Robert Walters (LSE:RWA) reported first-half 2026 results in line with management expectations, with group net fee income declining 3% at constant currency to £134.6 million. The recruitment specialist also reduced its operating loss to £4.5 million as efficiency measures and improved trading momentum began to take effect.
Although net fee income remained under pressure and the group’s net cash position fell to £17.2 million, management said business performance improved compared with 2025. The company now expects full-year results to come in toward the upper end of current market expectations.
Cost Reduction Programme Advances
Robert Walters continued to execute its strategic plan focused on improving costs, cash generation and long-term growth. The company remains on track to deliver £12 million of structural cost savings by 2027 while strengthening cash management through enhanced forecasting and greater use of local financing facilities.
Growth initiatives also showed encouraging progress. Productivity improved across several key recruitment markets, recruitment process outsourcing (RPO) and managed service provider (MSP) activities returned to growth, and consultancy net fee income increased 41% during the period.
Headcount was reduced by 11% year over year as part of the company’s efficiency programme. To preserve financial flexibility and support the ongoing transformation, the board decided not to declare an interim dividend.
Outlook Improves Despite Challenging Market Conditions
Management believes the business is well positioned to continue improving performance during the second half of the year. The combination of cost reductions, operational improvements and stronger performance in higher-growth business lines is expected to support earnings, despite continued uncertainty across global recruitment markets.
Investment Outlook
Robert Walters has made progress in narrowing losses and improving operational performance, while maintaining positive operating and free cash flow. Technical indicators have also strengthened, with the shares trading above key moving averages and supported by positive momentum. However, the company continues to face headwinds from several years of declining revenue, ongoing losses and a weaker balance sheet. The absence of a dividend and a negative price-to-earnings ratio also make valuation more difficult to assess.
About Robert Walters
Robert Walters PLC (LSE:RWA) is an international specialist recruitment and talent outsourcing company operating across Asia-Pacific, Europe, the UK and other global markets. The group provides permanent and temporary recruitment services alongside recruitment process outsourcing (RPO), managed service provider (MSP) solutions and consultancy services.
Asia-Pacific remains the company’s largest contributor to net fee income, while its outsourcing and consultancy businesses continue to represent an increasing share of overall revenue. Robert Walters is focused on improving productivity, expanding higher-value services and strengthening operational efficiency to support long-term growth.
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