Resultados del AF23
7 de marzo de 2024
ROBERT WALTERS PLC
(la "Compañía" o el "Grupo")
Resultados del ejercicio finalizado el 31 de diciembre de 2023
Resilient performance underpinned by international diversification
Robert Walters plc (LSE: RWA), the international specialist professional recruitment group, today announces sus resultados por el año terminado el 31 de diciembre de 2023.
Finanzas resumen
2023 | 2022 | Cambios | Constant currency change* | |
Beneficio bruto (ingresos netos por comisiones) | 386.8m | 428.2m | (10%) | (8%) |
Beneficio operativo | 26.3m | 58.2m | (55%) | (52%) |
Conversion rate %** | 6.8% | 13.6% | (680) bps | n / a |
Beneficio antes de impuestos | 20.8m | 55.6m | (63%) | (60%) |
Ganancias básicas por acción | 20.1p | 56.2p | (64%) | n / a |
Dividendo ordinario por acción | 23.5p | 23.5p | - | n / a |
El efectivo neto | 79.9m | 97.1m | (18%) | n / a |
* La moneda constante se calcula aplicando las tasas de cambio del año anterior a los resultados en moneda local del año actual y del año anterior.
**Conversion rate is calculated by expressing operating profit as a proportion of net fee income.
Aspectos destacados del grupo
§ Group net fee income down 8%* to £386.8m against a record prior year comparative, driven by softening macro-economic conditions in many of the Group's markets as the year progressed.
§ In recruitment, contract and interim (together "Temporary") demonstrated good resilience (up 2%*) and accounted for 27% of net fee income (2022: 24%). Permanent performance (down 10%*) was more impacted as organisations sought out greater flexibility in their talent needs.
§ In outsourcing (delivered through Resource Solutions), net fee income was down 15%*, reflecting account losses as greater focus applied to driving required financial returns.
§ Highly internationally diversified fee income, with no single country accounting for more than a sixth of Group net fee income and 84% of Group net fee income derived outside of the UK (2022: 83%).
§ Operating profit down to £26.3m (2022: £58.2m), reflecting the operating leverage impact of lower net fee income.
§ Conversion rate improved to 8.2% during the second half (H1: 5.5%), reflecting management actions taken to manage the Group's cost base.
§ Headcount down 9% year-on-year to 3,980 at period end (31 December 2022: 4,356), reflecting balanced approach to maintain core consultant capacity in most resilient markets.
§ Continued progress in the rollout of the Group's customer relationship management ("CRM") solution, which was live across 50% of the Group's markets (by number of countries) as at the year end.
§ Year-end net cash of £79.9m (31 December 2022: £97.1m), driven by cash conversion1 of 207% (2022: 102%) and after returning c.£26m to shareholders during the year in ordinary dividends and share buybacks.
§ Proposed final dividend of 17.0p per share, taking the total dividend for the year to 23.5p per share (2022: 23.5p), underpinned by internationally diversified business model, good cash generation and balance sheet strength.
Destacados regionales
§ Asia-Pacific (43% of Group net fee income): net fee income down 9%*. Resilient performance in Japan (down 1%*), while conditions remained challenging in Australia (down 19%*). Performance in Mainland China stabilised in the second half of the year.
§ Europe (33% of Group net fee income): net fee income flat*. Belgium performed extremely well with a second consecutive record net fee income performance (up 21%*), and good growth also delivered in Germany (up 8%*). Meanwhile, hiring markets were weaker in France (down 3%*) and the Netherlands (down 5%*), albeit against a record comparative in both countries.
§ UK (16% of Group net fee income): net fee income down 18%. London recruitment (down 29%) impacted by financial services and technology retrenchment, whilst recruitment in the regions (down 7%) was more resilient.
§ Rest of World (8% of Group net fee income): net fee income down 12%*. Weakness in North America (down 40%*) driven by technology sector, partially offset by growth in Mexico (up 68%*) and South Africa (up 38%*).
Toby Fowlston, Chief Executive, said:
"In what was a challenging year right across our industry, I'm very proud of the contributions of our people over the last 12 months. The international diversification of our business underpinned our resilient performance in 2023, despite labour demand contracting sharply across our markets. We have begun to undertake initiatives to significantly strengthen our business, which we expect to gain further traction over the medium-term.
Our collective experience trading through previous market cycles tells us that when conditions do improve, the inflection can be rapid, and we therefore have strong conviction in our decision to maintain our core consultant capacity, whilst sensibly managing our cost base."
Presentación de resultados
The Company will host a results presentation webcast at 10:30am today. The live webcast of the presentation will be available at the following link:
https://brrmedia.news/RWA_FY23
A recording of the presentation and accompanying conference call will be available on the Company's website within 24 hours of the event.
Next news flow
The Company will publish a trading update for the first quarter ending 31 March 2024 on Tuesday 16 April 2024.
1Cash conversion expressed as cash generated from operating activities divided by operating profit
Consultas
robert walters plc Toby Fowlston - Chief Executive Officer David Bower - Director financiero Dami Tanimowo - Jefe de Relaciones con Inversores
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+44 0 7340 660 425 |
Williams Nicolson (consultas de los medios) stefan williams Ashia Razzaq |
+44 0 7767 345 563 +44 0 7979 324 998 |
Acerca de Robert Walters Group
El Robert Walters Group is a market-leading international specialist professional recruitment group with over 3,900 staff spanning 31 countries. We specialise in the placement of the highest calibre professionals across the disciplines of accountancy and finance, banking, engineering, HR, healthcare, IT, legal, sales, marketing, secretarial and support and supply chain, logistics 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 business, Resource Solutions, serves the recruitment process outsourcing and managed services markets.
www.robertwaltersgroup.com
Declaraciones a futuro
Este anuncio contiene ciertas declaraciones prospectivas. Estas declaraciones son hechas por los directores de buena fe con base en la información disponible para ellos en el momento de su aprobación de este anuncio y tales declaraciones deben tratarse con precaución debido a las incertidumbres inherentes, incluidos los factores de riesgo económicos y comerciales, subyacentes a cualquier tal información prospectiva.
robert walters plc
Resultados del ejercicio finalizado el 31 de diciembre de 2023
Declaración del director ejecutivo
2023 was a challenging year in most hiring markets globally. For a talent partner with a presence in such a breadth of geographical markets as Robert Walters, this perhaps made the last year unlike any other that has preceded it in terms of the sharp correction in market conditions. 2022 had already seen geopolitical volatility and uncertainty, combined with pent-up consumer demand following the lifting of most Covid-19 restrictions globally, start to drive significantly higher inflation. In 2023 we saw the anticipated bounce-back in the Chinese economy fail to materialise, and consolidation of a sharply rising interest rate cycle across many countries, with a resultant cooling in global labour markets.
Against this context I'm very proud of the resilience our business has demonstrated, with Group net fee income down 8%* on a record prior year comparative, and profit before tax of £20.8m. One of the great strengths of this business is the extent of our international diversification. This diversification has meant that, even in a tough year such as this one, we've seen some strong performances in our portfolio. Europe held net fee income flat* versus the prior year. Within this, our Belgian business was the standout performer. In Belgium we have strong contract and interim businesses alongside permanent in the mix, and Belgium not only recorded double-digit* year-on-year growth in each quarter of 2023, it also grew sequentially quarter-on-quarter through the year - a fantastic performance. We continue to have a very strong position in Japan, the second largest hiring market globally. The hyper-specialisation of that business means we are able to pivot to serve the most appealing sectors of the market as and when we detect signs of growth, and that contributed to a resilient performance, with net fee income marginally down (by 1%*) on a record prior year.
Continued focus on people
I cannot overstate how much a business like ours is, fundamentally, powered by our people. We are, of course, inextricably tied to global macro-economic shifts, and a key competency for our business is anticipating, understanding and exploiting those. However, more than any other source of intelligence, we rely on our consultants, and the close relationships they have with clients and candidates, to help us achieve success year after year. Furthermore, the centricity of people to our business model is seen when you step back and consider what specialist recruitment is: being a trusted partner to clients and candidates, supporting them through some of the most consequential events in their professional lives - moments that really matter.
That explains our conviction as a business, proven through historical market cycle troughs, that maintaining our core consultant capacity, of course balanced against sensible management of our cost base, continues to be the right strategy. In particular, we have maintained our core 'muscle' in those markets that excite us most, and we have let natural attrition flow through on those fee earner cohorts that are typically less productive. Looking out over the rest of 2024, we will continue to maintain this balanced and data-driven approach, ensuring we remain rightsized to capture opportunities as and when they are presented.
Continued focus on technology
2023 has also been a year in which, as a society, perhaps more than ever in the recent past, we've started to look ahead to the potential changes that technology, in particular, generative artificial intelligence ("AI"), can unleash.
We are clear that, for a business like ours, application of AI is all about helping our people do what they do best - build strong relationships that enable them to be trusted partners to their clients and candidates. It's been exciting to gauge the growing awareness that our people have of the potential of AI to make them even more effective partners. That has seen over 1,000 of our people join together as "AI trailblazers", engaging with our own private version of Microsoft Azure Open AI Studio to propose, test and refine specific AI use cases for our business. Increasingly, our consultants are incorporating AI to enhance job adverts and assist with sales outreach to name just a few examples. This is only set to gain further traction over 2024.
The other key technology focus during the year has been on our internally developed CRM solution. Following its initial deployment on a minimum viable product basis in the UAE in 2021, and the learnings from that deployment then being taken on in 2022, it was great to see the rollout gather momentum in 2023 such that the new CRM is now being used in 50% of the Group's markets. The new CRM solution is specifically built for how we function as a business and gives us a greater degree of future flexibility compared to an "off the shelf" solution. Additionally, it is supporting our consultants in completing core CRM activities, on average, two-and-a-half times quicker than on the legacy system. Everything we've learnt so far is being incorporated into future rollouts, and this stands us in excellent stead as we target having the majority of our consultants migrated onto the new CRM by the end of 2024.
Mirando más allá
My 25 years with the Group, both in the UK and across the Asia-Pacific region, as a consultant and then at increasing levels of leadership, has enabled me to see what a fantastic platform we have. We have a strong long-run track record of growth ahead of that of our key markets, we are amongst the most internationally diversified of our peer group - with no single country market accounting for more than a sixth of Group net fee income, and we benefit from incredibly strong brand equity that is synonymous in our clients' minds with the specialist professional segment that we serve.
In my new role as Group CEO, and with this great platform in place, what really excites me are the opportunities to drive an improvement in performance, ensuring the business is well-positioned for the shifts in the world of work that are already underway. We are clear there is more value we can add for our clients and candidates by leveraging the Robert Walters brand further across our three key offerings of recruitment, outsourcing and advisory - and we will start to grasp this opportunity in 2024. Additionally, and reflecting the desire of the talent they need to attract, organisations will increasingly require products and solutions from a trusted talent partner like Robert Walters to help them successfully navigate and win in the sustainable world of work. As such, it was highly satisfying for our pioneering 'ESG for HR' consultancy solution to be recognised at the TALiNT International Annual Recruitment Awards. Furthermore, bringing greater focus to bear on our conversion of net fee income to operating profit, and beginning to execute against a set of initiatives to deliver this, is a key focus for the medium-term. Underpinning all of this will be an unwavering commitment to keeping the needs of clients and candidates firmly at the heart of what we do.
In summary, I couldn't be prouder to lead such a great business and, together with all of our people, I'm excited by the opportunity we have to deliver for our clients and candidates in the year ahead.
perspectivas 2024
During the first few weeks of 2024, trading conditions across the Group's markets have, consistent with the end of 2023, remained muted - albeit with some isolated pockets of growth. We have begun to undertake initiatives to significantly strengthen our business, which we expect to gain further traction over the medium-term and which we will set out in more detail at a Capital Markets Day in the autumn.
Our collective experience trading through previous market cycles tells us that when conditions do improve, the inflection can be rapid, and we therefore have strong conviction in our decision to maintain our core consultant capacity, whilst sensibly managing our cost base.
Toby Fowlston
Director Ejecutivo
7 de marzo de 2024
Revisión operativa
Asia Pacífico (43 % de los ingresos netos por comisiones del Grupo)
The Group's Asia-Pacific business comprises the recruitment offering in North-East Asia (Japan and South Korea), Australia & New Zealand, South-East Asia (Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam) and Greater China (Mainland China, Hong Kong and Taiwan), as well as the region-wide outsourcing and advisory offering through Resource Solutions. Resource Solutions accounted for 11% of Asia-Pacific 2023 net fee income.
£ m | 2023 | 2022 | % Cambio | % Change (constant currency*) |
Ingresos netos por comisiones Of which Resource Solutions | 167.9 18.8 | 193.8 22.0 | (13%) (14%) | (9%) (13%) |
Beneficio operativo | 19.3 | 37.5 | (48%) | (45%) |
Tipo de conversión | 11.5% | 19.3% | (780) bps | n / a |
Net fee income was down 9%* year-on-year, most notably driven by Australia (-19%*) and Greater China (-19%*). North-East Asia (flat*) delivered a more resilient performance.
The Australia business was impacted by the notable cooling through the year in the wider Australian hiring market - a more material drop-off versus the 2022 peak activity levels than seen in other regional markets. Lower levels of client confidence drove some larger clients to markedly slow or even pause hiring during the year, leading to lower activity levels as a result.
Performance in Greater China did contrast slightly between H1 and H2, with notably impacted performance in the first half stabilising somewhat in the second half. The anticipated bounce back in activity in the wider economy from the late 2022 relaxation of Covid-19 control measures did not materialise, as evidenced by three consecutive months of contracting manufacturing activity (measured by PMI surveys) as the first half came to a close. The rate of decline moderated in the second half, with Mainland China H2 net fee income down 10%* year-on-year (H1: -40%*).
North-East Asia, the majority of which is the Japan business, registered the most resilient performance throughout Asia-Pacific, with H1 net fee income down 2%*, improving to growth of 1%* in the second half. Well-positioned to serve the needs of the highly developed Japanese hiring market - the second largest hiring market globally - and reflecting the competitive differentiation of the Robert Walters brand, the Japan business has a breadth of discipline specialisms, enabling it to pivot to service parts of the market seeing the most attractive growth.
Europa (33% de los ingresos netos por comisiones del Grupo)
The Group's Europe business largely comprises the recruitment offering in Northern Europe (Belgium, France, Germany, Republic of Ireland, the Netherlands and Switzerland) and Southern Europe (Italy, Portugal and Spain). Outsourcing and advisory services through Resource Solutions accounted for 1% of 2023 Europe net fee income.
£ m | 2023 | 2022 | % Cambio | % Change (constant currency*) |
Ingresos netos por comisiones Of which Resource Solutions | 126.3 1.4 | 124.1 1.9 | 2% (28%) | 0% (31%) |
Beneficio operativo | 11.4 | 17.6 | (35%) | (37%) |
Tipo de conversión | 9.0% | 14.2% | (520) bps | n / a |
Net fee income was flat* year-on-year, with an outstanding result in Belgium (up 21%*), strong performance in Germany (up 8%*) and good momentum in the nascent Italy business (office opened Q2 2022) offset by a more challenging market backdrop in the Group's largest European businesses of France (down 3%*) and the Netherlands (down 5%*), particularly during the second half of the year.
Belgium was the standout performer in Europe, and the Group, during 2023, with trading momentum accelerating as the year progressed (H1: up 14%*, H2: up 28%*) notably driven by its interim business which places mid to senior-level talent. The German business also performed strongly, recording its highest ever net fee income performance (against an already record 2022) and taking opportunities to grow its coverage following the opening of the Berlin office during 2022.
Meanwhile, in France and the Netherlands, good first half net fee income growth (up 3%* in France, up 4%* in the Netherlands) gave way to a weaker second half performance (France: H2 down 9%*, Netherlands: H2 down 13%*). The combination of higher inflation and a lower growth macro-economic outlook served to increase caution and hesitancy among both clients and candidates. Nevertheless, as is true of other developed hiring markets globally, the French and Dutch labour markets remain very tight and extremely favourable for the highest skilled candidates who continue to be sought after.
Reino Unido (16 % de los ingresos netos por comisiones del Grupo)
The Group's UK business comprises the recruitment offering in London and the regions, and outsourcing and advisory through Resource Solutions. The Resource Solutions segment is the most material in the UK of any of the Group's reportable segments, accounting for more than 50% of 2023 net fee income.
£ m | 2023 | 2022 | % Cambio |
Ingresos netos por comisiones Of which Resource Solutions | 60.9 34.3 | 74.0 41.1 | (18%) (16%) |
(Pérdida) / beneficio operativo | (0.4) | 3.4 | Nuevo Méjico |
Tipo de conversión | (0.7%) | 4.6% | (530) bps |
Net fee income was down 18% year-on-year, with recruitment in London (down 29%) having the most challenging performance, recruitment in the regions seeing more resilience (down 7%) and Resource Solutions down 16%.
London recruitment was not immune to the more challenging sectoral backdrop for the financial services and technology industries. Much lower levels of venture capital funding for technology start-ups acted as both a headwind on new vacancies, as well as driving job losses - with both client and candidate confidence severely impacted as a result. The legal and accounting disciplines held up better in London, albeit both saw some further softening in the second half compared to the first.
Performance in the regions was fairly even across the year, underpinned by accounting - where the Robert Walters brand has a long-developed specialism and is recognised as such by clients.
Under new leadership as 2023 closed, the UK business will sharpen focus on productivity and cost management, whilst seeking to take further share across its key disciplines as market conditions continue to favour stronger players.
Rest of World (8% of Group net fee income)
The Group's Rest of World business comprises the recruitment offering in North America (Canada and USA), South America (Brazil, Chile and Mexico), the Middle East and South Africa, as well as the region-wide outsourcing and advisory offering through Resource Solutions. Resource Solutions accounted for 40% of Rest of World 2023 net fee income.
£ m | 2023 | 2022 | % Cambio | % Change (constant currency*) |
Ingresos netos por comisiones Of which Resource Solutions | 31.7 12.6 | 36.3 14.4 | (13%) (13%) | (12%) (11%) |
Beneficio operativo | (4.0) | (0.3) | Nuevo Méjico | Nuevo Méjico |
Tipo de conversión | (12.6%) | (0.8%) | (1180) bps | n / a |
Net fee income was down 12%* year-on-year, with challenging conditions in North America (down 40%*) and as faced by Resource Solutions (down 11%*) partially offset by growth in Mexico (up 68%*) and South Africa (up 38%*).
Hiring markets were weak in North America, particularly in technology where the Q1 failure of Silicon Valley Bank dented confidence in funding the sector. As the year progressed, job losses at larger and more established technology firms added to much reduced levels of venture capital funding available to fledgling technology companies, acting to dampen sector sentiment amongst both clients and candidates.
In Mexico, a more benign macro-economic backdrop (growing employment levels, inflation falling towards low-single digits) combined with market share gains to drive a strong, profitable performance. Meanwhile in South Africa, which also serves markets in west and east Africa, the business continued to benefit from the strong Robert Walters brand and candidate networks built over the last several years, driving a double-digit conversion rate.
Our Rest of World segment gives us good positions in some of the most attractive hiring markets of the future which, over time, have the potential to become good profit contributors.
*La moneda constante se calcula aplicando las tasas de cambio del año anterior a los resultados en moneda local del año actual y del año anterior.
Revisión financiera
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the United Kingdom.
Resultados estatutarios del grupo
The headline statutory financial results for the Company are presented below.
£ m | 2023 | 2022 |
Ingresos | 1,064.1 | 1,099.6 |
El costo de ventas | (677.3) | (671.4) |
Beneficio bruto (ingresos netos por comisiones) | 386.8 | 428.2 |
Gastos administrativos | (360.5) | (370.0) |
Beneficio operativo | 26.3 | 58.2 |
Costos financieros netos | (4.2) | (3.1) |
(Pérdida) / ganancia en divisas | (1.3) | 0.5 |
Beneficio antes de impuestos | 20.8 | 55.6 |
Taxation | (7.4) | (16.5) |
Ganancias del año | 13.4 | 39.1 |
Atribuible a: | ||
Accionistas de la Compañía | 13.4 | 39.1 |
Ingresos
Revenue for the Group is the total income from the placement of permanent and temporary (comprising contract and interim) staff, and therefore includes the remuneration costs of temporary candidates and the total cost of advertising recharged to clients. It also includes outsourcing fees, consultancy fees and the margin derived from payrolling contracts charged by Resource Solutions to its clients.
Revenue was down 3% to £1,064.1m. In recruitment, net fee income on temporary placements was flat year-on-year, with the associated higher remuneration costs of temporary candidates that is included in revenue partially offsetting the lower net fee income (down 12% in reported terms) on permanent placements.
Beneficio bruto (ingresos netos por comisiones)
Net fee income is the total placement fees of permanent candidates, the margin earned on the placement of temporary candidates and the margin from advertising. It also includes the outsourcing, consultancy and payrolling margin earned by Resource Solutions. Net fee income is the primary financial top-line metric used to evaluate business performance.
Net fee income was down 10% year-on-year, driven by the lower volume of permanent placements as hiring markets globally corrected from the record activity levels seen in 2022. At 52% of the 2023 total, H1 net fee income accounted for a higher proportion than seen in the prior year (2022 H1 net fee income: 49% of total), reflecting the more pronounced slowdown across the Group's markets as the year progressed.
Beneficio operativo
Operating profit was down 55% to £26.3m, driven by the operating leverage impact whereby the lower net fee income (down 10%) was not matched, in the short-term, by proportionately lower operating costs (down 3%).
The majority of the Group's operating costs (c.70%) relate to staff, being fee earners (recruitment consultants) and non-fee earners (support staff across various corporate functions such as marketing, HR, IT, legal and finance). Though period end headcount of 3,980 was down 9% year-on-year (31 December 2022: 4,356), the average headcount during 2023 was up 6% year-on-year as the adjustment in headcount to match activity levels in more challenging markets was second half weighted. In addition, there was a limited amount of restructuring in some leadership roles, and all of the related costs were charged to the income statement in the ordinary course, as opposed to being recognised as exceptional costs.
Gastos de financiación e intereses
The Group incurred a net interest charge for the year of £4.2m (2022: £3.1m), of which £3.4m (2022: £2.5m) relates to the interest charge on lease liabilities, being predominantly office leases.
The Group has a £60.0m financing facility, currently due to expire in March 2027. At the year-end date, £15.8m (31 December 2022: £26.1m) was drawn down under this facility.
A foreign exchange loss of £1.3m (2022: £0.5m gain) arose during the year on translation of the Group's intercompany balances and external borrowings.
Taxation
The tax charge in 2023 was £7.4m (2022: £16.5m) which gives an effective tax rate ("ETR") of 36.0% (2022: 29.7%). On 1 April 2023, the main UK corporation tax rate increased from 19% to 25%. The ETR is higher than the 2023 blended average UK rate of 23.5% primarily as a result of higher rates of taxation in some of the Group's major overseas markets such as Japan, France and the Netherlands and the impact of adjustments to accounting profits in the tax calculation and the movement in the deferred tax asset.
Over the medium term, other than governmental changes to corporation tax rates, the key factor affecting the ETR is likely to be the mix of profits generated across various tax jurisdictions.
Ganancias por acción
Basic earnings per share for the year fell to 20.1p (2022: 56.2p), reflecting the underlying trading performance. The weighted average number of shares decreased to 66.8m (2022: 69.6m), as a result of the Company's share buyback programme.
Flujo de caja y financiación
The Group's business model continues to be highly cash generative with cash conversion in 2023 of 207% (2022: 102%).
£ m | 2023 | 2022 |
Beneficio operativo | 26.3 | 58.2 |
Cargos por depreciación y amortización | 24.0 | 21.7 |
Otras partidas no monetarias | (2.3) | 6.7 |
Decrease/(increase)in working capital | 6.5 | (27.0) |
Efectivo generado por operaciones | 54.5 | 59.6 |
Net interest and associated borrowing costs | (0.8) | (3.1) |
Reembolso del principal del arrendamiento | (15.9) | (16.8) |
Taxation | (9.0) | (21.5) |
Capital expenditure - Intangibles | (7.6) | (7.1) |
Net capital expenditure - property, plant & equipment | (7.2) | (8.8) |
Flujo de caja libre | 14.0 | 2.3 |
Compra de acciones propias | - | (12.7) |
Recompra de acciones | (10.0) | (10.0) |
Dividendos de capital pagados | (15.8) | (15.2) |
Otro | 1.2 | 0.3 |
Net movement in cash (exc. financing facility) | (10.6) | (35.3) |
Impacto de las divisas | (6.6) | 5.8 |
Apertura de efectivo neto | 97.1 | 126.6 |
Cierre de caja neta | 79.9 | 97.1 |
Capital de trabajo
The working capital net inflow of £6.5m (2022: net outflow of £27.0m) was principally driven by the lower net fee income compared to the prior year, and consequently lower trade receivables balance.
Gastos de capital
Intangibles capital expenditure of £7.6m (2022: £7.1m) principally comprises spend to further develop the Group's in-house CRM system.
Property, plant and equipment net capital expenditure of £7.2m (2022: £8.8m spend, nil sale proceeds) comprises spend of £8.3m, principally on the Group's office estate, partially offset by sale proceeds of £1.1m.
Dividendo
Given the strength of the Group's balance sheet and the Board's confidence in the medium to long term outlook and performance of the business, the Board is proposing a final dividend of 17.0p per share. Together with the interim dividend of 6.5p per share paid in September 2023, this takes the total dividend for the year to 23.5p, in-line with that for the prior year.
Recompra de acciones
During the first half of the year, the Company purchased 0.8m shares at an average price of £4.15 per share for £3.4m and subsequently cancelled those shares. During the second half of the year, the Company purchased a further 1.7m shares at an average price of £3.87 per share for £6.6m and cancelled those shares. In aggregate, the Company therefore repurchased £10.0m of shares for cancellation (2022: £10.0m).
Asignacion de capital
During the year, the Group has reviewed its capital allocation strategy to ensure alignment with maximising shareholder value and providing clarity to all stakeholders. The Group's business model remains highly cash generative, enabling investment opportunities to be funded through the free cash flow of the Group.
The Board continues to recognise the value of a strong balance sheet, and targets net cash (excluding IFRS 16 leases) of at least £50m. As noted elsewhere, we believe in the fundamental growth drivers of the Group's strategy and hence will consider all investment in those opportunities that provide sufficient headroom above the Group's cost of capital. These investments will focus on improving the efficiency and productivity of our people, improving the candidate and client experience, and increasing the geographic penetration and discipline diversification of the Group.
We will seek to maintain a dividend cover ratio of 1.75-2.25x through the cycle, however the Group may allow cover to fall outside this range at points in the cycle, such as at present. Where this is the case, the Group will seek a clear route to return to this range, balancing the continued development of the business and the needs of all the Group's stakeholders.
Finally, should the Group hold cash in excess of its target, and should the Board expect this position to continue for the medium term, then consideration will be given to returning the excess capital to shareholders through either a share buyback programme, special dividends, or a combination of the two.
Impacto cambiario
The Group's primary overseas functional currencies are the Japanese Yen, the Australian Dollar and the Euro.
The impact of foreign exchange movements between 2023 and 2022 resulted in a £5.5m decrease in reported net fee income and £1.4m decrease in operating profit for the Company.
INFORME DEL AUDITOR INDEPENDIENTE A LOS ACCIONISTAS DE
ROBERT WALTERS PLC SOBRE EL ESTADO PRELIMINAR DE RESULTADOS ANUALES
As the independent auditor of Robert Walters plc we are required by UK Listing Rules to agree to the publication of the Company's preliminary statement of annual results for the year ended 31 December 2023 which includes the financial summary, Group and Regional highlights, the Chief Executive's Statement, Financial review and summarised financial statements.
Uso de nuestro informe
This report and our auditor's report on the Company's financial statements are made solely to the Company's members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006 and the terms of our engagement. Our audit work has been undertaken so that we might state to the Company's members those matters we have agreed to state to them and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for our auditor's report on the financial statements or this report, or for the opinions we have formed.
Responsabilidades de los directores y del auditor
Los Directores de la Compañía son responsables de la preparación, presentación y publicación del estado preliminar de los resultados anuales de acuerdo con las Reglas de Cotización del Reino Unido. Somos responsables de aceptar la publicación del estado preliminar de los resultados anuales, teniendo en cuenta el Boletín del Consejo de Información Financiera "La Asociación de Auditores con Anuncios Preliminares realizados de acuerdo con los requisitos de las Normas de Cotización del Reino Unido".
Estado de nuestra auditoría de los estados financieros
Nuestra auditoría de los estados financieros anuales de la Compañía está completa y firmamos nuestro informe de auditoría el 7 de marzo de 2024. Nuestro informe de auditoría no se modifica y no contiene un párrafo de énfasis.
Our auditor's report on the full financial statements contained the following information regarding the scope of our audit, our application of materiality and key audit matters and how they were addressed by us in the audit.
Una descripción general del alcance de nuestra auditoría
El alcance de la auditoría de nuestro Grupo se basó en obtener una comprensión del Grupo y su entorno, incluido el sistema de control interno del Grupo, y evaluar los riesgos de incorrección material en los estados financieros. También abordamos el riesgo de que la administración eluda los controles internos, incluida la evaluación de si hubo evidencia de sesgo por parte de los directores que pudiera haber representado un riesgo de incorrección material.
Diseñamos una estrategia de auditoría para garantizar que hemos obtenido la garantía de auditoría requerida para cada componente a efectos de nuestra opinión de auditoría del Grupo (ISA 600 (Reino Unido)). Los componentes se analizaron para abordar el riesgo de agregación y garantizar que se obtuvo una cobertura suficiente de los saldos del Grupo en la que basar nuestra opinión de auditoría.
Nuestra participación con los auditores de componentes
For the work performed by component auditors, we determined the level of involvement needed in order to be able to conclude whether sufficient appropriate audit evidence has been obtained as a basis for our opinion on the Group financial statements as a whole. Our involvement with component auditors included the following:
Componentes importantes | § Enfocamos el alcance de la auditoría de nuestro Grupo principalmente en el trabajo de auditoría en cuatro componentes importantes, que estaban sujetos a procedimientos de auditoría de alcance completo. § Estos componentes significativos aportan el 26 % (2022: 30 %) de las ganancias del Grupo antes de impuestos, el 28 % (2022: 30 %) de los ingresos por comisiones netas del Grupo y el 39 % (2022: 41 %) de los ingresos del Grupo. § Los cuatro componentes considerados significativos fueron Robert Walters plc, Resource Solutions Limited (Reino Unido), Robert Walters Operations Limited (Reino Unido) y Robert Walters Japan KK (Japón). § For the Japanese component, following involvement in risk assessment and setting the overall audit approach and strategy at the planning stage with the component auditor, we visited the component auditor (a local BDO member firm in Japan) and performed a detailed review of the testing. We attended in person meetings with local management and the component auditor to challenge conclusions reached. § Las auditorías de los restantes componentes significativos del Reino Unido fueron realizadas por el equipo de auditoría del Grupo. |
Auditorías de alcance completo | § Dieciséis componentes más estaban sujetos a procedimientos de auditoría de alcance completo debido al tamaño, la cobertura geográfica y el riesgo de agregación, además de los cuatro componentes significativos identificados anteriormente (veinte en total). § Estos componentes aportan el 29 % (2022: 48 %) de las ganancias del Grupo antes de impuestos, el 33 % (2022: 43 %) de los ingresos por comisiones netas del Grupo y el 39 % (2022: 46 %) de los ingresos del Grupo. § Full scope audits on Resource Solutions Europe Limited, Robert Walters Holdings Limited and Robert Walters Dubai Limited was performed by the Group audit team. § Las auditorías de alcance completo de otros componentes fueron realizadas por firmas miembro de BDO bajo la dirección y supervisión del equipo de auditoría del Grupo. § El equipo de auditoría del Grupo dirigió el trabajo para todos los componentes de alcance completo a través de instrucciones detalladas, sesiones informativas remotas y revisión de documentos de trabajo seleccionados sobre áreas de riesgo significativas. |
Procedimientos de auditoría especificados | § El equipo de auditoría del Grupo llevó a cabo procedimientos de auditoría específicos para abordar el riesgo de incorrección material derivada de saldos clave en componentes más pequeños, y se realizaron pruebas sobre ciertos saldos materiales dentro de estos componentes. § Esta prueba de alcance específico se realizó en componentes que aportan el 37 % (2022: 21 %) de las ganancias del Grupo antes de impuestos, el 34 % (2022: 17 %) de los ingresos por comisiones netas del Grupo y el 19 % (2022: 8 %) de los ingresos del Grupo. |
Componentes restantes | § Todos los demás componentes se incluyeron en los procedimientos de revisión analítica realizados por el equipo de auditoría del Grupo para confirmar nuestra conclusión de que no había riesgos significativos de incorrección material en la información financiera agregada. |
Empresa Matriz y Consolidación | § El equipo de auditoría del Grupo realizó pruebas de la consolidación y los ajustes de consolidación relacionados registrados en la preparación de los estados financieros del Grupo. |
Asuntos clave de auditoría
Los asuntos clave de auditoría son aquellos asuntos que, a nuestro juicio profesional, fueron de mayor importancia en nuestra auditoría de los estados financieros del período actual e incluyen los riesgos evaluados más importantes de incorrección material (debida o no a fraude) que identificamos. incluyendo aquellos que tuvieron el mayor efecto sobre: la estrategia general de auditoría, la asignación de recursos en la auditoría y la dirección de los esfuerzos del equipo del encargo. Este asunto fue abordado en el contexto de nuestra auditoría de los estados financieros en su conjunto, y en la formación de nuestra opinión sobre los mismos, y no expresamos una opinión por separado sobre este asunto.
Asunto clave de la auditoría | Cómo el alcance de nuestra auditoría abordó el asunto clave de la auditoría | |
Reconocimiento de ingresos por colocaciones permanentes y temporales (Nota 1)
| § The significant risks in revenue recognition lies within: § For temporary placements, in the existence and accuracy of unbilled revenue and completeness of revenue at year end; and § For permanent placements, in the existence, accuracy, and completeness of unbilled revenues, due to the high degree of judgement and estimation uncertainty. § For permanent placements, revenue is recognised when a start date is confirmed and a candidate has accepted in writing. An Earned But Not Invoiced (EBNI) provision is made based on historical experience, for a proportion of placements where the candidate accepts but are expected to reverse their acceptance prior to start date. This is calculated as a percentage of the accrued income balance. Whether the percentage applied remains valid is considered to be a matter of significant management judgement. § Para las colocaciones temporales, la política del Grupo es reconocer los ingresos a medida que se presta el servicio a las tarifas acordadas contractualmente. Existe el riesgo de que las tarjetas de tiempo no se aprueben adecuadamente o no se presenten a tiempo, o que se apliquen tarifas incorrectas y, por lo tanto, que los ingresos relacionados no existan, sean inexactos o no se reconozcan en el ejercicio financiero correspondiente.
| § The operating effectiveness of direct controls in the revenue cycle was tested where relevant. For permanent placements, we have considered controls over the signing of the contract, evidence of candidate acceptance and allocation of cash receipts. For temporary placements we checked that timecards and the rate applied have been appropriately approved. § Permanent placements recorded around year end were sampled and agreed to confirmation of candidate acceptance and start date, to ensure that the point of revenue recognition was supportable. § For those permanent candidates that had accepted but had not started at the year-end, where revenue is recorded in accrued income, we challenged the appropriateness of the provision rate applied by reference to the rate of historical and actual 'back-outs' post year-end. § We tested the operating effectiveness of direct controls around the correct application of contract rates to invoicing and agreed a sample of rates used to contractual documentation. § We recalculated the accrued income and associated costs recognised for a sample of late timecards or timecards straddling the year end (where the approved timecard was submitted after the year end but related to services provided in the year).
Observaciones clave: § We did not identify any material indication that revenue that has not yet been invoiced does not exist, is incomplete or is not valued appropriately. |
Nuestra aplicación de la materialidad
Aplicamos el concepto de materialidad tanto en la planificación y realización de nuestra auditoría, como en la evaluación del efecto de las incorrecciones. Consideramos materialidad a la magnitud en que las incorrecciones, incluidas las omisiones, pueden influir en las decisiones económicas de los usuarios razonables que se toman sobre la base de los estados financieros.
Para reducir a un nivel apropiadamente bajo la probabilidad de que cualquier error exceda la materialidad, utilizamos un nivel de materialidad más bajo, materialidad de desempeño, para determinar el alcance de las pruebas necesarias. Es importante destacar que las representaciones erróneas por debajo de estos niveles no necesariamente se evaluarán como insignificantes, ya que también tomamos en cuenta la naturaleza de las representaciones erróneas identificadas y las circunstancias particulares de su ocurrencia, al evaluar su efecto en los estados financieros en su conjunto.
Con base en nuestro juicio profesional, determinamos la materialidad para los estados financieros en su conjunto y la materialidad del desempeño de la siguiente manera:
Grupo procesos | Empresa matriz
| |
Materialidad | 1.7 millones de libras esterlinas (2022: 2.7 millones de libras esterlinas) | 1.5 millones de libras esterlinas (2022: 2.4 millones de libras esterlinas) |
Base | 5.0% of 5-year average profit before taxation (2022: 5.0% of profit before taxation). | Lower of 3.5% of net assets (2022: 3.5%) or 90% Group materiality |
Razón fundamental | 5-year average profit before taxation is considered to be the most appropriate benchmark based on market practice, investor expectations and recent macro-economic factors. | Se considera que los activos netos son el índice de referencia más apropiado ya que la Sociedad Dominante no cotiza. |
Materialidad del desempeño | 1.2 millones de libras esterlinas (2022: 1.9 millones de libras esterlinas) basado en el 70 % (2022: 70 %) de materialidad.
Basado en el historial de ajustes y una evaluación del riesgo de error agregado.
| 1.1 millones de libras esterlinas (2022: 1.7 millones de libras esterlinas) basado en el 70 % (2022: 70 %) de materialidad.
Basado en el historial de ajustes y una evaluación del riesgo de error agregado. |
Medición | Aplicación
| |
Materialidad de los componentes | £0.3m - £1.5m (higher of 15% Group performance materiality or 3% net fee income)
(2022: £0.3m -£2.4m)
| Nuestro trabajo de auditoría en cada componente, excluida la matriz, se ejecutó a niveles de materialidad aplicables a cada entidad individual según lo aprobado por el equipo de auditoría del Grupo y, en cada caso, inferiores a los aplicados al Grupo. |
Umbral de notificación
| £70,000 (2022: £ 110,000)
| El monto acordado con el Comité de Auditoría y Riesgos por el cual se informarán todas las diferencias individuales de auditoría que superen dicho monto. También acordamos informar las diferencias por debajo de este umbral que, en nuestra opinión, justificaban informar por motivos cualitativos. |
Divulgaciones cualitativas | También informamos al Comité de Auditoría y Riesgos sobre asuntos de divulgación que identificamos al evaluar la presentación general de los estados financieros.
|
|
Trámites realizados para acordar el estado preliminar de resultados anuales
In order to agree to the publication of the preliminary statement of annual results of the Company we:
· verificó la exactitud de la extracción de la información financiera en el estado preliminar de los estados financieros auditados de la Compañía;
· consideró si las "medidas de rendimiento alternativas" y las explicaciones narrativas asociadas pueden ser engañosas; y
· leyó el comentario de la gerencia y consideró si está en conflicto con la información que hemos obtenido en el curso de nuestra auditoría.
Sandra Thompson (Revisora Fiscal Superior)
Por y en nombre de BDO LLP, auditor de cuentas
Londres, Reino Unido
7 de marzo de 2024
Cuenta de resultados consolidada
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023
2023 | 2022 | ||
| Notas | Millones de libras esterlinas | Millones de libras esterlinas |
Ingresos | 1 | 1,064.1 | 1,099.6 |
El costo de ventas | (677.3) | (671.4) | |
Beneficio bruto (ingresos netos por comisiones) | 386.8 | 428.2 | |
Gastos administrativos | (360.5) | (370.0) | |
Beneficio operativo | 26.3 | 58.2 | |
Ingresos financieros | 0.6 | 0.4 | |
Costos financieros | 2 | (4.8) | (3.5) |
(Pérdida) ganancia en divisas | (1.3) | 0.5 | |
Beneficio antes de impuestos | 20.8 | 55.6 | |
Taxation | 3 | (7.4) | (16.5) |
Ganancias del año | 13.4 | 39.1 | |
|
|
| |
Atribuible a: | |||
Propietarios de la empresa |
| 13.4 | 39.1 |
Ganancias por acción (peniques): | 5 |
|
|
Basic | 20.1 | 56.2 | |
Diluido | 19.0 | 53.4 |
Los montos anteriores se relacionan con operaciones continuas.
Declaración consolidada de ingreso comprensivo
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023
2023 | 2022 | |
Millones de libras esterlinas | Millones de libras esterlinas | |
Ganancias del año | 13.4 | 39.1 |
Partidas que pueden reclasificarse posteriormente a resultados: |
|
|
Diferencias de cambio en la conversión de operaciones en el extranjero | (8.6) | 6.0 |
Total de ingresos y gastos integrales del año | 4.8 | 45.1 |
Atribuible a: |
|
|
Propietarios de la empresa | 4.8 | 45.1 |
Hoja de balance consolidado
AL 31 DE DICIEMBRE DE 2023
2023 | 2022 | ||
| Notas | Millones de libras esterlinas | Millones de libras esterlinas |
Activos no corrientes | |||
Activos intangibles | 6 | 33.8 | 29.3 |
Propiedad, planta y equipo. | 7 | 15.3 | 14.3 |
Activo por derecho de uso | 8 | 67.5 | 71.6 |
Arrendamientos por cobrar | 4.0 | - | |
Activos por impuestos diferidos | 11.8 | 10.0 | |
| 132.4 | 125.2 | |
Activos circulantes | |||
Cuentas comerciales y otras cuentas por cobrar | 9 | 182.5 | 221.4 |
Arrendamientos por cobrar | 0.8 | - | |
Cuentas por cobrar del impuesto sobre sociedades | 4.3 | 4.3 | |
Efectivo y equivalentes de efectivo | 95.7 | 123.2 | |
283.3 | 348.9 | ||
los activos totales | 415.7 | 474.1 | |
Pasivo circulante | |||
Comerciales y otras cuentas a pagar | 10 | (148.0) | (179.6) |
Pasivos por impuestos corporativos | (4.8) | (5.0) | |
Sobregiros y empréstitos bancarios | 11 | (15.8) | (26.1) |
Pasivos por arrendamiento | (18.0) | (18.3) | |
Provisiones | (0.7) | (0.8) | |
(187.3) | (229.8) | ||
Activos corrientes netos | 96.0 | 119.1 | |
Pasivos no corrientes | |||
Pasivos por impuestos diferidos | (0.2) | (0.2) | |
Pasivos por arrendamiento | (61.2) | (58.1) | |
Provisiones | (2.1) | (2.1) | |
(63.5) | (60.4) | ||
Pasivos totales | (250.8) | (290.2) | |
Activos netos | 164.9 | 183.9 | |
Equidad | |||
Capital social | 15.3 | 15.8 | |
Compartir premium | 22.6 | 22.6 | |
Otras reservas | (70.9) | (71.4) | |
Acciones propias poseídas | (37.8) | (40.5) | |
Acciones propias en posesión | (9.1) | (9.1) | |
Las reservas de divisas | 2.5 | 11.1 | |
Ganancias retenidas | 242.3 | 255.4 | |
Patrimonio atribuible a los propietarios de la Compañía | 164.9 | 183.9 |
Estado de flujo de efectivo consolidado
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023
| 2023 | 2022 | |
| Notas | Millones de libras esterlinas | Millones de libras esterlinas |
Beneficio operativo | 26.3 | 58.2 | |
Ajustes para: |
|
|
|
Cargos por depreciación y amortización | 24.0 | 21.7 | |
Deterioro del activo por derecho de uso | 0.2 | - | |
(Profit) loss on disposal of right-of-use assets, property, plant and equipment and computer software | (0.2) | 0.4 | |
Cargo con respecto a transacciones con pagos basados en acciones | 0.7 | 2.5 | |
Pérdida cambiaria no realizada | (3.0) | 3.8 | |
Flujos de efectivo operativos antes de movimientos en el capital de trabajo | 48.0 | 86.6 | |
Disminución (aumento) de las cuentas por cobrar | 32.2 | (25.0) | |
Disminución de las cuentas por pagar | (25.7) | (2.0) | |
Efectivo generado por actividades operativas | 54.5 | 59.6 | |
Impuestos a la renta pagados | (9.0) | (21.5) | |
Efectivo neto de actividades operativas | 45.5 | 38.1 | |
Actividades de inversión | |||
Interés recibido | 0.6 | 0.4 | |
Inversión en activos intangibles | (7.6) | (7.1) | |
Compras de propiedades, planta y equipo. | (8.3) | (8.8) | |
Venta de propiedades, planta y equipo | 1.1 | - | |
Efectivo neto utilizado en actividades de inversión | (14.2) | (15.5) | |
Actividades de financiación | |||
Dividendos de capital pagados | 4 | (15.8) | (15.2) |
Pago interesado | (1.4) | (1.0) | |
Net interest on leases | - | (2.5) | |
Principal paid and received on lease liabilities | (15.9) | (16.8) | |
Producto de la línea de financiación | 10.4 | 37.1 | |
Reembolso de la línea de financiación | (20.7) | (26.7) | |
Recompra de acciones por cancelación | (10.0) | (10.0) | |
Compra de acciones propias | - | (12.7) | |
Producto del ejercicio de opciones sobre acciones | 1.2 | 0.2 | |
Producto de la emisión de acciones | - | 0.1 | |
Efectivo neto utilizado en actividades de financiación. | (52.2) | (47.5) | |
Disminución neta de efectivo y equivalentes de efectivo | (20.9) | (24.9) | |
Efectivo y equivalentes de efectivo al inicio del año | 123.2 | 142.3 | |
Efecto de las variaciones del tipo de cambio | (6.6) | 5.8 | |
Efectivo y equivalentes de efectivo al final del año | 95.7 | 123.2 |
CEstado de cambios en el patrimonio neto consolidado
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023
Capital social | Compartir premium | Otras reservas | Acciones propias poseídas | Acciones propias en posesión | Las reservas de divisas | Ganancias retenidas | Equidad total | |
Grupo procesos | Millones de libras esterlinas | Millones de libras esterlinas | Millones de libras esterlinas | Millones de libras esterlinas | Millones de libras esterlinas | Millones de libras esterlinas | Millones de libras esterlinas | Millones de libras esterlinas |
Saldo al 1 de enero de 2022 | 16.1 | 22.6 | (71.8) | (29.9) | (9.1) | 5.1 | 241.8 | 174.8 |
Ganancias del año | - | - | - | - | - | - | 39.1 | 39.1 |
Diferencias de conversión de moneda extranjera | - | - | - | - | - | 6.0 | - | 6.0 |
Total de ingresos y gastos integrales del año | - | - | - | - | - | 6.0 | 39.1 | 45.1 |
Dividendos pagados | - | - | - | - | - | - | (15.2) | (15.2) |
Crédito a capital para pagos basados en acciones liquidados con instrumentos de patrimonio | - | - | - | - | - | - | 2.5 | 2.5 |
Impuesto sobre transacciones con pagos basados en acciones | - | - | - | - | - | - | (0.9) | (0.9) |
Transferencia a acciones propias mantenidas mediante el ejercicio de incentivos de capital | - | - | - | 1.9 | - | - | (1.9) | - |
Acciones recompradas para cancelación | (0.4) | - | 0.4 | - | - | - | (10.0) | (10.0) |
Acciones nuevas emitidas y acciones propias compradas | 0.1 | - | - | (12.5) | - | - | - | (12.4) |
Saldo al 31 de diciembre de 2022 | 15.8 | 22.6 | (71.4) | (40.5) | (9.1) | 11.1 | 255.4 | 183.9 |
Ganancias del año | - | - | - | - | - | - | 13.4 | 13.4 |
Diferencias de conversión de moneda extranjera | - | - | - | - | - | (8.6) | - | (8.6) |
Total de ingresos y gastos integrales del año | - | - | - | - | - | (8.6) | 13.4 | 4.8 |
Dividendos pagados | - | - | - | - | - | - | (15.8) | (15.8) |
Crédito a capital para pagos basados en acciones liquidados con instrumentos de patrimonio | - | - | - | - | - | - | 0.7 | 0.7 |
Impuesto sobre transacciones con pagos basados en acciones | - | - | - | - | - | - | 0.1 | 0.1 |
Transferencia a acciones propias mantenidas mediante el ejercicio de incentivos de capital | - | - | - | 1.5 | - | - | (1.5) | - |
Recompra y cancelación de acciones | (0.5) | - | 0.5 | - | - | - | (10.0) | (10.0) |
Acciones nuevas emitidas y acciones propias compradas | - | - | - | 1.2 | - | - | - | 1.2 |
Saldo al 31 de diciembre de 2023 | 15.3 | 22.6 | (70.9) | (37.8) | (9.1) | 2.5 | 242.3 | 164.9 |
Declaración de Políticas Contables
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023
Políticas de contabilidad Base de preparación |
Robert Walters plc es una empresa pública limitada por acciones, constituida y domiciliada en el Reino Unido en virtud de la Ley de Sociedades. El informe financiero para el año finalizado el 31 de diciembre de 2023 se preparó de acuerdo con la convención de costos históricos y con las normas internacionales de contabilidad de conformidad con los requisitos de la Ley de Sociedades de 2006 y con las Normas Internacionales de Información Financiera (NIIF) adoptadas en el Reino Unido.
The Group has a strong balance sheet with net cash as at 31 December 2023 of £79.9m, a £60.0m four-year committed financing facility until March 2027 (of which £15.8m was drawn down as at 31 December 2023), a blend of revenue streams covering permanent, contract, interim and recruitment process outsourcing and a diverse range of clients and suppliers across 31 countries. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully. Después de realizar consultas, los Directores han formado un juicio, al momento de aprobar los estados financieros, de que existe una expectativa razonable de que el Grupo tiene los recursos adecuados para continuar con su existencia operativa y cumplir con sus obligaciones a medida que vencen durante los tres años. período de evaluación. Los Directores no han identificado ninguna incertidumbre material relacionada con eventos o condiciones que, individual o colectivamente, puedan generar dudas significativas sobre la capacidad de la entidad para continuar como un negocio en marcha durante un período de al menos doce meses desde que se autoriza la emisión de los estados financieros. . Por este motivo, los Administradores siguen adoptando el principio de empresa en funcionamiento en la preparación de las cuentas.
La información financiera de este anuncio, que fue aprobada por el Consejo de Administración el 7 de marzo de 2024, no constituye las cuentas estatutarias de la Sociedad para el ejercicio finalizado el 31 de diciembre de 2023, sino que se deriva de estas cuentas. Las cuentas estatutarias de 2022 se han entregado al Registrador de Empresas y las de 2023 se entregarán después de la Asamblea General Anual de la Compañía. Los auditores han informado sobre estas cuentas; sus informes no fueron calificados, no llamaron la atención sobre ningún asunto a modo de énfasis sin calificar su informe y no contenían declaraciones en virtud de la Sección 498 (2) o (3) de la Ley de Sociedades de 2006.
La Asamblea General Anual de Robert Walters plc se llevará a cabo el 30 de abril de 2024 en 11 Slingsby Place, St Martin's Courtyard, Londres WC2E 9AB.
1. | Información segmentaria | ||
| 2023 | 2022 | |
| Millones de libras esterlinas | Millones de libras esterlinas | |
i) | Ingresos: |
|
|
| Asia-Pacífico | 484.9 | 519.6 |
| UK | 254.9 | 259.7 |
| Europa | 281.9 | 276.5 |
| Resto del mundo | 42.4 | 43.8 |
|
| 1,064.1 | 1,099.6 |
|
|
| |
ii) | Beneficio bruto (ingresos netos por comisiones): |
|
|
| Asia-Pacífico | 167.9 | 193.8 |
| UK | 60.9 | 74.0 |
| Europa | 126.3 | 124.1 |
| Resto del mundo | 31.7 | 36.3 |
|
| 386.8 | 428.2 |
1. | Información segmentaria (continuación) | |||
|
| 2023 | 2022 |
|
|
| Millones de libras esterlinas | Millones de libras esterlinas |
|
iii) | Beneficio de explotación y beneficio antes de impuestos: |
|
|
|
| Asia-Pacífico | 19.3 | 37.5 |
|
| UK | (0.4) | 3.4 |
|
| Europa | 11.4 | 17.6 |
|
| Resto del mundo | (4.0) | (0.3) |
|
| Beneficio operativo | 26.3 | 58.2 |
|
| Costos financieros netos | (5.5) | (2.6) |
|
| Beneficio antes de impuestos | 20.8 | 55.6 |
|
El análisis de ingresos por destino no es materialmente diferente al análisis por origen y el análisis de ingresos y costos financieros no son significativos.
El Grupo está dividido en áreas geográficas a efectos de gestión, y es sobre esta base que se ha elaborado la información segmentada.
|
| |||
| 2023 | 2022 | ||
|
| Millones de libras esterlinas | Millones de libras esterlinas | |
iv) | Ingresos por agrupación empresarial: |
|
| |
| Robert Walters1 | 836.0 | 868.5 | |
| Resource Solutions (externalización del proceso de contratación) | 228.1 | 231.1 | |
|
| 1,064.1 | 1,099.6 | |
| 1 Walters People está incluido dentro de Robert Walters |
|
| |
| 2023 | 2022 | |
|
| Millones de libras esterlinas | Millones de libras esterlinas |
v) | Ingresos por agrupación de servicios: |
|
|
| Permanente | 242.7 | 281.9 |
| Temporal | 628.9 | 670.5 |
| Provisional | 128.7 | 119.9 |
| Otro | 63.8 | 27.3 |
|
| 1,064.1 | 1,099.6 |
2. | Costos financieros | ||
| 2023 | 2022 | |
|
| Millones de libras esterlinas | Millones de libras esterlinas |
| Intereses de las facilidades de financiación | 1.4 | 1.0 |
| Intereses de arrendamiento | 3.4 | 2.5 |
| Costos totales por préstamos | 4.8 | 3.5 |
3. | Taxation | ||
| 2023 | 2022 | |
|
| Millones de libras esterlinas | Millones de libras esterlinas |
| Cargo fiscal actual | ||
| impuesto de sociedades - Reino Unido | - | 0.2 |
| Impuesto sobre sociedades - Extranjero | 9.3 | 14.7 |
| |||
| Ajustes con respecto a años anteriores | ||
| Impuesto sobre sociedades - Reino Unido | (0.2) | - |
| Impuesto sobre sociedades - Extranjero | 0.2 | 0.8 |
| 9.3 | 15.7 | |
| Impuesto diferido | ||
| Impuesto diferido - Reino Unido | 0.1 | 0.5 |
| Impuesto diferido - Extranjero | (2.6) | (0.4) |
| |||
| Ajustes con respecto a años anteriores | ||
| Impuesto diferido - Reino Unido | (0.6) | (0.2) |
| Impuesto diferido - Extranjero | 1.2 | 0.9 |
| (1.9) | 0.8 | |
| Cargo total de impuestos por año | 7.4 | 16.5 |
| |||
| Beneficio antes de impuestos | 20.8 | 55.6 |
| |||
| Tax at standard UK corporation tax rate of (23.5%) (2022: 19%) | 4.9 | 10.6 |
| Efectos de: | ||
| Pérdidas no aliviadas | 1.6 | 0.7 |
| Ingresos exentos de impuestos y otros gastos no deducibles | (0.4) | (0.4) |
| Otras diferencias de tiempo | (0.1) | 0.3 |
| Ganancias en el extranjero gravadas a diferentes tasas | 0.8 | 4.0 |
| Ajustes a cargos tributarios en años anteriores | 0.6 | 1.5 |
| Impacto del cambio de la tasa impositiva | - | (0.2) |
| Cargo total de impuestos por año | 7.4 | 16.5 |
| |||
| Impuesto reconocido directamente en patrimonio |
| |
| Impuesto sobre transacciones con pagos basados en acciones | (0.1) | 0.9 |
El cargo fiscal se basa en la tasa impositiva efectiva anual esperada del 36.0 % (2022: 29.7 %) sobre las ganancias antes de impuestos.
The UK Government announced its intention to increase the rate of corporation tax from 19% to 25% with effect from 1 April 2023. The change in rate from 19% to 25% has been substantively enacted and therefore the effects of the increase have been included in the calculation of deferred tax in the Financial Statements.
The effective tax rate is higher than the standard UK rate of 23.5% primarily as a result of overseas taxation in Japan, Belgium, France and Netherlands and the impact of adjustments to accounting profits in the tax calculation and the movement in deferred tax asset.
On 20 December 2021, the OECD published its proposal in relation to Global Anti-Base Erosion Rules, which provide for an internationally co-ordinated system of taxation to ensure that large multinational groups pay a minimum level of corporate income tax in countries where they operate. On 23 March 2023, the UK government introduced draft legislation in Finance (No.2) Bill 2022-23 to implement Pillar 2 of the OECD/G20 inclusive framework. The new rules will take effect from 2024 onwards.
There remains a considerable amount of uncertainty with respect to the detailed operation of the rules and their impact. From an initial review of the Group's business and tax profile, it is unlikely that the rules will have a material impact on the Group's tax profile.
4. | Dividendos | ||
| 2023 | 2022 | |
|
| Millones de libras esterlinas | Millones de libras esterlinas |
| Importes reconocidos como distribuciones a los accionistas en el año: | ||
| Dividendo a cuenta pagado de 6.5p por acción (2022: 6.5p) | 4.3 | 4.5 |
| Dividendo complementario para 2022 de 17.0p por acción (2021: 15.0p) | 11.5 | 10.7 |
| 15.8 | 15.2 | |
Dividendo complementario propuesto para 2023 de 17.0 peniques por acción (2022: 17.0p) | 11.2 | 11.5 |
El dividendo final propuesto de 11.2 millones de libras está sujeto a la aprobación de los accionistas en la Junta General Anual y no se ha incluido como pasivo en estos estados financieros.
The final dividend, if approved, will be paid on 31 May 2024 to those shareholders on the register as at 1 May 2024.
5. | Ganancias por acción |
| ||
| El cálculo del beneficio por acción se basa en el resultado del ejercicio atribuible a los accionistas de la Sociedad Dominante y el número medio ponderado de acciones de la Sociedad. | |||
| 2023 | 2022 |
| |
|
| Número de acciones | Número de acciones |
|
| Número medio ponderado de acciones: |
| ||
| Acciones en circulación durante todo el año | 78,928,095 | 80,689,295 |
|
| Acciones emitidas en el año | 631 | 203,095 |
|
| Acciones canceladas durante el año | (1,121,137) | (529,847) |
|
| Tesorería y acciones propias en posesión | (11,022,701) | (10,784,800) |
|
| Para ganancias por acción básicas | 66,784,888 | 69,577,743 |
|
| Excepcionales opciones sobre acciones | 3,700,484 | 3,687,416 |
|
| Para ganancias por acción diluidas | 70,485,372 | 73,265,159 |
|
|
| |||
| 2023 Millones de libras esterlinas | 2022 Millones de libras esterlinas |
| |
| Resultado del ejercicio atribuible a los accionistas de la Sociedad Dominante | 13.4 | 39.1 |
|
6. | Activos intangibles | |||
| Goodwill Millones de libras esterlinas | Software de ordenador Millones de libras esterlinas | Total Millones de libras esterlinas | |
| ||||
| Costo: |
|
| |
Al 1 de enero de 2022 | 8.1 | 24.7 | 32.8 | |
Adiciones | - | 7.5 | 7.5 | |
Disposiciones | - | (3.6) | (3.6) | |
Diferencias de conversión de moneda extranjera | - | 0.1 | 0.1 | |
Al 31 de diciembre de 2022 | 8.1 | 28.7 | 36.8 | |
Adiciones | - | 7.9 | 7.9 | |
Disposiciones | - | (0.9) | (0.9) | |
Diferencias de conversión de moneda extranjera | (0.1) | (0.1) | (0.2) | |
Al 31 de diciembre de 2023 | 8.0 | 35.6 | 43.6 | |
Amortización y deterioro acumulados: | ||||
Al 1 de enero de 2022 | - | 8.1 | 8.1 | |
Cobrar por el año | - | 2.9 | 2.9 | |
Disposiciones | - | (3.5) | (3.5) | |
Diferencias de conversión de moneda extranjera | - | - | - | |
| Al 31 de diciembre de 2022 | - | 7.5 | 7.5 |
Cobrar por el año | - | 3.3 | 3.3 | |
Disposiciones | - | (0.9) | (0.9) | |
Diferencias de conversión de moneda extranjera | - | (0.1) | (0.1) | |
Al 31 de diciembre de 2023 | - | 9.8 | 9.8 | |
|
valor en libros: | |||
Al 1 de enero de 2022 | 8.1 | 16.6 | 24.7 | |
Al 31 de diciembre de 2022 | 8.1 | 21.2 | 29.3 | |
| Al 31 de diciembre de 2023 | 8.0 | 25.8 | 33.8 |
7. | Propiedad, planta y equipo. |
| ||||||||||
|
|
Mejoras arrendatarias Millones de libras esterlinas | Accesorios, herrajes y equipo de oficina. Millones de libras esterlinas | Equipo de computadora Millones de libras esterlinas | Total Millones de libras esterlinas |
| ||||||
| Costo: |
| ||||||||||
| Al 1 de enero de 2022 | 9.1 | 17.5 | 10.9 | 37.5 |
| ||||||
| Adiciones | 2.3 | 4.1 | 3.1 | 9.5 |
| ||||||
| Disposiciones | (1.0) | (2.5) | (0.5) | (4.0) |
| ||||||
| Diferencias de conversión de moneda extranjera | (0.1) | 0.7 | 0.3 | 0.9 |
| ||||||
| Al 31 de diciembre de 2022 | 10.3 | 19.8 | 13.8 | 43.9 |
| ||||||
| Adiciones | 0.5 | 6.2 | 1.4 | 8.1 |
| ||||||
| Mudanzas | (1.1) | 1.1 | - | - |
| ||||||
| Disposiciones | (2.5) | (2.7) | (2.5) | (7.7) |
| ||||||
| Diferencias de conversión de moneda extranjera | (0.5) | (0.7) | (0.5) | (1.7) |
| ||||||
| Al 31 de diciembre de 2023 | 6.7 | 23.7 | 12.2 | 42.6 |
| ||||||
|
|
|
|
|
|
| ||||||
Depreciación y deterioro acumulados: |
|
|
|
|
| |||||||
| Al 1 de enero de 2022 | 7.5 | 11.5 | 9.5 | 28.5 |
| ||||||
| Cobrar por el año | 0.6 | 1.7 | 1.6 | 3.9 |
| ||||||
| Disposiciones | (1.0) | (2.3) | (0.4) | (3.7) |
| ||||||
| Diferencias de conversión de moneda extranjera | 0.2 | 0.5 | 0.2 | 0.9 |
| ||||||
| Al 31 de diciembre de 2022 | 7.3 | 11.4 | 10.9 | 29.6 |
| ||||||
| Cobrar por el año | 0.7 | 3.1 | 1.8 | 5.6 |
| ||||||
| Disposiciones | (2.5) | (1.7) | (2.5) | (6.7) |
| ||||||
| Diferencias de conversión de moneda extranjera | (0.4) | (0.4) | (0.4) | (1.2) |
| ||||||
| Al 31 de diciembre de 2023 | 5.1 | 12.4 | 9.8 | 27.3 |
| ||||||
|
|
|
|
|
|
| ||||||
| valor en libros: |
|
|
|
|
| ||||||
| Al 1 de enero de 2022 | 1.6 | 6.0 | 1.4 | 9.0 |
| ||||||
| Al 31 de diciembre de 2022 | 3.0 | 8.4 | 2.9 | 14.3 |
| ||||||
| Al 31 de diciembre de 2023 | 1.6 | 11.3 | 2.4 | 15.3 |
| ||||||
8. | Arrendamientos | |||||||||||
| Activos por derecho de uso |
Edificios Millones de libras esterlinas | Equipos Millones de libras esterlinas | Vehículos Millones de libras esterlinas | Total Millones de libras esterlinas | |||||||
Costo: | ||||||||||||
| Al 1 de enero de 2022 | 94.2 | 0.3 | 5.7 | 100.2 | |||||||
| Adiciones | 18.0 | - | 2.3 | 20.3 | |||||||
| Modificaciones de arrendamiento | 1.3 | - | - | 1.3 | |||||||
| Disposiciones | (3.7) | (0.2) | - | (3.9) | |||||||
| Diferencias de conversión de moneda extranjera | 3.2 | - | 0.5 | 3.7 | |||||||
| Al 31 de diciembre de 2022 | 113.0 | 0.1 | 8.5 | 121.6 | |||||||
| Adiciones | 11.9 | - | 2.8 | 14.7 | |||||||
| Modificaciones de arrendamiento | 3.9 | - | - | 3.9 | |||||||
| Disposiciones | (15.0) | - | (4.1) | (19.1) | |||||||
| Diferencias de conversión de moneda extranjera | (4.4) | - | (0.2) | (4.6) | |||||||
| Al 31 de diciembre de 2023 | 109.4 | 0.1 | 7.0 | 116.5 | |||||||
| Depreciación y deterioro acumulados: | |||||||||||
| Al 1 de enero de 2022 | 33.5 | 0.2 | 3.9 | 37.6 | |||||||
| Cobrar por el año | 13.3 | 0.1 | 1.5 | 14.9 | |||||||
| Discapacidad | - | - | - | - | |||||||
| Disposiciones | (3.7) | (0.2) | - | (3.9) | |||||||
| Diferencias de conversión de moneda extranjera | 1.0 | - | 0.4 | 1.4 | |||||||
| Al 31 de diciembre de 2022 | 44.1 | 0.1 | 5.8 | 50.0 | |||||||
| Cobrar por el año | 13.4 | - | 1.7 | 15.1 | |||||||
| Discapacidad | 0.2 | - | - | 0.2 | |||||||
| Disposiciones | (10.1) | - | (4.1) | (14.2) | |||||||
| Diferencias de conversión de moneda extranjera | (2.0) | - | (0.1) | (2.1) | |||||||
| Al 31 de diciembre de 2023 | 45.6 | 0.1 | 3.3 | 49.0 | |||||||
| valor en libros: | |||||||||||
| Al 1 de enero de 2022 | 60.7 | 0.1 | 1.8 | 62.6 | |||||||
| Al 31 de diciembre de 2022 | 68.9 | - | 2.7 | 71.6 | |||||||
| Al 31 de diciembre de 2023 | 63.8 | - | 3.7 | 67.5 | |||||||
During the year the Group entered into a sublet arrangement for two of its offices, one in the UK and one in the USA. On signing of the leases, the Group had transferred the rights to use the office space over to a third party, as such the Group derecognised the right of use asset relating to the space accordingly and recognised a lease receivable for the income due from the lessees. The lease receivable was discounted at the incremental borrowing rate for the head lease. Any differences arising from the derecognition of the right of use asset and the value of the lease receivable was recognised as an impairment in the consolidated income statement for the year ended 31 December 2023.
9. | Cuentas comerciales y otras cuentas por cobrar | ||
| 2023 | 2022 | |
|
| Millones de libras esterlinas | Millones de libras esterlinas |
| Cuentas por cobrar con vencimiento dentro de un año: | ||
| Cuentas por cobrar comerciales | 116.5 | 142.9 |
| Otros ingresos | 7.8 | 6.3 |
| Prepagos | 7.8 | 8.8 |
| Ingresos acumulados | 50.4 | 63.4 |
| 182.5 | 221.4 |
Dentro de los ingresos devengados se incluye una provisión contra la cancelación de plazas donde un candidato puede revertir su aceptación antes de la fecha de inicio.
The value of this provision as of 31 December 2023 is £1,472,000 (31 December 2022: £1,892,000). The movement in the provision during the year is a credit to the income statement of £420,000 (2022: credit of £541,000). Contract assets are expected to convert into contract receivables within three months of recognition.
10. | Acreedores comerciales y otras cuentas a pagar: importes que vencen en el plazo de un año | ||
| 2023 | 2022 | |
|
| Millones de libras esterlinas | Millones de libras esterlinas |
Comercio a pagar | 7.8 | 8.7 | |
| Otros impuestos y seguridad social | 30.4 | 34.7 |
| Otras cuentas por pagar | 27.3 | 25.4 |
| Cuentas de regularización | 82.5 | 110.8 |
| 148.0 | 179.6 |
No existe una diferencia material entre el valor razonable y el valor en libros de las cuentas comerciales y otras cuentas por pagar del Grupo.
11. | Sobregiros y empréstitos bancarios | ||
| 2023 | 2022 | |
|
| Millones de libras esterlinas | Millones de libras esterlinas |
Sobregiros y empréstitos bancarios: corriente | 15.8 | 26.1 | |
| 15.8 | 26.1 | |
| Los préstamos son reembolsables de la siguiente manera: | ||
| Dentro de un año | 15.8 | 26.1 |
| 15.8 | 26.1 |
En octubre de 2023, el Grupo renovó su línea de financiación comprometida a cuatro años de 60.0 millones de libras esterlinas que vence en marzo de 2027. Al 31 de diciembre de 2023, se dispusieron 15.8 millones de libras esterlinas (2022: 26.1 millones de libras esterlinas) en virtud de esta línea de crédito.
Los directores estiman que el valor razonable de todos los préstamos no es significativamente diferente de los montos establecidos en el balance general consolidado de £15.8 millones (2022: £26.1 millones).
El Grupo no ha celebrado ningún acuerdo de factoraje inverso durante el año finalizado el 31 de diciembre de 2023 (2022: ninguno).
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.