2 April 2020
ROBERT WALTERS PLC
(the "Company", or the "Group")
COVID-19, DIVIDEND AND AGM UPDATE
Robert Walters, the leading international recruitment group, today issues an update in light of the evolving COVID-19 pandemic.
Balance sheet strength and mitigating actions
As at 29 February 2020, the Group had a net cash balance of £74m and the Board believes that the business is well placed to cope with future uncertainties. While the impact of COVID-19 continues to evolve, the Group has taken a number of pre-emptive actions to manage costs and help mitigate the financial challenges imposed by the virus. Since the escalation of the crisis in February, the Group has reduced its cost base by more than 15% and is also in the process of applying for a number of government subsidies around the globe.
The Board has also taken the decision to withdraw its intention to propose a final dividend for FY19. The Board believes this is a prudent move, given the current unprecedented period of global lockdown and uncertainty, which will serve to further strengthen the Group's balance sheet and improve liquidity. The Board will reassess the dividend once the economic impact of Covid-19 has become clearer.
Trading update and AGM
The Company will update the market on its Q1 performance as planned on 8th April 2020. While it is too early to accurately quantify the impact of the crisis on forecast performance, this update will provide a fuller assessment of FY20 trading to date.
In light of UK government guidance on non-essential gatherings, the Board is currently reviewing the AGM date pending an update to this official guidance.
Robert Walters plc
Robert Walters, Chief Executive
Alan Bannatyne, Chief Financial Officer
+44 (0) 20 7379 3333
+44 (0) 20 7554 1853
About Robert Walters Group
The Robert Walters Group is a market-leading international specialist professional recruitment group with over 4,000 staff spanning 31 countries. We specialise in the placement of the highest calibre professionals across the disciplines of accountancy and finance, banking, engineering, HR, IT, legal, sales, marketing, secretarial and support and supply chain and procurement. Our client base ranges from the world's leading blue-chip corporates and financial services organisations through to SMEs and start-ups. The Group's outsourcing division, Resource Solutions, is a market leader in recruitment process outsourcing and managed services.
Forward looking statements
This announcement contains certain forward-looking statements. These statements are made by the directors in good faith based on the information available to them at the time of their approval of this announcement and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.
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