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July 9, 2020, 2:22 a.m. EDT

Robert Walters gross profit falls 33%

By Adria Calatayud

Robert Walters PLC said Thursday that gross profit for the second quarter of 2020 fell by a third, with similar declines across all its markets due to challenges caused by the coronavirus pandemic.

The U.K. recruitment company said gross profit for the quarter was 71.1 million pounds ($89.7 million) compared with GBP106.4 million for the year-earlier period. On a constant-currency basis, second-quarter gross profit fell 34%, Robert Walters said.

The company said the majority of its offices are now open, although with reduced capacities. Robert Walters said it has a strong balance sheet with net cash of GBP119.3 million as at June 30, up from GBP54.5 million at the same time last year.

"Given the fluid and volatile nature of the global pandemic including the inherent risk of infection spikes and localized lockdowns, our forward visibility remains limited. That said, current trading is in line with market consensus for the full year," Chief Executive Robert Walters said.

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