
in temporary worker rates in the Resource
Solutions business may not be recorded
accurately.
The Resource Solutions business has
continued to grow in the current year,
and now represents 44.8% of Group
revenue (2016: 40.0%).
The contracts which govern the rates
at which revenue should be recognised
for temporary workers within the Resource
Solutions business are complex. The
margin earned varies with role, length
of tenure and the entity which originally
sourced the temporary worker. These
rates are also subject to change when
contracts are renegotiated.
Rate changes have a number of different
drivers, and do not occur on a readily
predictable timetable.
The process for updating the temporary
worker rates is manual, as are the
controls which management has put
in place to mitigate the risk. A systematic
error in the recording of these rates
could lead to a material misstatement,
and is most likely to occur when changes
to rates are processed.
This is a change from the revenue
recognition key audit matter we identified
in the prior year, which focused on
the recognition of revenue relating
to work performed before year end,
where timesheets are not received
until after year end.
Our work in the previous year demonstrated
that the process is well controlled,
and involves little management judgement.
We have therefore concluded that the
recognition of late timesheets is
not a significant risk in the current
year.
==================== ===============================================
How the Permanent revenue
scope of
our audit In all full scope locations, we evaluated
responded the design and implementation of the
to the key internal controls in place to ensure
audit matter that all permanent placements are
recorded in the correct period.
In the Australia, China, Hong Kong,
Japan and the UK, we performed additional
testing to confirm that the internal
controls for permanent placements
were operating effectively.
Our testing involved agreeing a sample
of permanent placement fees earned
but not invoiced to written evidence
of candidate acceptance, including
confirmation of start date.
We assessed the level of provision
held at the year-end against the average
level of back-outs experienced on
a monthly basis during the year. We
also evaluated the back-outs following
the year end.
Temporary revenue
For the full scope location within
the Resource Solutions business, we
evaluated the design and implementation
and tested the operating effectiveness
of the internal controls in place
to ensure that any changes in the
rate at which revenue is recognised
were recorded appropriately.
We selected a sample of temporary
workers in the Resource Solutions
business where there had been a change
in rates during the year. The change
in rates was then agreed to contract,
and the associated revenue recalculated.
We reviewed a sample of contracts
with clients of the Resource Solutions
business, for evidence of any change
in the underlying rates which should
be reflected in the revenue recognised.
A sample of temporary workers in the
Resource Solutions business where
there was no change in the underlying
rates was also selected for testing.
We confirmed that it was appropriate
that the revenue recognised in respect
of these temporary workers did not
change through agreeing to the contract.
==================== ===============================================
Key observations We did not identify any reportable
misstatements or significant deficiencies
in internal control as a result of
our audit work.
We concluded that the provision for
back outs for permanent placements
was conservative, but within an acceptable
range compared to actual historical
back outs experienced.
We concluded that the revenue for
temporary placements during the period
was recognised appropriately.
==================== ===============================================
Key audit Gross trade receivables at 31 December
matter description 2017 were GBP166.9m (2016: GBP185.3m).
Whilst historically the Group has
not suffered from a significant level
of write-offs, given the relatively
small balances due from a large number
of clients, significant management
judgement is required in estimating
the appropriate level of provision
against trade receivables.
The Group's policy is to record a
provision based on anticipated recoverable
cash flows, nature of counterparty,
past due date, geographical location,
the costs of recovery and the fair
value of any guarantee received, as
detailed in the Accounting Policies
note.
We have refined our approach to the
risk we have identified around the
recoverability of receivables. In
previous years, this was focused on
the entire receivables balance.
Our work in prior years has shown
that the recoverability of the year-end
receivables ledger is typically very
high and the control environment around
the receivables ledger is robust.
Both the Resource Solutions business
and the temporary recruitment business
predominantly deal with long standing
clients, with whom the Group has strong
relationships.
By contrast, one-off clients are far
more common in the permanent recruitment
business, and this part of the business
typically holds large numbers of small
balances due from a variety of clients.
We have therefore focused our key
audit matter on aged balances (> 30
days overdue) relating to sales in
the permanent recruitment business.
==================== ===============================================
How the In all full scope locations, we evaluated
scope of the design and implementation of the
our audit internal controls in place to ensure
responded that an appropriate provision is recognised
to the key against trade receivables. In Australia,
audit matter China, Hong Kong, Japan and the UK,
we performed additional testing to
confirm that these internal controls
were operating effectively.
We focussed our substantive testing
on higher risk balances on the basis
of the ageing profile, collection
history and the credit quality of
the client.
We agreed a sample of balances to
subsequent cash receipts which supported
the recoverability of the balance.
Where cash had not subsequently been
received at the date of testing, we
have used alternative evidence to
support the recoverability of the
balance such as email correspondence
between the Group and clients, proving
that the service was provided, and
historic payment patterns.
For certain components, debtor confirmations
were also sent out for a sample of
balances.
We evaluated the diligence applied
by management in determining the risk
associated with the recoverability
of the receivables balance and tested
the adequacy of provisioning by recalculating
the provision for significantly aged
balances, and considering receivables
where the ageing profile of debtors
has deteriorated or there is evidence
that the credit quality of the debtor
is considered a risk, and challenged
management to justify why no provision
is required.
We analysed the make-up of the year
end provision for bad debts and assessed
it against the bad debt cost experienced
in the year.
We performed a retrospective review,
comparing the provision recognised
at the end of 2016, with actual cash
receipts against year end balances
during 2017, to determine the historical
accuracy of management's judgements.
We also compared the level of provision
recognised with a number of similar
businesses within the recruitment
industry, to determine if the Group
was recognising a provision which
was not in line with industry norms.
Additionally, we evaluated post year-end
developments to determine whether
any provisions required reversal or
further provision.
==================== ===============================================
Key observations We did not identify any reportable
misstatements or significant deficiencies
in internal controls as a result of
our audit work.
We concluded that the provision for
bad debts was in the middle of the
acceptable range.
==================== ===============================================
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we did not provide a separate opinion on these matters.
Procedures performed to agree to the preliminary announcement of annual results
In order to agree to the publication of the preliminary announcement of annual results of Robert Walters plc we carried out the following procedures:
(a) checked that the figures in the preliminary announcement covering the full year have been accurately extracted from the audited financial statements and reflect the presentation to be adopted in the audited financial statements;
(b) considered whether the information (including the management commentary) is consistent with other expected contents of the annual report;
(c) considered whether the financial information in the preliminary announcement is misstated;
(d) considered whether the preliminary announcement includes a statement by directors as required by section 435 of CA 2006 and whether the preliminary announcement includes the minimum information required by UKLA Listing Rule 9.7A.1;
(e) where the preliminary announcement includes alternative performance measures ("APMs"), considered whether appropriate prominence is given to statutory financial information and whether:
-- the use, relevance and reliability of APMs has been explained;
-- the APMs used have been clearly defined, and have been given meaningful labels reflecting their content and basis of calculation;
-- the APMs have been reconciled to the most directly reconcilable line item, subtotal or total presented in the financial statements of the corresponding period; and
-- comparatives have been included, and where the basis of calculation has changed over time this is explained.
(f) read the management commentary and any other narrative disclosures and considered whether they are fair, balanced and understandable.
Use of our report
Our liability for this report, and for our full audit report on the financial statements is to the company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for our audit report or this report, or for the opinions we have formed.
John Charlton FCA (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London, United Kingdom
28 February 2018
Consolidated Income Statement
FOR THE YEARED 31 DECEMBER 2017
2017 2016
Notes GBP'000 GBP'000
------------------------------------------------------------------------------ ---------- ----------
Revenue 1 1,165,776 998,535
Cost of sales (820,528) (720,205)
------------------------------------------------------------------------------
Gross profit 345,248 278,330
Administrative expenses (303,350) (252,088)
------------------------------------------------------------------------------ ---------- ----------
Operating profit 41,898 26,242
Finance income 531 460
Finance costs 2 (981) (895)
(Loss) gain on foreign exchange (874) 2,334
------------------------------------------------------------------------------
Profit before taxation 40,574 28,141
Taxation 3 (11,239) (8,244)
------------------------------------------------------------------------------ ---------- ----------
Profit for the year 29,335 19,897
------------------------------------------------------------------------------ ---------- ----------
Attributable to:
Owners of the Company 29,335 19,897
Earnings per share (pence): 5
Basic 42.9 27.7
Diluted 38.9 25.4
------------------------------------------------------------------------------ ---------- ----------
The amounts above relate to continuing operations.
Consolidated Statement of Comprehensive Income
FOR THE YEARED 31 DECEMBER 2017
2017 2016
GBP'000 GBP'000
------------------------------------- -------- --------
Profit for the year 29,335 19,897
Items that may be reclassified
subsequently to profit and loss:
Exchange differences on translation
of overseas operations (1,686) 12,953
--------
Total comprehensive income and
expense for the year 27,649 32,850
------------------------------------- -------- --------
Attributable to:
Owners of the Company 27,649 32,850
------------------------------------- -------- --------
Consolidated Balance Sheet
AS AT 31 DECEMBER 2017
2017 2016
Notes GBP'000 GBP'000
------------------------------------------------------------------------------------------- ---------- ----------
Non-current assets
Intangible assets 6 11,909 11,402
Property, plant and equipment
7 9,135 8,183
Deferred tax assets 10,163 8,253
------------------------------------------------------------------------------------------- ---------- ----------
31,207 27,838
------------------------------------------------------------------------------------------- ---------- ----------
Current assets
Trade and other receivables
8 227,585 236,507
Corporation tax receivables 3,016 1,531
Cash and cash equivalents 61,872 62,601
------------------------------------------------------------------------------------------- ---------- ----------
292,473 300,639
------------------------------------------------------------------------------------------- ---------- ----------
Total assets 323,680 328,477
------------------------------------------------------------------------------------------- ---------- ----------
Current liabilities
Trade and other payables 9 (161,270) (178,008)
Corporation tax liabilities (6,986) (5,069)
Bank overdrafts and loans
10 (30,784) (40,070)
Provisions (1,198) (1,244)
------------------------------------------------------------------------------------------- ---------- ----------
(200,238) (224,391)
----------
Net current assets 92,235 76,248
------------------------------------------------------------------------------------------- ---------- ----------
Non-current liabilities
Provisions (1,634) (2,143)
(1,634) (2,143)
------------------------------------------------------------------------------------------- ---------- ----------
Total liabilities (201,872) (226,534)
Net assets 121,808 101,943
------------------------------------------------------------------------------------------- ---------- ----------
Equity
Share capital 15,875 16,101
Share premium 21,936 21,854
Other reserves (71,818) (72,241)
Own shares held (18,193) (19,906)
Treasury shares held (9,095) (9,095)
Foreign exchange reserves 12,352 14,038
Retained earnings 170,751 151,192
------------------------------------------------------------------------------------------- ---------- ----------
Equity attributable to owners
of the Company 121,808 101,943
------------------------------------------------------------------------------------------- ---------- ----------
Consolidated Cash Flow Statement
FOR THE YEARED 31 DECEMBER 2017
2017 2016
Notes GBP'000 GBP'000
---------------------------------------------------------------------------------------------------- --------- ---------
Cash generated from operating activities
11 43,025 37,178
Income taxes paid (11,032) (7,693)
Net cash from operating activities 31,993 29,485
---------------------------------------------------------------------------------------------------- --------- ---------
Investing activities
Interest received 531 460
Purchases of computer software (1,912) (2,172)
Purchases of property, plant and
equipment (5,079) (2,841)
Net cash used in investing activities (6,460) (4,553)
---------------------------------------------------------------------------------------------------- --------- ---------
Financing activities
Equity dividends paid (6,074) (5,410)
Proceeds from issue of equity 279 39
Interest paid (981) (895)
Proceeds from bank loans and overdrafts - 14,350
Repayment of bank loans (9,188) -
Share buy-back and cancellation (8,033) (3,446)
Purchase of own shares (1,784) (19,168)
Proceeds from exercise of share
options 846 26
---------------------------------------------------------------------------------------------------- --------- ---------
Net cash used in financing activities (24,935) (14,504)
---------------------------------------------------------------------------------------------------- --------- ---------
Net increase in cash and cash equivalents 598 10,428
Cash and cash equivalents at beginning
of year 62,601 43,378
Effect of foreign exchange rate
changes (1,327) 8,795
Cash and cash equivalents at end
of year 61,872 62,601
---------------------------------------------------------------------------------------------------- --------- ---------
Consolidated Statement of Changes in Equity
FOR THE YEARED 31 DECEMBER 2017
Own Treasury Foreign
Share Share Other shares shares exchange Retained Total
capital premium reserves held held reserves earnings equity
Group GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------- --------- --------- ---------- --------- --------- ---------- ---------- ---------
Balance at
1 January 2016 17,249 21,836 (73,410) (7,136) (19,860) 1,085 151,893 91,657
Profit for
the year - - - - - - 19,897 19,897
Prior year
Adjustment(1) - - - - - - 1,254 1,254
Foreign currency
translation
differences - - - - - 12,953 - 12,953
----------------------- --------- --------- ---------- --------- --------- ---------- ---------- ---------
Total comprehensive
income and
expense for
the year - - - - - 12,953 21,151 34,104
Dividends paid - - - - - - (5,410) (5,410)
Shares repurchased
for cancellation (1,169) - 1,169 - 10,765 - (14,211) (3,446)
Credit to equity
for equity-settled
share-based
payments - - - - - - 4,590 4,590
Deferred tax
on share-based
payment transactions - - - - - - (449) (449)
Transfer to
own shares
held on
exercise of
equity incentives - - - 6,372 - - (6,372) -
New shares
issued and
own shares
purchased 21 18 - (19,142) - - - (19,103)
----------------------- --------- --------- ---------- --------- --------- ---------- ---------- ---------
Balance at
31 December
2016 16,101 21,854 (72,241) (19,906) (9,095) 14,038 151,192 101,943
----------------------- --------- --------- ---------- --------- --------- ---------- ---------- ---------
Profit for
the year - - - - - - 29,335 29,335
Foreign currency
translation
differences - - - - - (1,686) - (1,686)
----------------------- --------- --------- ---------- --------- --------- ---------- ---------- ---------
Total comprehensive
income and
expense for
the year - - - - - (1,686) 29,335 27,649
Dividends paid - - - - - - (6,074) (6,074)
Shares repurchased
for cancellation (423) - 423 - - - (8,033) (8,033) Credit to equity for equity-settled share-based payments - - - - - - 5,324 5,324 Deferred tax on share-based payment transactions - - - - - - 1,659 1,659 Transfer to own shares held on exercise of equity incentives - - - 2,652 - - (2,652) - New shares issued and own shares purchased 197 82 - (939) - - - (660) Balance at 31 December 2017 15,875 21,936 (71,818) (18,193) (9,095) 12,352 170,751 121,808 ----------------------- --------- --------- ---------- --------- --------- ---------- ---------- ---------
(1)An immaterial adjustment of GBP1.25 million has been made to increase brought forward retained earnings. GBP0.195 million of this adjustment is related to the 2015 financial year. The adjustment was made in order to recognise two changes in the prior year in the application of the revenue recognition policy in part of the business (the impact on the equivalent balance sheet and income statement captions is similarly immaterial).
The first change relates to permanent placements. These were previously recognised by this component when a candidate started a position. However, given the maturity of the market for this part of the business, the Group considers that it is more appropriate to recognise this revenue when the candidate accepts a position and the start date is determined, in line with the rest of the Group, as this reflects the underlying agreements. A provision is made for candidates who fail to start employment after accepting the offer and is based on the historic rate of 'back-outs'. The adjustment has not been treated as a change in accounting policy, under IAS 8, as it is not material.
The second change relates to temporary placements. The adjustment made is to recognise the impact of timesheets received after the year--end date, where work was performed during the 2016 financial year. The adjustment has also not been treated as a change in accounting policy, under IAS 8, as it is not material.
Statement of Accounting Policies
FOR THE YEARED 31 DECEMBER 2017
Accounting Policies Basis of preparation
Robert Walters plc is a public Company limited by shares incorporated and domiciled in the UK under the Companies Act. The financial report for the year ended 31 December 2017 has been prepared in accordance with the historic cost convention and with International Financial Reporting Standards (IFRSs), including International Accounting Standards and Interpretations as adopted for use by the European Union, though this announcement does not itself contain sufficient information to comply with IFRSs.
The Group had net cash of GBP31.1m at 31 December 2017. Despite the volatile and uncertain global economic conditions, the Group remains confident of its long-term growth prospects. The Group has a strong balance sheet and considerable financial resources, together with a diverse range of clients and suppliers across different geographic locations and sectors. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully. After making enquiries, the Directors have formed a judgement, at the time of approving the accounts, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Directors continue to adopt the going concern basis in preparing the accounts.
The financial information in this announcement, which was approved by the Board of Directors on 28 February 2018, does not constitute the Company's statutory accounts for the year ended 31 December 2017 but is derived from these accounts. Statutory accounts for 2016 have been delivered to the Registrar of Companies and those for 2017 will be delivered following the Company's Annual General Meeting. The auditors have reported on these accounts; their reports were unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain statements under Section 498(2) or (3) of the Companies Act 2006.
The Annual General Meeting of Robert Walters plc will be held on 17 May 2018 at 11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB.
1. Segmental information
-------------------------------------------
2017 2016
GBP'000 GBP'000
--------------------- ---------- --------
i) Revenue:
Asia Pacific 370,248 348,636
UK 569,610 480,587
Europe 189,056 146,985
Other International 36,862 22,327
1,165,776 998,535
--------------------------- ---------- --------
ii) Gross profit:
Asia Pacific 136,641 117,591
UK 100,881 86,675
Europe 80,649 60,062
Other International 27,077 14,002
345,248 278,330
--------------------------- ---------- --------
1. Segmental information (continued)
----------------------------------------------------
2017 2016
GBP'000 GBP'000
------------------------------ -------- --------
iii) Profit before taxation:
Asia Pacific 17,719 14,655
UK 11,802 6,396
Europe 11,279 4,243
Other International 1,098 948
Operating profit 41,898 26,242
Net finance costs (1,324) 1,899
------------------------------------- -------- --------
Profit before taxation 40,574 28,141
------------------------------------- -------- --------
iv) Net assets:
Asia Pacific 27,905 32,621
UK 33,927 28,867
Europe 18,001 9,592
Other International 4,693 3,617
Unallocated corporate assets
and liabilities* 37,282 27,246
121,808 101,943
------------------------------------- -------- ----------
* For the purposes of segmental information, unallocated corporate assets and liabilities include cash, bank loans, corporation and deferred tax balances.
The analysis of revenue by destination is not materially different to the analysis by origin and the analysis of finance income and costs are not significant.
All transactions between reportable segments were undertaken on an arms-length basis.
The Group is divided into geographical areas for management purposes, and it is on this basis that the segmental information has been prepared.
v) Other information P,P&E
- 2017 and software Depreciation Non-current
additions and amortisation assets Assets Liabilities
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- -------------- ------------------ ------------ ------------ ------------
Asia Pacific 1,387 1,223 10,747 62,312 (34,407)
UK 3,550 2,640 7,131 125,923 (91,996)
Europe 1,227 584 1,818 49,677 (31,676)
Other International 827 291 1,348 10,717 (6,024)
Unallocated
corporate assets
and liabilities* - - 10,163 75,051 (37,769)
-------------------------- -------------- ------------------ ------------ ------------ ------------
6,991 4,738 31,207 323,680 (201,872)
-------------------------- -------------- ------------------ ------------ ------------ ------------
1. Segmental information (continued)
---------------------------------------------------------------------------------------------------
v) Other information P,P&E
- 2016 and software Depreciation Non-current
additions and amortisation assets Assets Liabilities
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- -------------- ------------------ ------------ ------------ ------------
Asia Pacific 922 1,237 11,160 63,621 (31,000)
UK 2,392 2,300 6,219 146,599 (117,732)
Europe 915 505 1,304 37,168 (27,576)
Other International 788 137 902 8,704 (5,087)
Unallocated
corporate assets
and liabilities* - - 8,253 72,385 (45,139)
-------------------------- -------------- ------------------ ------------ ------------ ------------
5,017 4,179 27,838 328,477 (226,534)
-------------------------- -------------- ------------------ ------------ ------------ ------------
*For the purposes of segmental information, unallocated corporate assets and liabilities include cash, bank loans, corporation and deferred tax balances.
2017 2016
GBP'000 GBP'000
--------------------------------- ---------- --------
vi) Revenue by business grouping:
Robert Walters 643,626 599,356
Resource Solutions (recruitment
process outsourcing) 522,150 399,179
--------------------------------------- ---------- --------
1,165,776 998,535
--------------------------------------- ---------- --------
2. Finance costs
-------------------------------------------------
2017 2016
GBP'000 GBP'000
----------------------------- -------- --------
Interest on bank overdrafts 939 841
Interest on bank loans 42 54
Total borrowing costs 981 895
---------------------------------- -------- --------
3. Taxation
---------------------------------------------------------------------
2017 2016
GBP'000 GBP'000
----------------------------------------------- --------- ---------
Current tax charge
Corporation tax - UK 3,618 1,971
Corporation tax - Overseas 8,297 6,520
Adjustments in respect of prior
years
Corporation tax - UK - 126
Corporation tax - Overseas (230) (686)
11,685 7,931
---------------------------------------------------- --------- ---------
Deferred tax
Deferred tax - UK (437) 173
Deferred tax - Overseas (832) 16
Adjustments in respect of prior
years
Deferred tax - UK 250 (16)
Deferred tax - Overseas 573 140
(446) 313
Total tax charge for year 11,239 8,244
---------------------------------------------------- --------- ---------
Profit before taxation 40,574 28,141
---------------------------------------------------- --------- ---------
Tax at standard UK corporation
tax rate of 19.25%* (2016: 20%) 7,811 5,628
Effects of:
Unrelieved losses 451 683
Tax exempt income and other expenses
not deductible for tax purposes (482) 477
Overseas earnings taxed at different
rates 2,866 1,785
Adjustments to tax charges in
previous years 593 (435)
Impact of tax rate change - 106
---------------------------------------------------- --------- ---------
Total tax charge for year 11,239 8,244
---------------------------------------------------- --------- ---------
*The UK Government reduced the rate of corporation
tax by 1% from 20% to 19% on 1 April 2017.
---------------------------------------------------------------------
2017 2016
GBP'000 GBP'000
----------------------------------------------- --------- ---------
Tax recognised directly in equity
Tax on share-based payment transactions (1,659) 449
---------------------------------------------------- --------- ---------
4. Dividends
-------------------------------------------------------------------
2017 2016
GBP'000 GBP'000
------------------------------------- ------------- -------------
Amounts recognised as distributions
to equity holders in the year:
Interim dividend paid of 2.75p
per share (2016: 2.3p) 1,879 1,620
Final dividend for 2016 of 6.2p
per share (2015: 5.13p) 4,195 3,790
------------------------------------------ ------------- -------------
6,074 5,410
------------------------------------------ ------------- -------------
Proposed final dividend for
2017 of 9.3p per share
(2016: 6.2p) 6,429 4,316
------------------------------------------ ------------- -------------
The proposed final dividend of GBP6,429,000
is subject to approval by shareholders at the
Annual General Meeting and has not been included
as a liability in these financial statements.
The final dividend, if approved, will be paid
on 1 June 2018 to those shareholders on the
register as at 11 May 2018.
5. Earnings per share
-------------------------------------------------------------------
The calculation of earnings per share is based
on the profit for the year attributable to
equity holders of the Parent and the weighted
average number of shares of the Company.
2017 2016
GBP'000 GBP'000
------------------------------------- ------------- -------------
Profit for the year attributable
to equity holders of the parent 29,335 19,897
------------------------------------------ ------------- -------------
2017 2016
Number Number
of shares of shares
------------------------------------- ------------- -------------
Weighted average number of shares:
Shares in issue throughout the
year 80,507,284 86,251,859
Shares issued in the year 317,504 74,666
Shares cancelled in the year (1,893,733) (1,652,089)
Treasury and own shares held (10,558,159) (12,799,910)
For basic earnings per share 68,372,896 71,874,526
Outstanding share options and
equity 7,086,415 6,470,656
For diluted earnings per share 75,459,311 78,345,182
------------------------------------------ ------------- -------------
6. Intangible assets
---------------------------------------------------------------
Computer
Goodwill software Total
GBP'000 GBP'000 GBP'000
------------------------------ --------- ---------- --------
Cost:
At 1 January 2016 7,977 9,928 17,905
Additions - 2,172 2,172
Disposals - (1,170) (1,170)
Foreign currency translation
differences 111 265 376
----------------------------------- --------- ---------- --------
At 31 December 2016 8,088 11,195 19,283
----------------------------------- --------- ---------- --------
Additions - 1,912 1,912
Disposals - (8) (8)
Foreign currency translation
differences (30) (47) (77)
----------------------------------- --------- ---------- --------
At 31 December 2017 8,058 13,052 21,110
----------------------------------- --------- ---------- --------
Accumulated amortisation
and impairment:
At 1 January 2016 - 7,117 7,117
Charge for the year - 1,191 1,191
Disposals - (679) (679)
Foreign currency translation
differences - 252 252
----------------------------------- --------- ---------- --------
At 31 December 2016 - 7,881 7,881
----------------------------------- --------- ---------- --------
Charge for the year - 1,364 1,364
Foreign currency translation
differences - (44) (44)
----------------------------------- --------- ---------- --------
At 31 December 2017 - 9,201 9,201
----------------------------------- --------- ---------- --------
Carrying value:
At 1 January 2016 7,977 2,811 10,788 At 31 December 2016 8,088 3,314 11,402 ----------------------------------- --------- ---------- -------- At 31 December 2017 8,058 3,851 11,909 ----------------------------------- --------- ---------- --------
The carrying value of goodwill primarily relates to the acquisition of Talent Spotter in China (GBP1,199,000) and the acquisition of the Dunhill Group in Australia (GBP6,847,000). The historical acquisition cost of Talent Spotter was GBP768,000, with the movement to the current carrying value a result of foreign currency translation differences. Goodwill is tested annually for impairment, or more frequently if there are indications that goodwill might be impaired. The recoverable amount of the goodwill is based on value-in-use in perpetuity. The key assumptions in the value-in-use are those regarding expected changes to cash flow during the period, growth rates and the discount rates.
Estimated cash flow forecasts are derived from the most recent financial budgets and an assumed average growth rate of 5% for years two and three, which does not exceed the long-term average potential growth rate of the respective operations. The forecast for revenue and costs as approved by the Board reflect the latest industry forecasts and management expectations based on past experience.
The value of the cash flows is then discounted at a post-tax rate of 10.5% (pre-tax rate of 14.4%), based on the Group's estimated weighted average cost of capital and risk adjusted depending on the location of goodwill. The weighted average cost of capital has also been adjusted for a terminal growth rate, between 2-3% depending on location, for year four onwards.
Management has undertaken sensitivity analysis taking into consideration the impact in key assumptions. This included reducing the cash flow from year two onwards by 0%, 10% and 20% in absolute terms. The sensitivity analysis shows no impairment would arise under each scenario.
7. Property, plant and equipment
-------------------------------------------------------------------------------------------------
Fixtures,
fittings
Leasehold and office Computer Motor
improvements equipment equipment vehicles Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ --------------- ------------ ----------- ---------- ---------
Cost:
At 1 January 2016 6,594 10,408 6,149 18 23,169
Additions 281 1,758 802 - 2,841
Disposals (75) (1,084) (498) - (1,657)
Foreign currency translation
differences 611 1,495 689 - 2,795
------------------------------------- --------------- ------------ ----------- ---------- ---------
At 31 December 2016 7,411 12,577 7,142 18 27,148
------------------------------------- --------------- ------------ ----------- ---------- ---------
Additions 1,617 2,155 1,307 - 5,079
Disposals (479) (434) (105) - (1,018)
Foreign currency translation
differences (186) (46) (106) - (338)
------------------------------------- --------------- ------------ ----------- ---------- ---------
At 31 December 2017 8,363 14,252 8,238 18 30,871
------------------------------------- --------------- ------------ ----------- ---------- ---------
Accumulated depreciation
and impairment:
At 1 January 2016 4,053 6,634 4,729 13 15,429
Charge for the year 707 1,218 1,061 2 2,988
Disposals (65) (937) (480) - (1,482)
Foreign currency translation
differences 502 1,012 516 - 2,030
------------------------------------- --------------- ------------ ----------- ---------- ---------
At 31 December 2016 5,197 7,927 5,826 15 18,965
------------------------------------- --------------- ------------ ----------- ---------- ---------
Charge for the year 739 1,446 1,188 1 3,374
Disposals (139) (147) (59) - (345)
Foreign currency translation
differences (138) (29) (91) - (258)
------------------------------------- --------------- ------------ ----------- ---------- ---------
At 31 December 2017 5,659 9,197 6,864 16 21,736
------------------------------------- --------------- ------------ ----------- ---------- ---------
Carrying value:
At 1 January 2016 2,541 3,774 1,420 5 7,740
At 31 December 2016 2,214 4,650 1,316 3 8,183
------------------------------------- --------------- ------------ ----------- ---------- ---------
At 31 December 2017 2,704 5,055 1,374 2 9,135
------------------------------------- --------------- ------------ ----------- ---------- ---------
8. Trade and other receivables
------------------------------------------------------
2017 2016
GBP'000 GBP'000
---------------------------------- -------- --------
Receivables due within one year:
Trade receivables 163,284 183,692
Other receivables 10,892 8,970
Prepayments 7,179 5,468
Accrued income 46,230 38,377
--------------------------------------- -------- --------
227,585 236,507
--------------------------------------- -------- --------
Included within accrued income is a provision against the cancellation of placements where a candidate may reverse their acceptance prior to the start date. The value of this provision as of 31 December 2017 is GBP1,892,000 (31 December 2016: GBP1,716,000). The movement in this provision during the year is a charge to administrative expenses in the income statement of GBP176,000 (2016: GBP266,000).
Trade payables and other payables: amounts
9. falling due within one year
--------------------------------------------------------
2017 2016
GBP'000 GBP'000
------------------------------------ -------- --------
Trade payables 8,712 6,727
Other taxation and social security 20,689 24,529
Other payables 24,020 22,489
Accruals and deferred income 107,849 124,263
------------------------------------------- -------- --------
161,270 178,008
------------------------------------------- -------- --------
There is no material difference between the fair value and the carrying value of the Group's trade and other payables.
10. Bank overdrafts and loans
--------------------------------------------------------
2017 2016
GBP'000 GBP'000
------------------------------------ -------- --------
Bank overdrafts and loans: current 30,784 40,070
30,784 40,070
-------------------------------------------- -------- --------
The borrowings are repayable
as follows:
Within one year 30,784 40,070
30,784 40,070
-------------------------------------------- -------- --------
In January 2017, the Group renewed and extended to four years its committed financing facility of GBP45m which expires in December 2020. At 31 December 2017, GBP30.2m (2016: GBP38.9m) was drawn down under this facility. The Group also has a non-recourse GBP15m facility.
The Group has a short-term facility of Renminbi 25m (GBP2.9m) of which Renminbi 5m (GBP0.6m) was drawn down as at 31 December 2017. The loan is secured against cash deposits in Hong Kong.
The Directors estimate that the fair value of all borrowings is not materially different from the amounts stated in the Consolidated Balance Sheet of GBP30,784,000 (2016: GBP40,070,000).
11. Notes to the cash flow statement
----------------------------------------------------------
2017 2016
GBP'000 GBP'000
------------------------------------ --------- ---------
Operating profit 41,898 26,242
Adjustments for:
Depreciation and amortisation
charges 4,738 4,179
Loss on disposal of property,
plant and equipment and computer
software 681 666
Charge in respect of share-based
payment transactions 5,324 4,590
Operating cash flows before
movements in working capital 52,641 35,677
------------------------------------------ --------- ---------
Decrease (increase) in receivables 7,733 (29,634)
(Decrease) increase in payables (17,349) 31,135
------------------------------------------ --------- ---------
Cash generated from operating
activities 43,025 37,178
------------------------------------------ --------- ---------
Reconciliation of net cash flow
12. to movement in net funds
--------------------------------------- -------- ---------
2017 2016
GBP'000 GBP'000
--------------------------------------- -------- ---------
Increase in cash and cash equivalents
in the year 598 10,428
Cash inflow (outflow) from movement
in bank loans 9,188 (14,350)
Foreign currency translation
differences (1,230) 8,649
--------------------------------------------- -------- ---------
Movement in net cash in the
year 8,556 4,727
Net cash at beginning of year 22,532 17,805
--------------------------------------------- -------- ---------
Net cash at end of year 31,088 22,532
--------------------------------------------- -------- ---------
Net cash is defined as cash and cash equivalents less bank loans.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UWOORWAAUUUR
(END) Dow Jones Newswires
March 01, 2018 02:02 ET (07:02 GMT)
1 Year Robert Walters Chart |
1 Month Robert Walters Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
