Robert Walters PLC on Tuesday said that gross profit in the last quarter of 2022 climbed, with Europe growing the fastest and Asia Pacific growing the slowest, as net fee income from China contracted.

The London-based recruitment firm said for the fourth quarter to December 31, gross group profit grew 11% to £105.3 million from £95.1 million.

Meanwhile, European gross profit was up 21% to £32.8 million from £27.0 million a year prior, helped by net fee income from Germany growing 28%. Its biggest region, Asia Pacific, grew the least by 4.5% to £46.8 million from £44.8 million, as net fee income from Mainland China fell by 24% due to only recently lifted Covid restrictions. In the UK, it climbed by 7.5% to £17.2 million from £16.0 million, while other international was up by 17% to £8.5 million from £7.3 million.

Looking ahead, Chief Executive Robert Walters said the company is well-positioned to respond to future market challenges as they arise.

The company will release its 2022 results on March 9.

Robert Walters shares fell 4.8% to 514.00 pence each in London on Tuesday morning.

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