Robert Walters (RWA) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 group net fees declined 2% year-on-year, showing sequential improvement from 2025 trends and in line with Board expectations.

• March 2026 group net fees rose 5% year-on-year, indicating positive momentum.

• Specialist recruitment saw 50% of its portfolio in growth, up from 20% in H2 2025.

• Recruitment outsourcing business returned to growth for the first time since late 2022, up 13% year-on-year.

• Leadership transition with a new Interim CFO, Jonathan Solesbury, following the retirement of the previous CFO.

Financial highlights

• Q1 group net fees were £65.2m, down 2% in constant currency from £67.3m in Q1 2025.

• Perm placements per fee earner per month grew 6% year-on-year, marking a third consecutive quarter of improvement.

• Period-end net cash exceeded £20 million; Q1 outflow was £6 million, improved from £11 million in Q1 prior year.

• Underlying monthly operating cost rate was below £23.5 million, improved from Q4 2025.

• Group net fee income per fee earner up 9% year-on-year.

Outlook and guidance

• Guidance for 2026 group net fees remains unchanged.

• Management remains focused on productivity, sales funnel discipline, and market share gains.

• Management remains cautious about potential macroeconomic impacts from Middle East conflict but sees limited current effect outside the region.

• No material uptick in new job flow year-on-year, but increased resolve among clients and candidates to complete recruitment processes.