Walters hit by Asian slowdown

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The Independent Online

A dramatic slowdown in the banking jobs market in what had been a booming Asia brought recruiter Robert Walters' revenue growth to a halt over the past three months.

The reduction in business sent its shares down by 6 per cent.

Between January and March, Walters' revenues soared 12 per cent 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 £12.1m – flat on the same time a year earlier – and the slower banking sector in Asia caused revenues there to fall by 5 per cent to £23.9m.

Business in Europe was hit by the eurozone uncertainty, sending net fees down 5 per cent to £10m.

The company said it had moved into other disciplines in Asia, and expect a return to growth for its offices there in the second half.