UK-based recruitment firm Robert Walters on Tuesday reported that its annual profit more than quadrupled from last year as clients ramped up permanent hiring following reopening of economies, spurring fierce competition for talent.
Asia-Pacific hiring – the strongest globally – boosted the firm’s revenue, data showed.
After a difficult 2020, when hiring stalled due to the pandemic, the recruitment industry has seen a boom in demand as companies battle for the best talent amid staffing shortages and employee resignations.
Robert Walters, which specialises in recruiting for accounting, legal and technology jobs, said pre-tax profit soared to 50.2 million pounds ($65.7 million) for the year ended December 31, compared with 12.1 million pounds a year earlier.
It was up 6% from pre-pandemic levels.
The London-listed firm’s net fee income rose 17% to 353.6 million pounds, with Asia Pacific and Europe among regions witnessing the sharpest uptrend in hiring.
Asia Pacific net fee income rose 32% to 164.2 million pounds and operating profit increased by 336% to 36.5 million pounds.
That compared with Europe net fee income rising 11%, UK posting a 3% increase and other international – primarily the Americas, South Africa and the Middle East – recording a 1% drop.
“The jobs market is strong, wage inflation is increasing everywhere and candidate and client confidence is high,” chief executive Robert Walters said.
- George Russell, with Reuters