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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, with a slight sequential improvement over Q2; Asia Pacific and UK showed improvement, while Europe remained challenging.
Specialist Recruitment net fee income fell 10%, with permanent placements down 7% and temporary down 16%; excluding Europe, permanent was down 2% and temporary up 1%.
Recruitment Outsourcing net fee income 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, with monthly cost run rate reduced to around £24 million and ongoing finance function transformation.
Financial highlights
Q3 2025 group net fee income was £69.6m, down from £79.9m in Q3 2024.
Year-to-date group net fee income was £209.6m, down 15% from £246.0m year on year.
Net cash at quarter end was £26.6m as of 30 September 2025.
Headcount at period-end was 3,029, down 3% quarter on quarter and 13% year on year.
Specialist Recruitment perm placements per fee earner increased 8% year on year.
Outlook and guidance
Recovery in hiring markets expected to develop gradually, with continued focus on cost discipline and operational efficiency.
At least £10 million in annualized structural cost savings targeted by 2027, with progress made in finance function transformation.
Board to review potential reinstatement of capital returns at full year results in March 2026.
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