Robert Walters reports steady growth

The steady return to health in international job markets was further evidenced on Monday when Robert Walters reported a sixth successive quarter of net-fee income growth across all of the group's regions, up 11% in constant currency, but with a strong pound taking the gloss off the results.

The recruitment company said a good performance had been maintained across the UK, which delivers a third of its total fees, with finance and HR in particular delivering excellent growth in both London and the regions. The outsourcing arm Resource Solutions also continues to deliver an increase in net-fee income.

The bellwether company, which specialises in engineering, legal, marketing and banking jobs and operates in 24 countries, also reported strong performances in Europe, with the Benelux (Belgium, Netherlands and Luxembourg) region in particular growing well. Market conditions in France remain tough but the company is increasing its market share, and activity levels in Spain continue to improve.

South Africa, the US, Brazil, Japan and Hong Kong are also going well, but market conditions in Australia remain challenging, albeit with early signs of a return of market confidence.

Net cash stood at £7.4 million as at 31 March 2014, a big leap from £2.4 million the previous year.

Robert Walters is the most "acutely geared to market recovery" of the recruitment agencies, according to Investec analysts, who upgraded the stock when the group revealed its annual results last month. Robert Walters, who heads the eponymous business, was quoted as saying this recovery was like "no other he had seen" with "growth across the board", as the company reported a 5% increase in overall revenue at £598 million and a 30% rise in pre-tax profit at £10 million.

Those results echoed its larger competitor, LSE:HAS:Hays, which has also reported improving conditions in the UK and Europe, and similarly warned of a tough environment in Australia.

Recruitment companies are now trading back at around 2010 levels, and concern that technology-based rivals such as LinkedIn would undercut their operations appears to have been overstated.

The shares rose 0.5% to 334.60p in early trading and are now up over 50% on the year.