A dramatic slowdown in the banking jobs market in what had previously been a booming Asia brought recruiter Robert Walters’ revenue growth to a halt over the past three months.
The extent of the reduction in business sent shares down 6%.
Between January and March, Walters’ revenues soared 12% thanks to massive demand for its services in the Americas and South Africa, Asia and the UK.
But over the past three months, the returning recession in Britain saw revenues come in at £12.1 million — flat on the same time a year earlier — and the slower banking sector in Asia caused revenues there to fall 5% to £23.9 million.
Business in Europe was hit by the ongoing eurozone uncertainty, sending net fees down 5% to £10 million, despite Walters’ offices in powerhouses France and Germany bringing in more money than a year ago.
Robert Walters said it had moved into other disciplines in Asia, which it expected to trigger a return to growth for its offices there in the second half.
The firm’s eponymous chief executive added: “We have delivered a stable performance against a backdrop of deteriorating conditions in the global financial markets.”
Walters ruled out the idea of quitting countries or closing offices, adding: “We will continue to maintain our presence in the territories where market conditions are challenging.”
Shares fell 12.8p to 196.3p.
