Profits up at Robert Walters, Biffa updates on acquisitions, government reveals latest Lloyds holdings. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here. For recruiters, it has been a tale of two cities for sometime: London, and in stark contrast, pretty much any other other city in Europe or Asia.Last week, PageGroup continued with the “it was the best of times, it was the worst of times” theme: reporting strong European growth and foreign exchange gains, undercut by a 17 per cent fall in UK operating profit because of a post Brexit vote decline in accounting, financial services, sales and marketing jobs.This morning, rival Robert Walters also showed why international diversification is now so important in recruitment. It reported a 16 per cent constant currency rise in profits before taxation to £28.1m, boosted by its international diversification.Asia Pacific comprises 42 per cent of net fee income, with profit before tax up from £12.9m to £16.7m – although constant currency operating profit was flat. While market conditions in China “remained challenging”, other Far East territories did well.Walters also reported good growth in Europe and other international territories, despite tough financial services markets in the USA.
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Profits up at Robert Walters, Biffa updates on acquisitions, government reveals latest Lloyds...