Recruitment firm Robert Walters saw an “exceptional” 27% leap in UK net fee income in the past quarter as it upgraded profits for the fourth time in nine months.
Walters, the firm’s founder, said banking jobs were finally picking up, though they are still “not close” to pre-2007 levels.
“We’re definitely seeing positive trends, but I don’t think we’re seeing froth,” said Walters.
He believes the recovery in financial services is still more about filling vacancies rather than rapid expansion in the wake of the banking crisis at the end of the last decade.
“Banks and financial services companies have a natural attrition rate of 15% to 20% a year,” he said. “You compound that over a four-year period post-Lehman and you’re going to have to recruit someone.”
The UK’s strong growth was also driven by a big boost from Walters’ fast-expanding outsourcing business.
The group, which generates two-thirds of revenues outside the UK, rose 13% to £56.2 million as Asia-Pacific and mainland Europe both enjoyed double-digital growth.
Walters said investment in new offices during the downturn was paying off and was upbeat about the outlook despite “a degree of uncertainty” caused by plunging oil prices and renewed eurozone jitters. Macro-economic events “don’t necessarily” affect the jobs market, he explained.
The shares rose nearly 5%.
