robertwalters.com
Annual Report
& Accounts
2024
Introduction
Robert Walters is a global talent
solutions business.
We deliver three core services:
• Specialist professional recruitment
Encompassing permanent and
temporary recruitment, interim
management and executive search.
• Recruitment outsourcing
Enabling organisations to transfer
all, or part of, their recruitment
needs to us either through
recruitment process outsourcing
(RPO) or contingent workforce
solutions (CWS).
• Talent advisory
Supporting the growth of
organisations through market
intelligence, talent development,
and future of work consultancy.
Our 3,300 employees are passionate
about pursuing our vision to be the
most trusted talent solutions business.
We take the time to listen to, and
fully connect with, the people and
organisations we partner with.
Our ability to truly understand them
and create and share their compelling
stories is what sets us apart.
Our purpose is powering people
and organisations to fulfil their
unique potential. This drives our
environmental, social and governance
(“ESG”) commitments as we seek
to positively impact lives, reduce
our environmental impact and be a
responsible, ethical business. It also
means we put people and relationships
first, investing in technology which gives
our consultants more time to deepen
candidate and client relationships all
while building a dynamic culture to
attract and retain the best people.
Contents
Overview
1 2024 Overview
2 Robert Walters at a Glance
Strategic Report
4 Chair’s Statement
6 Chief Executive’s Statement
10 Operating Review
14 Market Overview
16 Strategic Overview
20 Strategic Case Studies
26 Our Business Model
28 Key Performance Indicators
30 ESG Strategy
32 Materiality Assessment
34 Engaging our workforce
36 Enhancing our ED&I initiatives
38 Responding to a sustainable
world of work
40 Reducing our environmental impact
42 Task Force on Climate-related
Financial Disclosures (TCFD)
50 Supporting our communities
52 Being a responsible business
54 Stakeholder Engagement
56 Financial Review
58 Principal Risks and Uncertainties
67 Section 172 Statement
Corporate Governance
68 Chair's Introduction to
Corporate Governance
70 Report of the Board
77 Report of the Audit and Risk Committee
82 Report of the Nominations Committee
84 Report of the Remuneration Committee
108 Directors’ Responsibility Statement
109 Directors’ Report
Financial Statements
113 Independent Auditor’s Report
123 Consolidated Income Statement
123 Consolidated Statement of
Comprehensive Income
124 Consolidated Balance Sheet
125 Consolidated Cash Flow Statement
126 Consolidated Statement
of Changes in Equity
127 Statement of Accounting Policies
134 Notes to the Group Accounts
159 Company Balance Sheet
160 Company Statement
of Changes in Equity
161 Notes to the Company Accounts
View our Annual Report
and Accounts online:
robertwalters.com
Annual Report and Accounts 2024 Robert Walters plc 1
2024 Overview
Strategic ReportOverview Financial StatementsCorporate Governance
16%
£892.1m
Revenue
2023: £1,064.1m
17%
Net fee income (Gross profit)
2023: £386.8m
£321.4m
80%
Operating profit
2023: £26.3m
£5.2m
98%
Profit before taxation
2023: £20.8m
£0.5m
No change
Ordinary dividend per share
2023: 23.5p
23.5p
Basic earnings per share
2023: 20.1p
(9.1)p
Candidate net promoter score (NPS)
First time reporting in 2024
+56
2 ppts
Employee engagement score
2023: 77%
75%
2 Robert Walters plc Annual Report and Accounts 2024
Market-leading
global brand
Our locations
Robert Walters at a Glance
2 Robert Walters plc Annual Report and Accounts 2024
Overview
Asia-Pacific
£138.8m
£6.0m
Operating profit
% Group NFI
43%
2023: £19.3m
2023: £167.9m
Net fee income
Group net fee income
mix 2024
17%
83%
Specialist professional recruitment
Recruitment outsourcing
Specialist professional recruitment
net fee income mix 2024
Permanent
Temporary
65%
34%
Note: c.1% of specialist professional
recruitment fee income is classified as ‘other’,
and not categorised in either perm or temp.
We are a global talent
solutions business
Specialist professional
recruitment
Permanent recruitment
Temporary recruitment
Interim management
Executive search
Recruitment outsourcing
Recruitment process outsourcing
Contingent workforce solutions
Talent advisory
Market intelligence
Future of work
Talent development
Going to market with
the full range of services
needed by our clients.
Annual Report and Accounts 2024 Robert Walters plc 3
Strategic Report Financial StatementsCorporate GovernanceOverview
Rest of World
The Americas, South Africa, Middle East
£26.5m
% Group NFI
8%
£(4.9)m
2023: £(4.0)m
2023: £31.7m
Operating loss
Net fee income
Europe
£105.7m
£5.5m
Operating profit
% Group NFI
33%
2023: £11.4m
2023: £126.3m
Net fee income
UK
£50.4m
£(1.4)m
Operating loss
2023: £(0.4)m
2023: £60.9m
% Group NFI
16%
Net fee income
Strategic Report
Chair’s Statement
Strategic Report
On behalf of the Board, I am pleased
to introduce the 2024 Robert Walters plc
Annual Report and Accounts. The year
was characterised by challenging conditions
in global hiring markets, however the
business refreshed its strategic plan and
made good operational progress as the
execution phase commenced.
Challenging market
conditions
As has been well documented,
2024 saw a continuation of the
challenging market conditions that
also formed the backdrop for the
sector throughout 2023. On both
sides of the equation that drives
hiring markets – namely sentiment
amongst clients and candidates –
confidence levels remained subdued
throughout the year. Interest rates
closed the year at higher levels than
expected, and macroeconomic and
political uncertainty added to the
complex environment.
Though the near-term trading
backdrop remains tough, we know
that the long-run structural drivers
of our markets remain strong.
Hiring organisations continue to
face demographically driven skills
shortages, and therefore value
partners to help them attract the
talent they need to develop and
grow. Technological change, as
well as continued evolution in ways
of working, further add to the
challenges faced by organisations to
obtain the skills they need.
A significant theme of the Board’s
discussions this year has therefore
been striking a balance between
the actions required to navigate
the near-term challenges of the
current market conditions, whilst
ensuring the business remains well-
placed to capture the long-term
opportunity. The business began
the execution phase against a
refreshed strategic plan during
the year, and a key element of the
programme is to appropriately
balance these two aims.
4 Robert Walters plc Annual Report and Accounts 2024
Overview Strategic Report Financial StatementsCorporate GovernanceOverview
Refreshed strategic plan
Toby and his executive team have
led the business through a year of
strategic change – a necessary
evolution to prosper in the hiring
markets of this decade. A key element
of this was the brand unification, such
that the business now delivers the
full suite of services across specialist
professional recruitment, recruitment
outsourcing and talent advisory solely
under the Robert Walters brand. It is
now far simpler for clients to be aware
of and access the full range of services
we offer as a talent solutions business.
The growth strategy of the business
has also been simplified, and as a
result greater focus and discipline is
being applied. In terms of geographic
markets, we are focused on where
we have an existing presence and
competitive market position. We are
disciplined to, if required, first fix our
operations before we seek to grow. In
terms of our service line diversification,
we are similarly bringing greater focus
to bear on those areas with the best
growth potential at above-Group
average margins.
Perhaps the clearest way the refreshed
strategy has embedded actions which
are both required in the current tough
environment as well as enhancing the
long-term platform for the business,
is in the five building blocks to drive
a higher conversion rate. To take an
example with one block – that of fee
earner productivity – the business is
using this today to closely manage
allocation of fee earner headcount
across its markets, and also investing
in the technology to absorb higher
volumes for a given level of headcount
as end markets improve.
In summary, there is much consistency
between the actions being taken
in the current environment and the
refreshed plan to deliver enhanced
long-term value for all stakeholders.
Dividend
The Board’s planning assumption
remains that, at the earliest, an
improvement in end markets is
unlikely to be seen before the latter
part of 2025. The Board recognises
the importance of a strong balance
sheet, represented by maintaining net
cash of at least £50m at the year-
end, as set out in the Group’s capital
allocation policy, and also continues
to seek to balance the needs of all the
Group’s stakeholders. Taking all these
factors into consideration, 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 2024, this takes the total
dividend for the year to 23.5p per
share, in line with that of the prior year.
Looking ahead
Whilst the timing and pace of
recovery in end markets remains
uncertain, the business started
2025 with momentum in executing
its strategic plan. The core growth
drivers have been focused and are
being enhanced, and specific actions
are driving greater efficiency with
an aim of lifting the medium-term
profitability potential of the Group.
On behalf of the Board, I would like
to thank all of our people for their
dedication and perseverance over
the last year.
Leslie Van de Walle
Chair
6 March 2025
Leslie Van de Walle
Chair
Robert Walters
Annual Report and Accounts 2024 Robert Walters plc 5
Overview
Strategic Report
6 Robert Walters plc Annual Report and Accounts 2024
Strategic ReportStrategic Report
6 Robert Walters plc Annual Report and Accounts 2024
Toby Fowlston discusses the 2024
operating environment, and the strategic
refresh undertaken in the business.
Chief Executive’s Statement
Annual Report and Accounts 2024 Robert Walters plc 7
Corporate GovernanceOverview
How would you summarise
the environment in which
the business operated
this year and how it’s
responded to that?
The challenging conditions seen in
global hiring markets following the
post-pandemic jobs surge stretched
into a second year in 2024. Client
and candidate confidence, already
fragile from the preceding year,
remained muted. This was against
a backdrop of interest rates which
fell less quickly than anticipated, as
well as macroeconomic and political
uncertainty in several major hiring
markets. These factors provide the
context for our financial performance
in 2024, with Group net fee income
down 14%* and a broadly breakeven
position at the profit before tax level.
Notwithstanding these challenges,
2024 was not a lost year for our
business. As the year commenced,
we started to implement ‘disciplined
entrepreneurialism’ - our new
strategy - which we then set out in
detail at a Capital Markets Event
in September. We are focused on
unlocking even more of the Group’s
potential, so that the business
operates with greater efficiency
and, ultimately, at higher rates of
profitability. Specifically, our medium-
term target is to achieve a conversion
rate in the range of 16-19%.
In terms of the growth
drivers of the business,
there’s been some strategic
evolution. Can you tell us
more about that?
Disciplined entrepreneurialism has
focused our approach regarding the
markets in which we compete. We have
shifted away from pursuing geographic
expansion as an imperative, to now
prioritise geographic penetration –
which means growing our share in our
existing markets. Each of our specialist
professional recruitment markets
are segmented into a matrix of four
boxes, determined by two criteria –
the supportiveness of the structural
market drivers, and the quality of our
execution. With a clear set of actions on
how we grow in each market derived
from this four-box model, we have
managed our portfolio in accordance
with our framework over the last year.
In markets where both the underlying
structural drivers are favourable and
our internal controllables are being
maximised – those on the top-right
of our four-box matrix - we have
replaced fee earner natural attrition
at a greater rate than elsewhere in
our portfolio. Average fee earner
headcount fell by 11% in aggregate
in these markets, against an 18%
drop in the top-left of our four-box
matrix – where structural drivers
are favourable but our internal
controllables require improvement.
Actively managing our portfolio to re-
balance fee earner capacity in this way
means we are well-placed to benefit
from growth in the most attractive
markets as conditions improve.
Disciplined entrepreneurialism has also
focused our approach to investment
in the service lines we see as offering
the most compelling long-term growth
opportunities. We have identified
these as interim management within
our specialist professional recruitment
service line, workforce consultancy
within our recruitment outsourcing
service line and our newest service line
offering of talent advisory. We have
delivered good operational progress
in all three areas.
In interim management, which we
currently operate in four European
markets, fee income was down 2%*
on the prior year on broadly stable
volumes – a good performance in
the context of the pressures on temp
volumes in continental European
markets more widely. Workforce
consultancy delivered 24% growth
in fee income against the prior
year. The clear benefits this solution
offers in terms of cost savings, and
easing the burden of compliance,
means it continues to resonate well
with prospective clients. Meanwhile,
in talent advisory, we have driven
client awareness of our offering by
leveraging our two more established
service lines – with the volume of
referrals from specialist professional
recruitment and recruitment
outsourcing more than doubling in the
second half compared to the first.
This momentum in cross-service line
referrals bears out our conviction
that hiring organisations desire
talent partners that can support
them with the full range of their
talent challenges across agency
recruitment, volume hiring, and
advisory. This also informed our
decision to unify the three brands we
have historically traded through, and
go to market as ‘one Robert Walters’
- a major strategic milestone for our
business during the year. This shift
has made it easier for our clients to
see the full range of capabilities we
have to serve them, and in so doing
it launches us on the journey towards
our vision to be the most trusted
talent solutions business.
“ As the year commenced,
we started to implement
‘disciplined entrepreneurialism’
- our new strategy.”
*Constant currency is calculated by
applying prior year exchange rates to
local currency results for the current
and prior years.
Toby Fowlston
Chief Executive, Robert Walters
Strategic Report
8 Robert Walters plc Annual Report and Accounts 2024
Another element of the
refreshed strategy relates
to greater productivity and
efficiency. What are the
focus areas and what was
achieved during the year?
Across our business we are focused
on operating with greater efficiency
to drive higher rates of profitability
over the medium term than seen in
the pre-pandemic period. There are
five core elements of this programme
– fee earner productivity, back-
office optimisation, front office
optimisation, office network
improvements and procurement.
With respect to fee earner productivity,
we have increased focus around
the business on perm placements
per perm fee earner per month.
Given the materiality of our specialist
professional recruitment business
and the greater share of fees derived
in that service line from permanent
placements, this metric is a core driver
of our overall financial performance.
During the year we began to embed
more robust behaviours on managing
the sales funnel into our specialist
professional recruitment business.
This will ensure we are maximising the
new job flow at the top of the funnel,
and more actively influencing each
key stage of the process such that we
improve conversion into placements.
The 5% decline in this volume
productivity measure year-on-year
reflected our decision not to let fee
earner headcount fall further. Overall
productivity, as measured by net fee
income per fee earner, was up 1%* -
underpinned by continued stable fee
rates and benefits from wage inflation.
As and when end markets recover, our
Zenith CRM system and deployment
of AI further underpin our efforts to
drive higher fee earner productivity.
Towards the end of the year Zenith
was deployed into our North-East
Asia region, meaning two-thirds of
our specialist professional recruitment
markets are now live on the system.
With core recruitment activities
quicker to complete in Zenith than
the legacy system, we are confident
the whole of our business will realise
efficiency benefits from Zenith as
the rollout completes later in 2025.
Our application of AI also continues
to free up time for our consultants
- which they are then able to re-
invest in building client and candidate
relationships. The Group’s AI job
advert writer, which went live at the
beginning of 2024, was utilised to
write over 21,000 job adverts, saving
10,000 hours in the process. Our view
remains that the best application of AI
in our business is that which supports
human connections – grounded in our
conviction that relationships are the
currency of the future.
Back-office optimisation is about
standardising processes in our
business partner functions of
marketing, HR, technology, legal and
finance, and then, where appropriate,
consolidating these activities into
global business services hubs. This
removes the need for duplication in
our local markets. During the year the
HR function delivered its optimisation
programme, with savings of around
£1.5m anticipated for 2025 as a result.
We have also realised benefits from
optimising ways of working in the
front office, and in particular our fee
earner support staff levels. As we
exited 2024, the mix of fee earner
support staff as a proportion of front
office headcount (which combines
fee earners and fee earner support
staff) was 14%, compared to 21% as
at March 2023. There is now greater
consistency across our markets in
how we use fee earner support staff,
and a more disciplined approach in
the level of headcount required. Our
actions here drove a £1m structural
saving in 2024.
The fourth element of our programme
relates to our office network – which
we are appraising more rigorously. We
are particularly focused on locations
where we have not been consistently
profitable, and do not see a pathway
to adequate returns. During the
year we made the decision to reduce
our footprint in the UK, France and
New Zealand by four offices in total,
consolidating our presence in locations
within those markets where we can
be most competitive.
On procurement, we are implementing
a co-ordinated approach across
our supplier base – engaging more
frequently and investing time in
proactive contract negotiations with
strategic suppliers, whilst seeking
greater consolidation and more efficient
processes with our transactional
suppliers. This drove annualised savings
of £1.4m during the year.
It cannot be over-emphasised that
the most valuable resource in our
business is our people. As the first
year of execution against our plan has
progressed, it has been great to see
the next generation of leaders in our
business step forward to accelerate our
drive for disciplined entrepreneurialism
in some of our regional segments.
During the year we saw leadership
transitions in Northern Europe,
Southern Europe and Australia, which
has brought a fresh perspective.
Towards the end of the year, we
conducted our annual employee
engagement survey, which yielded an
overall employee engagement index
score of 75%. This was two percentage
points lower than the 2023 score, a
robust result given the challenging
trading environment during the year.
We continue to focus on improving
communication flow throughout the
business to drive engagement.
How is the business
positioned looking ahead
to 2025?
I want to conclude by thanking all
our people for their hard work and
dedication as we navigated the
challenging conditions of the past
year. Though it remains uncertain as
to when a sustained improvement in
hiring markets will commence, I firmly
believe the value we can add to clients
and candidates as a talent solutions
provider is greater than ever. Thanks to
our people, we took important steps in
2024 to better capture the long-term
opportunities ahead of us. We will
continue to do so in the year ahead on
behalf of all our stakeholders.
Chief Executive’s Statement continued
Annual Report and Accounts 2024 Robert Walters plc 9
Strategic ReportOverview Financial StatementsCorporate Governance
We champion
the stories of
our candidates
and clients.
Strategic Report
10 Robert Walters plc Annual Report and Accounts 2024
Operating Review
Asia-Pacific (43% of Group net fee income)
The Group’s Asia-Pacific business comprises the specialist professional recruitment offering
in North-East Asia (Japan and South Korea), Australia & New Zealand (“ANZ”), South-East
Asia (Indonesia, Malaysia, Singapore, Thailand and Vietnam) and Greater China (Mainland
China, Hong Kong and Taiwan), as well as the region-wide recruitment outsourcing offering.
Recruitment outsourcing accounted for 10% of Asia-Pacific net fee income in 2024.
Specialist professional
recruitment
Net fee income was down 11%*, with
both perm and temp fees declining
by this proportion. The reduction in
perm fee income was driven by lower
placements, whilst the average perm
fee was stable.
The reduction in temp fee income
was driven by lower temp volumes
– particularly in the public sector in
the ANZ region. In the case of New
Zealand, the government reduced
the use of temp labour following the
late 2023 national elections, with
temp volumes re-basing at a lower
level in the current year as a result.
Across the markets, North-East Asia
delivered a resilient performance with
fees down 2%*. This was underpinned
by a strong performance in Japan,
where fee income was flat* year-on-
year and temp volumes grew on the
prior year. The challenging backdrop
for public sector hiring drove a 21%*
reduction in fee income in the ANZ
region, however performance in
Australia did stabilise somewhat in the
second half with H2 fee income down
8%* (Australia H1 fee income: -19%*
year-on-year). In Greater China, fee
income was down 11%* on the prior
year with growth in Mainland China
(+7%*) more than offset by softer
conditions in Hong Kong (-25%*)
where hiring in the financial services
sector remained weak. Fee income
was down 11%* in South-East Asia,
with growth in Malaysia (+4%*) and
relative resilience in Indonesia (-3%*)
more than offset by declines across
the other markets where lengthened
client decision-making was indicative
of muted confidence.
Recruitment outsourcing
Net fee income was down 24%* year-
on-year. Though confidence amongst
financial services clients remained
muted, fee income was sequentially
stable half-on-half.
Operating costs
Operating costs were down 5%*,
principally driven by a reduction in
headcount, with the average figure
falling by 17% year-on-year. Fee
earner average headcount fell by 14%
and non-fee earners by 22%.
Year ended 31 December
2024
£ millions
2023
£ millions % change
% change
(constant
currency*)
Net fee income 138.8 167.9 (17%) (12%)
Specialist professional recruitment 125.0 149.1 (16%) (11%)
Recruitment outsourcing 13.8 18.8 (27%) (24%)
Spec. professional recruitment Perm % mix 72% 72% - -
Spec. professional recruitment Temp % mix 27% 27% - -
Operating costs (132.8) (148.6) (11%) (5%)
Operating profit 6.0 19.3 (69%) (66%)
Conversion rate 4.3% 11.5% (7.2) pp n/a
Note: c.1% of specialist professional recruitment net fee income is classified as ‘Other’, and not categorised in either perm or temp.
As such the aggregate of perm and temp % mix may not sum to 100%.
*Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.
Overview Strategic Report Financial StatementsCorporate GovernanceOverview
Annual Report and Accounts 2024 Robert Walters plc 11
Europe (33% of Group net fee income)
The Group’s Europe business predominantly comprises the specialist professional recruitment
offering in Northern Europe (Belgium, France, Germany, Ireland, the Netherlands and
Switzerland) and Southern Europe (Italy, Portugal and Spain). Recruitment outsourcing
accounted for 1% of Europe net fee income in 2024.
Specialist professional
recruitment
Net fee income was down 14%*, with
perm down 19%* and temp more
resilient with fees down 9%*. The
lower perm fee income was driven
by a reduction in placement volumes,
as political and macroeconomic
uncertainty increased as the year
progressed – thereby increasing
hesitancy within organisations to
commit to permanent hiring. Average
perm fees did however remain stable,
with some markets such as Belgium
seeing good growth on the prior year.
The reduction in temp fees was driven
by lower temp volumes – particularly
in the larger markets of France and
the Netherlands. Volumes in the
interim management offering were,
however, broadly flat, with good
growth seen in Belgium and Germany
offsetting a decline in France. Interim
management net fee income was
most resilient in the mix, down 2%*.
Across the markets, conditions
remained challenging in France
with fees down 17%*. The Olympic
Games pulled forward the start of
the typical summer hiring lull, with
political uncertainty impacting client
and candidate confidence through
the second half. The Netherlands
(-9%*) and Belgium (-10%*) were more
resilient, and in the case of the latter
the 2023 comparative was a record.
Spain (-24%*) had a challenging year,
with the hiring market remaining tough
despite improved macroeconomic
conditions. New leadership was
appointed in Spain in the latter part
of the year in what remains a market
with favourable structural drivers. In
Germany (-13%*), tougher conditions in
perm were partially offset by modest
growth in temp volumes year-on-year
– benefiting from the exposure to the
technology and accounting disciplines.
Operating costs
Operating costs were down 10%*,
principally driven by a reduction in
headcount, with the average figure
falling by 21% year-on-year. Fee
earner average headcount fell by 17%
and non-fee earners by 27%.
Year ended 31 December
2024
£ millions
2023
£ millions % change
% change
(constant
currency*)
Net fee income 105.7 126.3 (16%) (14%)
Specialist professional recruitment 104.9 124.9 (16%) (14%)
Recruitment outsourcing 0.8 1.4 (44%) (44%)
Spec. professional recruitment Perm % mix 51% 54% (3) pp -
Spec. professional recruitment Temp % mix 49% 46% 3 pp -
Operating costs (100.2) (114.9) (13%) (10%)
Operating profit 5.5 11.4 (52%) (50%)
Conversion rate 5.2% 9.0% (3.8) pp n/a
Note: c.1% of specialist professional recruitment net fee income is classified as ‘Other’, and not categorised in either perm or temp.
As such the aggregate of perm and temp % mix may not sum to 100%.
*Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.
Strategic Report
12 Robert Walters plc Annual Report and Accounts 2024
Strategic Report
Operating Review continued
UK (16% of Group net fee income)
The Group’s UK business comprises the specialist professional recruitment offering in London
and the regions, as well as recruitment outsourcing and talent advisory services. Recruitment
outsourcing is the most material in the UK of any of the Group’s reportable segments,
accounting for 59% of net fee income in 2024. As well as Robert Walters co-locating its people
on client sites to perform volume hiring (in common with the other reportable segments), UK
recruitment outsourcing also includes the provision of contingent workforce solutions such as the
high growth workforce consultancy offering.
Specialist professional
recruitment
Net fee income was down 21%, with
perm down 24% and temp down 18%.
The reduction in perm fee income
was driven by lower placement
volumes, whilst there was modest
growth in the average perm fee.
Lower temp fee income was driven by
a reduction in temp volumes, with the
regions most impacted year-on-year.
London (-13%) outperformed the
regions (-31%), with the legal and
accounting disciplines in London
showing the greatest resilience.
Conditions in the regions toughened
in the latter part of the year. Levels
of employer caution on hiring
remain high, partly in anticipation
of forthcoming higher national
insurance contributions.
Recruitment outsourcing
Net fee income was down 14%. This
primarily reflected lower levels of
perm volume hiring from financial
services clients, however fees were
sequentially stable half-on-half.
The workforce consultancy offering
delivered 24% growth in net fee
income year-on-year, driven by a
higher average number of consultants
deployed with clients. With the clear
benefits to clients in lowering cost and
compliance, awareness of the solution
is growing in potential client pools
beyond the managed service provider
segment in which the business
launched in 2022.
Operating costs
Operating costs were down 16%,
driven by a reduction in headcount,
with the average figure falling by 16%
year-on-year. Fee earner average
headcount fell by 12% and non-fee
earners by 25%.
Year ended 31 December
2024
£ millions
2023
£ millions % change
Net fee income 50.4 60.9 (17%)
Specialist professional recruitment 20.9 26.6 (21%)
Recruitment outsourcing 29.5 34.3 (14%)
Spec. professional recruitment Perm % mix 72% 73% (1) pp
Spec. professional recruitment Temp % mix 28% 27% 1 pp
Operating costs (51.8) (61.3) (16%)
Operating loss (1.4) (0.4) nm
Conversion rate nm nm n/a
Note: c.1% of specialist professional recruitment net fee income is classified as ‘Other’, and not categorised in either perm or temp.
As such the aggregate of perm and temp % mix may not sum to 100%.
‘nm’ denotes where metric is not measured.
Overview Strategic Report Financial StatementsCorporate GovernanceOverview
Annual Report and Accounts 2024 Robert Walters plc 13
Rest of World (8% of Group net fee income)
The Group’s Rest of World business comprises the specialist professional 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 recruitment outsourcing and talent advisory
offering. Recruitment outsourcing accounted for 38% of Rest of World net fee income in 2024.
Specialist professional
recruitment
Net fee income was down 9%*, driven
by the reduction in perm fee income
which accounts for the vast majority
of the mix in the region. The reduction
in perm fee income was driven by
lower placement volumes, with modest
growth in the average perm fee.
Across the markets, there was a
resilient performance in the Middle
East, where fee income was up
1%* year-on-year and a good
performance in South Africa (+3%*)
driven by higher placement volumes.
Meanwhile the USA (-18%*) saw more
challenging conditions, whilst Canada
(-2%*) was more resilient. Whilst the
structural market drivers in the USA
remain favourable, work is ongoing
to fix the internal controllables there
in accordance with the four-box
framework. In South America, fee
income was down 18%*, with Brazil
notably soft.
Recruitment outsourcing
Net fee income was down 18%*,
largely driven by lower levels of
perm volume hiring among financial
services clients.
Operating costs
Operating costs were down 8%*, as
average headcount reduced by 22%.
There was a 17% fall in average fee
earner headcount and a 34% fall in
average non-fee earner headcount.
Year ended 31 December
2024
£ millions
2023
£ millions % change
% change
(constant
currency*)
Net fee income 26.5 31.7 (17%) (13%)
Specialist professional recruitment 16.5 19.1 (14%) (9%)
Recruitment outsourcing 10.0 12.6 (21%) (18%)
Spec. professional recruitment Perm % mix 98% 100% (2) pp
Spec. professional recruitment Temp % mix 1% 0% 1 pp
Operating costs (31.4) (35.7) (12%) (8%)
Operating loss (4.9) (4.0) nm nm
Conversion rate nm nm n/a n/a
Note: c.1% of specialist professional recruitment net fee income is classified as ‘Other’, and not categorised in either perm or temp.
As such the aggregate of perm and temp % mix may not sum to 100%.
‘nm’ denotes where metric is not measured.
*Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.
14 Robert Walters plc Annual Report and Accounts 2024
Market Overview
Robert Walters has historically served the segment of the global staffing market that offers
placement of professionals into permanent, contract and interim roles (through our specialist
professional recruitment service line) and also volume hiring on behalf of organisations
(through our recruitment outsourcing service line).
More recently, we have also begun to
address the needs of organisations
for wider talent solutions (through
our talent advisory service line). We
intentionally cover a focused but
diversified span of disciplines, with key
specialisms in accountancy, finance,
banking, engineering, HR, technology,
legal, sales and marketing, supply
chain and procurement. Management
estimates are that, globally, the
addressable market for our business
is between $60-120bn in revenue
terms. This is derived from our
estimate that 10-20% of the c.$600bn
1
global staffing market relates to the
placement of specialist professionals.
Market structure
and drivers
The global staffing market overall
remains highly fragmented, with the
share of the top 50 global players
(which includes Robert Walters)
at just 36%
2
. This fragmented
landscape is also reflected in the
specialist professional segment on
which Robert Walters is focussed,
with only a handful of other players
also able to serve all of the major
global hiring markets. The market
landscape is then completed by
mid-sized players serving single
country markets on either a national
or regional basis, and then small
players serving specific regions and
single disciplines.
The long-term structural growth
drivers of the staffing market
remain highly attractive. Perhaps
the most significant of these,
particularly in developed markets, is
the acute labour and skills shortage.
This shortage is itself underpinned
by the demographic shift to
progressively ageing societies and
the rapid pace of technological
change. By way of example of the
impact of demographic change, in
Japan – the second largest hiring
market globally – the working age
population is expected to decline
rapidly from the latter part of this
decade, meaning that the country
may face a shortage of more than
10 million workers by 2040
3
.
In summary, Robert Walters plays in
a large global market with attractive
structural growth drivers.
On shorter-term time horizons,
the staffing market is of course
characterised by cyclicality, and in
that sense the key short-run driver
is client and candidate confidence
levels. Below, we discuss the 2024
market backdrop for our specialist
professional recruitment and
recruitment outsourcing service lines.
Specialist professional
recruitment market
backdrop
The global staffing market saw
another challenging year in 2024,
with Staffing Industry Analysts
estimating a contraction of 2% -
following on from the 2% decline
also seen in 2023. Given the Group’s
focus on placement of specialist
professionals (in contrast to the more
generalised manual and industrial
sector hiring that the global staffing
market predominantly comprises),
our estimate is that market conditions
in this professional segment were
more challenging still – with 10%+
volume declines likely across the
market. This was consistent with
the picture seen for job vacancies
(an indicator of labour demand) in
a number of major hiring markets –
which remained in negative growth
territory through 2024.
Client and candidate confidence –
being the composite of factors in
the wider economic environment
that induces hiring organisations to
recruit new talent, and candidates to
seek new professional opportunities
– did not show the improvement
that was hoped for in the market
as the year commenced. From a
macroeconomic perspective, whilst
central banks in key global markets
successfully curbed the high inflation
that still lingered from the post-
pandemic period, interest rates
did not fall by as much as financial
markets forecasted – acting as
a headwind on hiring sentiment.
Meanwhile, candidate propensity to
move roles also saw a pullback – as
illustrated by the ‘quit rate’ implied
in the US Job Openings and Labour
Turnover (JOLTS) survey, which was
slightly below pre-pandemic levels
as the year came to an end.
Notwithstanding the volume
declines seen across the market,
average fees remained stable –
speaking to the value-add delivered
by the industry.
Recruitment outsourcing
market backdrop
Of the Group’s $60-120bn
addressable market, around $8bn
4
relates to recruitment process
outsourcing (“RPO”). As RPO often
appeals to organisations seeking to
find savings in their hiring budgets,
it has historically found a stabilising
floor during downturns compared to
the wider staffing market. That was
borne out somewhat in 2024, with
Staffing Industry Analysts estimating
the RPO market was flat on the prior
year – following the 5% decline seen
in 2023. Notwithstanding its counter-
cyclical characteristics, the RPO
market was not immune from the
challenging conditions in global hiring
markets, with tendered RPO deals
slow to progress to close, and actual
hiring volumes below contracted
levels on existing accounts a common
feature across the industry.
Strategic Report
1,2,4. Staffing Industry Analysts
3. Recruit Works Institute
Annual Report and Accounts 2024 Robert Walters plc 15
Strategic Report Financial StatementsCorporate GovernanceOverview
...whilst candidate propensity to move dipped below pre-pandemic levels
Labour demand below prior year levels throughout 2024...
Source: Indeed
Major hiring market job vacancies growth
-5%
0%
5%
10%
-10%
-15%
-20%
-25%
-30%
YoY % change
July
2024
June
2024
May
2024
Apr
2024
Mar
2024
Feb
2024
Oct
2024
Sep
2024
Aug
2024
Jan
2024
Dec
2024
Nov
2024
UKUSA France Australia
Source: Job Openings and Labor Turnover Survey
US total (non-farm) job ‘quits’ rate
2%
3.5%
3%
2.5%
2%
2.3%
3%
1.5%
1%
Jun
2019
Jul
2021
Feb
2021
Mar
2023
Sep
2020
Apr
2020
Nov
2019
Dec
2021
May
2022
Oct
2022
Aug
2023
Jan
2024
Dec
2024
Jun
2024
1.5%
16 Robert Walters plc Annual Report and Accounts 2024
Strategic Report
Strategic Overview
We see beyond
the job
description.
Annual Report and Accounts 2024 Robert Walters plc 17
Corporate GovernanceOverview
Hiring organisations increasingly desire partners who are able to service the
full breadth of the talent agenda. This encompasses not only the traditional
service provision of specialist professional recruitment and recruitment
process outsourcing but also, in recent years, the growing demand for
talent advisory and consulting solutions such as market intelligence.
This clear client need was a significant
impulse behind our decision to
refresh our go to market approach
during 2024 as ‘one Robert Walters’,
and as such we now go to market
everywhere with a single brand.
We have three service line offerings
through which we are able to support
our clients across the full range
of talent challenges they face:
Talent
advisory
Market intelligence
Future of work
Talent development
Specialist professional
recruitment
Permanent recruitment
Temporary recruitment
Interim management
Executive search
Recruitment
outsourcing
Recruitment process
outsourcing
Contingent workforce
solutions
Capturing the structural
growth opportunities.
The Group’s growth strategy has
been stable for a number of years,
reflecting the long-term structural
tailwinds we have positioned
ourselves to benefit from. For
example, demographic change, and
in particular ageing societies, will
continue to drive a global shortage
of skilled labour, making talent
solutions partners like Robert Walters
ever more valuable to organisations
as they seek the right talent to
develop and grow.
During 2024 we outlined the
evolution of our strategic approach
under the banner of ‘disciplined
entrepreneurialism’. We are seeking
to capture the structural growth
opportunities we see in our end markets
through geographic penetration and
service line diversification.
18 Robert Walters plc Annual Report and Accounts 2024
Strategic Report
Favourable
structural drivers,
internal controllables
need improvement.
Less favourable
structural drivers,
internal controllables
need improvement.
Favourable
structural drivers,
maximising internal
controllables.
Less favourable
structural drivers,
maximising
internal controllables.
Fix internal
controllables before
growing platform.
Invest to grow
platform.
Challenge ourselves
on whether path to
more competitive
position exists.
Seek to outperform
competitors to take
market share.
Underlying structural driversUnderlying structural drivers
Internal controllables
Internal controllables
The quadrant segmentation then drives very clear strategic actions
for each of the different parts of our portfolio:
Geographic penetration
Geographic penetration is driven
by growing the scale of Robert
Walters within markets where we
have an existing presence such
that we increase our share. We are
most focused on applying this in
specialist professional recruitment,
given it is currently the only one of
our three service lines that we offer
in all of our markets.
The actions needed to deliver
geographic penetration flow logically
from our four-box model. Within
the four-box model framework we
see our performance in any given
specialist professional recruitment
market as most fundamentally a
function of (i) the underlying structural
drivers and (ii) the quality of execution
of our internal controllables.
Combining these two then enables
a segmentation of our geographic
portfolio into a quadrant.
Underlying structural
drivers: favourable vs.
less favourable
Candidate short market (e.g.
Japan) vs. abundance of
candidates (e.g. India)
Candidate short markets
underpin high fee rates and
high conversion rates.
Average salary levels
Where you operate drives
perception of brand positioning.
Competitive landscape
Greenfield vs. highly competitive.
Internal controllables:
maximising vs. needing
improvement
Leadership and teams
Strategic execution
Adherence to best practice
Culture
Strategic Overview continued
Annual Report and Accounts 2024 Robert Walters plc 19
Corporate GovernanceOverview
Service line diversification
Service line diversification reflects
our commitment to address the clear
client need for the full range of talent
solutions beyond traditional agency
recruitment. The trend towards
clients asking for a broader range of
services has grown steadily over the
last two decades, but has been further
accelerated by the shift in ways of
working since the pandemic.
We seek to enable our clients to access
the full range of talent solutions in our
service line mix as easily as possible.
We are focused on accelerating
development in those service offerings
where we see the most compelling
opportunities, with present focus on
interim management, workforce
consultancy and talent advisory.
Further detail on our initiatives in these
three areas is covered in the Strategy
case studies section.
Strategic enablers
The last piece of our strategy is
our strategic enablers. These
are resources and competences
that underpin our efforts to drive
geographic penetration and service
line diversification.
Fee earner productivity
Why is it important?
The Group’s business model is highly
characterised by operational gearing.
This means that changes in the key top-
line financial metric of net fee income
typically have a disproportionate
impact on profitability.
One of the key levers to drive
positive operational gearing is
fee earner productivity whereby,
over time, fee earners on average
handle greater volumes (permanent
placements and temp workers) and
therefore higher fees.
What progress was seen this year?
Net fee income per fee earner grew by
1% in constant currency terms. Though
still challenging end markets meant there
was a decline in volume productivity,
this was offset by value growth –
underpinned by stable fee rates and
driven by mix effects and wage inflation.
Technology and innovation
Why is it important?
Technology and innovation is a key
source of competitive advantage
insofar as it frees up time for our
fee earners to re-invest in the client
and candidate relationships that are
foundational to our business model.
What progress was seen this year?
Zenith, the Group’s internally
developed CRM system, was
deployed into North-East Asia, the
UK, Ireland and South Africa during
the year. Consistent with the agile
methodology, whereby system
features have been added gradually
with each deployment, functionality
to enable marketing automation was
integrated during the year.
With regards to the application of
artificial intelligence, the business
captured real benefits from the
principal use cases that have been
identified. For example, the AI job
advert writer was used to help
prepare 21,000 job ads in 2024,
saving 10,000 hours in the process.
People
Why is it important?
At its core, Robert Walters is a people
business. The attraction, development
and retention of high quality talent is
essential to being a trusted partner to
our clients and candidates.
What progress was seen this year?
A new online learning platform,
the Learning Hub, was launched
during the year to enhance the
opportunities our people have to
grow, learn and develop.
The business also defined its key
leadership behaviours during the year,
placing an emphasis on authenticity,
care and an entrepreneurial
mindset. Transparently codifying the
behaviours will help to ensure that the
development pipeline is consistently
bringing through future leaders.
Customer experience
Why is it important?
In a competitive marketplace, the
service we deliver to our clients and
candidates at key touchpoints is
ultimately what they remember –
and helps to set us apart.
What progress was seen this year?
On both the client and candidate
side, the business identified the
key milestones and interactions to
which customer experience is most
sensitive. For each, fee earners
are being provided with resources
to further help them deliver best
practice interactions.
The business commenced formal
measurement of the net promoter
score amongst its candidates
during the year. 2024 candidate net
promoter score was +56, comparing
favourably to the professional
services benchmark of +50.
Data
Why is it important?
Robert Walters has been serving
clients and candidates for almost
40 years, over which time we have
amassed deep and detailed data on
the hiring markets we serve. Both
directly and indirectly, we can deploy
that data on behalf of our clients.
What progress was seen?
A Chief Data Officer has been
appointed to further deepen
our expertise.
Strategic Report
We take a
closer look at
your future.
Strategic Report
20 Robert Walters plc Annual Report and Accounts 2024
Strategy Case Studies
Annual Report and Accounts 2024 Robert Walters plc 21
Q: Could you start by
telling us about the origins
of interim management
as a distinct segment, and
then set out how it differs
from other non-permanent
hiring solutions?
In terms of origins, interim
management emerged in the 1980s
in some continental European hiring
markets. It was predominantly a
response to local labour laws which,
at that time, were discouraging
employers from committing to perm
hiring of more senior professionals.
As an alternative, utilising an interim
candidate, who would be engaged
on a self-employed basis, enabled
organisations to benefit from
the skills of a highly experienced
professional, whilst avoiding some
of the potential perceived costs of
committing to a permanent hire.
With regard to the difference
between an interim candidate and a
temp or contractor, there are really
two key distinctions – seniority and
business impact.
In terms of seniority, an interim
candidate is typically a highly
experienced senior executive,
whereas a contractor, or particularly
a temp, is more likely to be operating
at a less senior level.
Then, with regard to business
impact – and given their level of
experience – the interim candidate
will likely be expected to make a fairly
immediate tangible contribution.
As such, you will often find interim
candidates deployed where the
hiring organisation faces a discrete,
potentially transformational
corporate event, such as an
acquisition, divestment, fundraising
or major technology implementation.
By vertical, we have historically seen
the highest demand for interim
candidates in HR, finance, operations
and transformation. Hiring
organisations use it to fulfil their need
for skills right up to the most senior
roles, including the C-suite.
Q: This is an area the
business is targeting
for growth. What
characteristics make it
attractive and how are
you seeking to capture
the opportunity?
In terms of why we like the segment,
the first thing to say is that the
conversion rate we are achieving in
interim is well above the historical
Group average. This is underpinned
by higher average salaries and higher
fee rates, given clients typically
require very specialist skills – which
are in short supply.
Across the four continental European
markets in which we offer interim
today, this is a business driving over
£30m of net fee income. In revenue
terms that is around £120m, and our
estimates are that the market is sized
in the range of £6-8bn in revenue
terms across those same markets. As
such, we see scope for our share to
grow given our differentiated position
as a relationship-driven recruiter.
In order to capture the opportunities,
we’re focused on further deepening
our specialisation in markets where
we already offer interim. A good
example of this is in France. In that
market we have targeted certain
verticals in which to specialise, and
this has strengthened our credentials
in front of clients, increased our
knowledge of the candidate market
as well as helping with our own internal
succession planning - with more
career paths open for our own people.
Additionally, we also see an opportunity
to go to markets where we are present,
but not currently in the interim space –
such as in Switzerland.
Q: Can you tell us about
the 2024 performance and
what you’re focused on for
the year ahead?
We held our volume of interims
stable in 2024 against the prior year,
with the average number of interims
working up by 1% year-on-year.
We feel this is a good performance
given the pressure on temp volumes
in the wider market seen in Europe.
Belgium was a particular bright
spot for us, with strong volume
growth there offsetting the tougher
backdrop in France.
Looking ahead over the rest of 2025,
whilst there are legislative changes
in some markets to navigate, we will
continue to focus on those disciplines
and industry verticals where we are
strongest to further enhance our
credentials with clients and candidates.
Gerrit Bouckaert
Gerrit Bouckaert, CEO of specialist professional
recruitment, sets out the opportunity on offer in
interim management.
Strategy Case Studies continued
Strategic Report
Q: Can you set out what
the workforce consultancy
offering is and the
solution that Robert
Walters is providing?
Workforce consultancy offers an
alternative route for clients to access
non-permanent labour. Traditionally,
hiring organisations would source
non-permanent labour through
contractors or consultancies. Our
workforce consultancy business
retains a network of highly
experienced consultants and
teams, which we deploy into mid to
long-term projects. In addition, we
operate an academy which builds
the skills required by organisations.
Our specialism is in both generalist
technology roles, such as business
analysts and programme managers,
and more specialist roles such as
software engineers. We’re able to
deploy them across a wide range
of verticals.
In terms of the mechanics of our
solution, we firstly leverage our Group
capability to attract, assess and
acquire highly skilled candidates. We
offer them a contract of employment
and either deploy them individually, as
part of something called a managed
service programme, or as part of
a team on a project, known as a
statement of work.
We can also partner with our clients
to build talent through our ‘Hire,
Train, Deploy’ academy, where we
focus on either graduates or school
leavers and train these individuals
for four to twelve weeks before
deploying them to our clients’ early-
in-career programmes.
Q: What is driving
appetite amongst hiring
organisations for solutions
like workforce consultancy?
Business leaders are currently facing
many resourcing challenges, driven
not only by the changing landscape
of the world of work but also due to
the pace of digital transformation
and technology advancements, as
well as increasing legislation and
cost challenges.
We know that three-quarters of
organisations recognise that they will
need to upskill or reskill their workforce,
but approaching a third of those face
cuts in their training budgets. With
permanent hiring also being restricted,
organisations then have to turn to
getting these skills by using contractors,
or consultancies. However, this demand
can then drive rising costs, and with
more than half of contractors having
tenure of over two years, this not only
presents a longer-term cost impact
but also creates risks of long-term
retention of skills, as contractors could
exit with short notice.
Q: What benefits are you
driving for clients and
candidates to make this a
compelling alternative to
the traditional non-
permanent solutions?
The main benefit from a client’s
perspective is that we deliver, on
average, 25% savings compared to
contractor rates and a 40% saving
compared to consultancies.
Traditional contractors have to cover
the cost to run their personal service
company in their day rate, including
insurance and accountancy fees, as
well as building in cover for any loss of
earnings should they take absence or
breaks in between contracts.
By contrast, we can secure our
workforce consultants with a
competitive base salary which, when
rolled up into a daily charge, is much
more cost-effective for the client.
In addition, our scale of operations
enables us to leverage a cheaper cost
to source, screen and manage the
consultants, which we again can pass
onto the client.
The second key benefit we offer
to clients is relieving them of all the
regulatory burden and potential
employment risk of hiring non-
permanent workers. Most notable
here are the revised off payroll worker
regulations in the UK – known as IR35.
Jess Holt
Managing Director of workforce consultancy, outlines
the key aspects of the solution, the benefits to clients and
candidates, and the appeal as part of our portfolio.
22 Robert Walters plc Annual Report and Accounts 2024
Annual Report and Accounts 2024 Robert Walters plc 23
Corporate GovernanceOverview
portfolio of clients, enabling us to
redeploy quickly. Typically just 1% of
our consultants are on the bench at
any given time.
Secondly, through partnering
with clients to understand their
workforce demands, we get greater
forward visibility, with our average
consultant deployment tracking at
around 18 months.
Thirdly, we like workforce consultancy
because of the attractive markets
to which it gives us exposure. We
can deliver our consultants into
technology contractor roles, of which
there are estimated to be around
150,000
1
in the UK. We can deliver
our early-in-career consultants into
'Hire, Train, Deploy' programmes,
of which the UK market is estimated
at £300m
2
. We can also deliver our
consultants to statement of work
programmes, the value of which is
estimated at £10bn
3
in the UK alone.
In short, there is plenty to pursue.
Q: How did the business
perform in 2024?
In the context of still challenging
conditions in hiring markets,
workforce consultancy performed
well in 2024. The strength of the
proposition drove a higher average
number of consultants deployed with
clients versus the prior year. As well as
further traction amongst the wider
recruitment outsourcing client base
with which we launched the solution
in 2022, our capability in 'Hire, Train,
Deploy' and the opportunity we have
to deploy consultants into a statement
of work programme has opened up
new client pools.
Overall we delivered a 24% increase
in workforce consultancy net fee
income year-on-year. Whilst we’re
still at a modest base in terms of fees,
this performance further strengthens
our conviction on the opportunity
ahead of us.
This regulatory change pushed all
the liability to the end client for any
back taxes which may arise through
contractors retrospectively being
reclassified as inside IR35. Because
all our workforce consultants are
permanently employed by
Robert Walters and are on our
payroll, we remove the need to assess
the worker status and eliminate any
risk of back taxes.
For candidates, the benefits of
being employed by Robert Walters
as a workforce consultant are
also significant in comparison to
contracting. Firstly, they have no loss
of earnings between assignments
or if they are sick, want holiday, or
are otherwise on leave. Also, they
have access to fully funded benefits,
such as health cover, and investment
into their learning and development
through accredited courses – all
of which can cost a contractor
thousands of pounds. Through our
significant volume of roles received
globally through the Group, we can
also deploy our consultants across a
broad range of clients, industries and
locations all through one employer.
Q: Why is workforce
consultancy an
attractive proposition
for Robert Walters?
Firstly, the margin profile is very
compelling. Compared to traditional
managed service provider margins
which are typically mid-single digit,
we’re delivering a service conversion
ratio of over 30% - reflecting our
current operating model where
we’re able to leverage much of
the infrastructure of the wider
recruitment outsourcing service line.
We protect our margins by carefully
managing the risks associated with
‘bench’ time, which is the period
when a consultant is in between
assignments. We build an allowance
for this into the charge rate. As well
as this, the skills our consultants have
are in high demand across a wide
1. Office for National Statistics
2,3. Staffing Industry Analysts
Strategic Report
Working
together to
solve strategic
challenges.
24 Robert Walters plc Annual Report and Accounts 2024
Strategy Case Studies continued
Annual Report and Accounts 2024 Robert Walters plc 25
Corporate GovernanceOverview
Q: What is the client need
that talent advisory is
meeting and what core
services are you offering?
Our talent advisory function is, we
believe, serving a clear demand in
hiring markets today. Acute skills
shortages, rapid technological
change and evolving working
practices are just some of the drivers
re-shaping hiring markets at present,
with the pace of change meaning that
securing and retaining the best talent
continues to grow in complexity.
In that environment, clients are seeking
to solve talent challenges such as the
future composition of skills needed
in their organisations, the balance
between upskilling the existing
workforce and acquiring new talent, as
well as how to achieve these outcomes
cost-effectively. In short, there is more
to consider for hiring organisations
than ever before. That is where talent
advisory steps in. We partner with
organisations to help them solve their
strategic talent challenges.
Within talent advisory we have three
services – market intelligence, future of
work and talent development.
In market intelligence we use the
data we’ve built up in our business
over the years, enriched with third-
party data, to help clients make
insight-led, effective decisions on how
to attract top talent in the most cost-
effective way.
In future of work, we help clients
assess their performance in critical
areas which are increasingly driving
talent attraction and retention,
and then advise them on how to
align with global and industry best
practice. We do this using robust
evidence-based diagnostics, offering
recommendations for any changes
they should consider and then
delivering training if required.
In talent development, we partner with
clients to ensure they attract, retain and
develop the leaders of the future. We
can support clients with the assessment
of talent in advance of selection, and
with our transition coaching we assist in
onboarding the selected candidate and
setting them up for success.
Q: What is the market
opportunity and how are
you going to market?
Our talent advisory service line plays
within the wider HR advisory market
which, at an estimated size of £115bn
1
,
is vast and forecast to grow broadly in
line with projected global GDP out to
the late part of this decade.
In terms of our go to market
strategy, our distribution model is
really two-fold. Firstly, since launch
we’ve been focused on building
client awareness and reach. To
do this we are leveraging our two
more established service lines for
referrals. Our colleagues in specialist
professional recruitment and
recruitment outsourcing have been
educated regarding our capabilities.
This enables them to spot the buying
signals from their clients – enabling
them to make clients aware of the
relevant services we offer within
talent advisory, and then make an
introduction.
Importantly, colleagues in specialist
professional recruitment and
recruitment outsourcing are
incentivised, through a fee sharing
arrangement, to refer opportunities
– which we believe will set us up for
success. We’re really pleased with the
momentum here, with referrals during
the second half of the year more than
doubling compared to the first half.
Secondly, and having further built
out the function over the near term,
we will go direct to market – with our
own advisory engagement leads
positioned in each region who will be
responsible for generating direct
fee income.
With this dual go to market model,
we’re building on strong foundations
which we believe give us a clear right
to win in this market. There are also
some powerful enablers which will
help us drive the business.
Zenith will be a key enabler, giving
visibility of and access to a pool of
prospective clients with whom we
have an existing relationship.
In addition, our near 40-year legacy
in the talent solutions market, and the
brand position and entrenched client
relationships that has provided us, will
continue to open doors.
Sinead Hourigan
Sinead Hourigan, Global Head of talent advisory,
introduces the most recent addition to our service lines.
1. HR Advisory Services Global Market
Report 2024.
26 Robert Walters plc Annual Report and Accounts 2024
Our Business Model
At Robert Walters, the focus for each
of our 3,300 people each day, wherever
they are in the globe, is helping the
business be the future first choice for
the clients and candidates we serve.
Strategic Report
This focus has been inherent in our approach to business
since the very first candidate was placed almost 40 years
ago, and it remains the guiding principle in how we set
ourselves up to succeed today. To make ourselves the
future first choice, we seek to focus rigorously on doing
four key things consistently well.
Annual Report and Accounts 2024 Robert Walters plc 27
Powering people
and organisations
to fulfil their
unique potential
Support
our fee earners with
the right tools and
free up their time, to
focus on their clients
and candidates
Attract
fee earners
who are specialists
in their field
Build
a culture that
people want to
be part of
Motivate
and incentivise
our people to
deliver the best
results together
The key elements that drive our business model
Build a culture that people
want to be part of
As a people business above all else,
culture is the starting point for our
model. We focus on building a culture
that people want to be part of,
contribute to and feel they belong in.
Our leaders and people managers
play a major role in modelling our core
principles and valued behaviours, and
this is then reinforced for our people
more widely through how we train,
recognise, incentivise and promote.
Attract fee earners who are
specialists in their field
One of the ways our model is
differentiated is the specialist
expertise upon which consultants
can draw for the benefit of their
clients and candidates. For some
of our consultants in our specialist
professional recruitment service line
for example, this means that, prior
to joining Robert Walters, they have
worked in the disciplines they then go
on to recruit into. All of our consultants
know that taking the time to deeply
understand the sectors in which their
clients and candidates operate will
enable them to become ever-more
trusted advisers. As such, they prioritise
understanding their candidates and
therefore building stronger networks,
and staying close to the end markets in
which their clients operate.
Motivate and incentivise
our people to deliver the best
results together
The way in which we motivate,
recognise and reward our people
further helps to embed the behaviours
and principles we believe are critical
for success. We operate a team-based
profit share for our fee earners instead
of individual commission. This actively
promotes the sharing of ideas and
ensures the needs of our candidates
and clients always come first.
Support our fee earners with the
right tools and free up their time,
enabling them to focus on their
clients and candidates
Our consultants are trusted advisers
and partners to their clients and
candidates, and so we give them
the best possible platform and
toolkit to deepen and enhance
these relationships of trust. Time
is a critical resource, and we’re
seeking to harness fast-evolving
technological change (e.g. the
deployment of AI to reduce human
time given to standardised tasks)
on behalf of our consultants so they
can spend even more time with their
clients and candidates.
Strategic Report Financial StatementsCorporate GovernanceOverview
Strategic Report
28 Robert Walters plc Annual Report and Accounts 2024
Strategic Report
Key Performance Indicators
0.85
Definition
Total permanent placements divided by the average
number of permanent fee earners within the Group’s
specialist professional recruitment service line.
Why is this important?
Given the materiality of the Group’s specialist professional
recruitment service line (83% of 2024 Group net fee
income), and the historical weighting within specialist
professional recruitment to permanent placements
(65% of 2024 specialist professional recruitment net fee
income), this volume productivity metric is a core driver of
the overall Group’s financial results.
2024 performance
Volume productivity in perm placements declined by
5% in 2024 against the prior year, driven by a lower
volume of permanent placements against a backdrop
of challenging hiring markets.
Perm placements per perm fee
earner per month
28 Robert Walters plc Annual Report and Accounts 2024
£147.6k
Definition
Total Group net fee income divided by the average
number of fee earners in the Group during the period.
Why is this important?
Net fee income per fee earner tracks overall fee earner
productivity combining both volume and value. Growth in
this metric underpins progression in Group profitability.
2024 performance
Net fee income per fee earner was stable on the prior
year in constant currency. Though volume productivity
declined, this was offset by value growth principally
due to higher average perm fees.
Net fee income per fee earner
3%
Candidate net promoter score
75%
Definition
Employee engagement is measured by the overall
employee engagement index score, captured within
the Company’s annual employee engagement survey.
Why is this important?
An engaged and supportive workforce is critical
to delivering our purpose of powering people and
organisations to fulfil their unique potential. We target
an overall employee engagement score of 80%. This
measure is one of three ESG metrics that forms a
component of the executive director performance
share plan.
2024 performance
The employee engagement index score was two
percentage points lower at 75%. This was a resilient
performance in the context of the challenging hiring
markets in which the Group’s employees operated
during the year.
+56
Definition
The candidate net promoter score (NPS) measures the
net balance of candidates who are promoters of Robert
Walters (scoring their experience with the business 9
or 10 out of 10) compared to those who are detractors
(scoring their experience between 0-5 out of 10).
Why is this important?
Our vision is to become the world’s most trusted
talent solutions business, and the experience of our
candidates is critical to fulfilling this and driving our
business model. We formally commenced measuring
candidate NPS during 2024, and aspire to exceed a
score of 60.
2024 performance
Candidate NPS of +56 compares favourably with the
professional services benchmark of +50.
Employee engagement
(2023: 0.90)
(2023: 77%) First time reporting in 2024
(2023: £151.5k)
(Up 1%
in constant
currency)
5%
2ppts
Annual Report and Accounts 2024 Robert Walters plc 29
Strategic ReportOverview Financial StatementsCorporate Governance
Net fee income
£321.4m
Definition
Net fee income is the total placement fees of
permanent candidates, the margin earned on the
placement of contract candidates and the margin from
advertising. It also includes the outsourcing, consulting
and payrolling margin earned by the recruitment
outsourcing service line.
Why is this important?
Net fee income is the key trading and top-line financial
metric of the Group.
2024 performance
Net fee income declined 14% in constant currency terms
against the prior year, reflecting the challenging hiring
market conditions across the Group’s regions.
17%
9.1p loss
Definition
Earnings per share is defined as profit for the year
attributable to the Group’s equity shareholders, divided
by the weighted average number of shares in issue
during the year.
Why is this important?
Basic earnings per share tracks the Group’s
progression in profitability from the perspective of
its existing shareholders and potential investors. The
compound annual increase in EPS over three years
relative to the retail prices index forms a component of
the executive director performance share plan.
2024 performance
The 9.1p loss per share reflects the profit impact
(breakeven result at the profit before taxation level) of
the challenging trading conditions seen during the year.
Basic earnings per share
Definition
The conversion rate expresses operating profit as a
proportion of net fee income.
Why is this important?
The conversion rate is the Group’s core profitability
metric. It is a gauge of the Group’s operational
efficiency and ability to convert net fee income into
operating profit. The Group’s medium-term target is
to achieve a conversion rate in the range of 16-19%.
2024 performance
The conversion rate fell by 5.2 percentage points
versus the prior year, with the lower net fee income
only partly offset by a reduction in operating costs.
Conversion rate
1.6%
5.2ppts
12.2p negative
Definition
Free cash flow is net cash from operating activities
less capital expenditure, net interest and lease
payments, with this figure being divided by the
weighted average number of shares in issue.
Why is this important?
Free cash flow quantifies the amount of cash available
for distribution to shareholders after all required
expenditures and investment by the business has been
conducted. Adoption as a key performance indicator
helps to focus the business on optimising the cash
consequences of all activities.
2024 performance
The Group was free cash flow negative in 2024
principally driven by the lower operating cash flow
seen from the underlying trading result.
Free cash flow per share
(2023: 20.1p earnings per share) (2023: 21.0p positive)
(2023: £386.8m) (2023: 6.8%)
(Down 14%
in constant
currency)
Strategic ReportStrategic Report
Our ESG Strategy
Non-financial sustainability information statement
We truly believe that a commitment to sustainable business
practices is not only the right thing to do, but also helps us to
achieve our purpose of powering people and organisations to
fulfil their unique potential. And by unlocking potential, we’ll
strengthen, protect and sustain the communities we operate in.
30 Robert Walters plc Annual Report and Accounts 2024
Being a
responsible
business
Engaging our
workforce
Our
purpose
Powering people and
organisations to fulfil
their unique potential
Reducing our
environmental
impact
Enhancing
our ED&I
initiatives
Responding to
a sustainable
world of work
Supporting
our
communities
Commitment to
positive impact
Annual Report and Accounts 2024 Robert Walters plc 31
Corporate GovernanceOverview
Our ESG strategy continues to align closely with our purpose
and the UN's Sustainable Development Goals, underscoring our
commitment to creating a long-term, positive impact where we
can make the most difference.
We recognise the critical importance
of embedding environmental, social
and governance (ESG) practices
across all aspects of our business.
This approach not only benefits our
shareholders but is also the right
thing to do for our people, clients,
candidates and communities. Our
long-term strategic focus ensures that
we are driving meaningful change
within our organisation and beyond.
In 2024, we built on the foundation
laid by our ESG strategy, which
focuses on six key pillars:
1. Engaging our workforce
2. Enhancing our equity,
diversity and inclusion (ED&I)
initiatives, both internally
and for clients
3. Responding to a
sustainable world of work
4. Reducing our
environmental impact
5. Supporting our communities
6. Being a responsible business
The responsibility for overseeing the
implementation of our ESG strategy
continues to rest with our ESG
Committee, which is made up of leaders
from across the business. This team
works closely with key stakeholders to
ensure that ESG considerations are
integrated into decision-making at all
levels of the organisation.
We are proud of the progress made
this year and remain committed to
driving further positive impact. The
following pages outline our continued
efforts and key achievements in 2024.
Toby Fowlston
Chief Executive
Robert Walters
Strategic Report
32 Robert Walters plc Annual Report and Accounts 2024
The cornerstone
of our ESG strategy
Our materiality assessment, conducted in
2022 by a specialist ESG consultancy, was
commissioned to inform the development of
our ESG strategy by helping us identify the
ESG issues that most impact our business and
reflect the areas of ESG where we can have
the greatest influence.
Materiality Assessment
Designed to identify the building
blocks of a robust ESG strategy, the
materiality assessment took a double
materiality approach, looking at both
material issues that impact our business
as well as the components of our
business that have an impact on the
economy, environment and people.
The materiality assessment was
comprised of a peer review to uncover
a long list of material issues for the
recruitment industry and our business,
together with primary research in the
form of surveys and interviews with
internal stakeholders across a variety
of roles. This led to the creation of the
materiality matrix, which contains
the issues most pertinent to Robert
Walters. This formed the cornerstone
of our ESG strategy.
32 Robert Walters plc Annual Report and Accounts 2024
ESG Strategy continued
Materiality Assessment
Strategic Report
Annual Report and Accounts 2024 Robert Walters plc 33
Strategic Report Financial StatementsCorporate GovernanceOverview
Material ESG issues
Materiality line
Issues with high internal
dependency and high external
impact above the materiality
line are deemed most material.
They are marked in bold.
Materiality line
Material issue Internal dependencies
1 Candidate recruitment
and placement
Responding to a sustainable
world of work
2 Changing market dynamics
3 Charity and community engagement Supporting our communities
4 Climate change Reducing our environmental impact
5 ED&I Enhancing our ED&I initiatives
6 Employee wellbeing Engaging our workforce
7 Environment Reducing our environmental impact
8 Ethics and responsible business
Being a responsible business9 Health and safety
10 Human rights
11 Impact of services
Responding to a sustainable
world of work
12 Information security Being a responsible business
13 Employee engagement,
acquisition and retention
Engaging our workforce
14 Risk and crisis management
Being a responsible business
15 Supply chain
External impacts
Internal dependencies
No internal
dependency
No
external
impact
High
external
impact
High internal
dependency
0
10 2 3
1
2
3
6
1
2
13
8
5
4
3
7
9
10
12
14
15
11
Strategic Report
34 Robert Walters plc Annual Report and Accounts 2024
ESG Strategy continued
1. Engaging
our workforce
Our 2024 highlights
Embedding our purpose
Our purpose - powering people and
organisations to fulfil their unique
potential - underpins everything we
do and is embedded in our global
people practices to deliver a world-
class employee experience. In July
2024, we unified our brand, bringing
together our historically separate
brands under the one Robert Walters
banner. This was complemented
by the introduction of our internal
Winning as One strategy, which
placed our purpose and people at
the centre of our transformation.
The strategy focused on developing
a high-performing, value-driven
culture of disciplined entrepreneurs
who collaborate to improve,
compete, deliver and win. To engage
and educate our employees about
this new vision, strategy and brand
unification, we crafted a clear
internal narrative which not only
informed but inspired and motivated
our people to see the value of the
journey and their role in its success.
Strategic Report
We strive to create a workplace
where our people can do their best
work, collaborate with others and
continue to grow. To do this, we
actively listen to our people, prioritise
effective communication of our
values and continuously work towards
enhancing the employee experience.
By focusing on our values and
fostering a high-performance, value-
driven culture, we are committed to
providing the tools, opportunities and
support needed for our employees
to thrive, achieve their full potential
and succeed together. This ongoing
commitment ensures that our
employees feel heard, valued and
empowered to make meaningful
contributions, driving both their
personal success and the success of
the organisation as a whole.
Our ambition
To be led by a purpose which
resonates with our employees and
informs our company culture. By
listening attentively to our people
we aim to help them thrive – both
personally and professionally across
all the moments that matter in their
employee journey with us.
Framework of approach
We will achieve our ambition by
focusing on the following areas:
1. Implementation of purpose:
Engage employees with our
purpose helping them to identify
how their personal values align to
it. Align our benefits offering to the
purpose as well as to new client-
facing services.
2. Employee engagement:
Collect and action employee
feedback to provide more of
a voice to our employees.
3. Tailored learning and
development: Continue to
deliver learning and development
opportunities and provide upskilling
programmes related to purpose
and market trends.
At the core of our business is a commitment
to creating a meaningful experience for our
employees, one that helps unlock their unique
potential. We are dedicated to building an
environment where every individual feels
engaged, supported and empowered to
develop both personally and professionally.
34 Robert Walters plc Annual Report and Accounts 2024
Annual Report and Accounts 2024 Robert Walters plc 35
feedback, and in response, action
plans have been created both globally
and within each team.
We also launched new onboarding
and offboarding surveys through
Glint, enabling us to capture valuable
insights from employees at different
stages of their journey with us.
This continuous listening approach
ensures that we remain responsive to
the evolving needs of our people.
Developing our people
We’re proud of the learning and
development opportunities we
offer employees, giving them the
opportunity to build long successful
careers with us. We take an agile
approach to learning, while ensuring
that we design programmes that
support our people at every stage
of their career, such as developing
manager toolkits.
We take the time to understand our
people’s learning goals and align
them with our business objectives to
foster growth and development.
We also launched a global
performance and career
conversation toolkit alongside
our regional appraisal process
which includes practical tools and
templates to support managers to
run robust performance reviews
with their people.
Connected to our agile approach to
learning, we launched our learning
management system, The Learning
Hub, in March 2024, to give our
people access to a wide range of
resources at their fingertips, for
both their personal and professional
learning needs. This platform enables
structured learning pathways by role
as well as empowering our employees
to take charge of their professional
development, ensuring they have the
tools needed to succeed.
Actively listening to our people
In 2024, we continued to conduct
our global employee engagement
survey, partnering with employment
engagement specialists Glint to
provide the technology platform for
the survey. This is now embedded
as a bi-annual activity with an
average of 83% percent of our people
participating. In 2024, 77% of our
people told us they feel aligned to
our company purpose. Our overall
engagement score was 75% which is in
line with the Glint industry benchmark,
reflecting a comparable level to other
companies in the professional services
category globally.
The employee engagement survey
is just one part of our ongoing
efforts to stay connected with our
workforce. We empower managers
with access to data specific to their
teams, providing them with the
training and tools needed to engage in
meaningful conversations about what
engagement means for their people.
We were proud to see key strengths
in areas including empowerment and
purpose, and that employees feel their
managers genuinely care for them.
Additionally, our people expressed
a strong sense of ownership over
their contributions to our collective
success. The survey provides valuable
As part of this launch, we refreshed
our values:
• Integrity: Speak honestly, act
with integrity and keep promises.
• Inclusive: Listen, include and
respect diversity.
• Innovate: Stay curious, adapt
and lead.
• United: Work together, holding
ourselves accountable.
To strengthen engagement, we
developed a communications plan
focusing on consistent storytelling,
providing tools and guidance to
foster pride and alignment. Our
emphasis on building community
and collaboration across all
entities and geographies helped to
reinforce a #oneteam culture.
A key highlight of our internal
activation was our inaugural Global
Collaboration Day, which brought
employees together to encourage
learning, collaboration and business
development, aligning everyone
with our new vision and strategy.
The success of this initiative
was reflected in our employee
engagement survey, with 78%
of employees understanding the
strategy and 75% feeling confident
about its direction.
Maintain or increase employees
completing the global employee
engagement survey
82%+
Employees feel aligned to our
company purpose
80%
Overall employee engagement
index score
80%
Our targets
Employees completing the
global employee engagement
survey in 2024
83%
Employees feel aligned to our
company purpose in 2024
77%
Overall employee engagement
index score in 2024
75%
Our progress
and highlights
Strategic Report
36 Robert Walters plc Annual Report and Accounts 2024
ESG Strategy continued
36 Robert Walters plc Annual Report and Accounts 2024
2. Enhancing our
ED&I initiatives
Our ambition
To be a global ED&I leader, leveraging
our relationships with our clients,
candidates and colleagues, alongside
our inclusive recruiting expertise, to
challenge status quo hiring practices.
Framework of approach
We will achieve our ambition by
focusing on the following areas:
1. Consciously inclusive culture:
Create an inclusive culture with
equitable processes and policies.
2. Amplified voices: Increase allyship
and develop upstander behaviour.
3. Leading the conversation: Improve
clients’ diverse hiring with advisory
services and thought leadership.
4. Inclusive accountable leadership:
Ensure leaders are diverse
and inclusive.
5. Knowing our data: Collect data
to drive meaningful change.
6. Powering people potential:
Develop programmes to reach
under-represented groups
internally and externally.
Our 2024 highlights
Central to ED&I approach is our
commitment to empowering our
people and amplifying voices,
ensuring all individuals can thrive
and contribute meaningfully.
Empowering our people
Our regional ED&I councils continue
to play a pivotal role in helping us
achieve our ED&I goals. With seven
councils globally, our dedicated group
of over 100 volunteer ED&I council
members is driving awareness,
education and advocating for
changes to policies and processes
that support our inclusive culture.
In 2024, these councils played a key
role in helping our global workforce
celebrate over 20 cultural awareness
moments, including Holi, International
Women's Day, Pride, Ramadan, Black
History Month, National Reconciliation
Week, Africa Day, International
Day of Transgender Visibility,
World Mental Health Day, Diwali
and International Men's Day. These
celebrations were vital in building a
greater sense of understanding and
connection across our business.
Additionally, we've introduced new
ED&I learning pathways through
our updated learning management
system, providing our people with the
tools and resources to continue their
educational journeys and deepen their
understanding of ED&I.
Amplifying voices
In 2024, we continued our commitment
to amplifying employee voices through
our employee resource groups (ERGs).
These voluntary, employee-led groups
create a supportive environment where
everyone feels safe to speak up, fostering
a sense of belonging. ERGs provide
peer support, advocate for policy
change, raise awareness with leadership
on identity-related issues, and drive
education through events, networking,
and community engagement.
Our ERGs, though still developing, have
become an integral part of our culture.
One of the standout initiatives from 2024
was the launch of neurodiversity carers
coffee mornings in the UK, offering
support to parents within the business.
These gatherings are just one example
of how our ERGs are making a tangible
impact, creating spaces for connection,
support and shared learning.
Another key highlight was the Enable
ERG’s leadership team meeting
with members of the Board to
discuss the group’s journey. This
conversation covered the successes,
opportunities and impact of the
Enable ERG, a group which is
focused on supporting colleagues
with disabilities, long-term health
conditions and neurodiversity, and
those with caring responsibilities for
members of those communities.
Supporting our clients
Our diverse hiring diagnostic, a key
part of our talent advisory service line,
has gained widespread recognition
for its impact. It empowers employers
with the knowledge to remove barriers
and biases from their recruitment
processes, thereby opening doors for
talent from diverse backgrounds.
The diagnostic assesses the end-to-
end recruitment process, analysing
the impact of recruitment content
and processes across multiple
lenses, including age, disability and
neurodiversity, ethnicity, gender,
faith, LGBTQ+ and socio-economic,
producing a bespoke report with clear
actions including immediate steps that
can be taken to deliver meaningful
change and measurable results.
Our diverse hiring practitioners -
recognised leaders in minimising bias
in recruitment - blend operational
expertise with academic backgrounds
in the career development of under-
represented individuals. They work
closely with clients to ensure that
businesses can make lasting, positive
changes to their hiring practices.
Strategic Report
At Robert Walters, we understand the transformative power of diversity
and its essential role in helping our clients, candidates and colleagues
reach their full potential. That's why we take a dual approach: promoting
diverse hiring practices within our clients' organisations while fostering
an inclusive workplace culture within our own business.
Annual Report and Accounts 2024 Robert Walters plc 37
Corporate GovernanceOverview
Board ethnicity
Number
of Board
Members
% of
the
Board
Numbers of senior
positions on the Board
(Chair, CEO, CFO, Senior
Independent Director)
Number in
executive
management
% of
executive
management
White British or other White
(including minority white groups)
6 86% 4 5 83%
Mixed/Multiple ethnic groups - 0% - - 0%
Asian/Asian British 1 14% - 1 17%
Black/African/Caribbean/Black British - 0% - - 0%
Other ethnic group - 0% - - 0%
age or disability, and full and fair
consideration is given to the employment
of disabled people for all suitable jobs.
In the event of any employee becoming
disabled, every effort is made to ensure
that employment continues within the
existing or a similar role, and we seek
to support disabled employees in all
aspects of their training, development
and promotion where it benefits both
the employee and the Group.
Advancing gender equity
and leadership inclusion
As part of our ongoing commitment
to gender equity in our business and
building an inclusive workplace, we strive
to create an environment where all
employees thrive, regardless of gender.
Our focus remains on advancing gender
balance, within senior leadership and
across the wider business.
In 2024, we met our 2025 target for
global leaders (Associate Directors
and above) identifying as women.
This progress reflects our continued
dedication to creating more
opportunities for women to advance
within our organisation, and we are
proud to have gender balance within
our leadership population.
Governance and policies
Equal opportunities
The Board remains committed to
ensuring diversity through future
Board appointments.
In accordance with the Companies Act
2006 (Strategic Report and Directors’
Report) Regulations 2013, the Group
has provided the gender table below.
We seek to offer the opportunity to
benefit from fair employment, without
regard to gender, sexual orientation,
marital status, race, religion or belief,
Gender pay gap reporting UK
We support gender equality and in
line with Gender Pay Gap legislation,
we published our annual UK gender
pay gap reports. The report can be
found on our website:
robertwalters.co.uk/gender-pay-
gap-report
1. A senior manager is a person who is responsible for managing significant activities within the Group, or who is strategically important to part of the
Group. This will include any operating country or regional directors and functional heads of department.
Employees feel a sense of
belonging at the Group by 2025
80%+
Global leaders (Associate Directors
and above) that identify as female
by 2025
50%
Percentage of promotions
awarded to those identifying
as female in 2023
50%+
Our targets
Employees that feel a sense of
belonging at the Group in 2024
71%
Global leaders (Associate Directors
and above) that identify as female
in 2024
50%
Percentage of promotions
awarded to those identifying
as female in 2024
63%
Our progress
and highlights
2024 average employees 2023 average employees
Male Female Unspecified Total Ratios (%) Male Female Unspecified Total Ratios (%)
Board Directors 4 3 - 7 57:43:0 5 2 - 7 69:31:0
Executive Management
(excluding Board members)
5 1 - 6 83:17:0 5 1 - 6 83:17:0
Senior Managers
1
139 135 - 274 51:49:0 157 134 - 291 54:46:0
Other employees 1,275 2,057 - 3,332 38:62:0 1,509 2,450 3 3,962 38:62:0
1,423 2,196 - 3,619 39:61:0 1,676 2,587 3 4,266 39:61:0
38 Robert Walters plc Annual Report and Accounts 2024
Strategic Report
ESG Strategy continued
38 Robert Walters plc Annual Report and Accounts 2024
3. Responding
to a sustainable
world of work
ESG objectives, all while driving
progress towards a more sustainable
future. We are dedicated to powering
people and organisations to unlock
their full potential in this rapidly
changing world of work.
Our ambition
To be a global talent solutions
business that can respond to the new
commercial opportunities within an
ESG-informed economy.
Framework of approach
We will achieve our ambition by
focusing on the following areas:
1. Insights: Publish thought
leadership on ESG and the
transitioning economy to support
clients through change.
2. Supporting the transition:
Shift our focus to clients and
placements supporting the
transition, and minimise work with
lagging companies and sectors.
Our 2024 highlights
Talent advisory
In today’s rapidly evolving global
workforce, businesses face unique
challenges in securing the talent
needed to drive innovation and
growth. To address these challenges,
we developed our talent advisory
service line, positioning us at the
forefront of solving complex issues
related to recruitment, talent and
skills. By strategically leveraging data
analytics, we provide employers with
the insights necessary to navigate a
competitive and constantly changing
job market.
Our talent advisory service line offers
tailored market intelligence, bespoke
advisory services and innovative
talent solutions. We support clients in
addressing talent challenges across
various geographies, industries and
disciplines, enabling them to adapt to
the evolving world of work and align
with a sustainable future.
The shortage of key skills across
industries has become a significant
challenge for employers globally.
Combined with the fast pace of
technological advancements
(particularly the rapid evolution of
generative AI) and shifting work
patterns - including hybrid, remote,
multi-generational and gig work
- businesses increasingly need
strategic guidance.
Our talent advisory solutions are
designed with our clients' needs in
mind, continually evolving through
our understanding of market shifts
and access to deep market insights.
This enables us to support our clients
in navigating market changes,
building organisational resilience
and strengthening their meritocratic
hiring strategies.
We support businesses that are
leading the way in the transition to a
sustainable economy and improving
their ESG impact. Our distinct
advantage is our ability to provide
data-driven insights and research on
ESG, recruitment and the future of
work, enabling us to help businesses
identify and retain the right talent
for a sustainable future.
As ESG considerations continue
to grow in importance across all
industries, hiring practices will need
to evolve. Companies must adapt
by recruiting for new roles and skill
sets, addressing emerging talent
shortages, and incorporating
ESG factors as essential criteria
for certain positions. Additionally,
candidates are increasingly seeking
employers who share their values
and are committed to sustainability
and social impact.
We help guide businesses through
these changes, ensuring they attract
and retain talent aligned with their
Our purpose is to power people and
organisations to fulfil their unique potential.
As a global champion for talent, we are
committed to delivering better experiences
and quality outcomes for our customers.
Annual Report and Accounts 2024 Robert Walters plc 39
Corporate GovernanceOverview
The diagnostic focuses on connecting
ESG commitments to the employee
value proposition, a crucial
aspect for today’s workforce who
prioritise purposeful work aligned
with personal values. The service
delivers a comprehensive audit of
a company’s ESG strategy, along
with tailored recommendations to
strengthen talent attraction, enhance
the employee value proposition and
improve ESG communication.
Diverse Hiring Diagnostic
Recognising that diversity is not just
a moral imperative but a business
one, our diverse hiring diagnostic
service leverages a data-informed
diagnostic to identify and eliminate
biases in the recruitment process.
With a decade of experience, this
service has supported businesses to
create more inclusive workplaces and
improved quality of hire.
Hire Train Deploy
Our Hire Train Deploy accelerate
programme is designed to kickstart
tech careers, close skills gaps,
improve diversity and drive social
mobility. By increasing access and
expanding the tech community, it
fosters a positive societal impact by
offering businesses the opportunity
enhance agility, broaden talent pools
and strengthen people strategies.
In 2024, we welcomed our first cohort
of early-in career consultants into
the Hire Train Deploy accelerate
programme, with 100% of our 14
graduates finding employment in
their field. This success highlights
the programme’s effectiveness in
Bespoke advisory solutions
built to support client needs
in an ever-evolving market
ESG for HR
Attracting and retaining top talent
is increasingly linked to a company’s
ability to communicate and deliver on
its ESG commitments. As expectations
evolve, particularly among the Gen Z
workforce, businesses must align with
the ESG areas that matter most to their
workforce to attract the best talent.
To address this, we developed a
pioneering consultancy service,
centered around our award-
winning Employee Sustainability
Proposition Diagnostic. This service
helps businesses identify key ESG
factors important to employees,
assess performance in these areas,
and evaluate how effectively ESG
strategies are communicated.
Number of awards (win or finalist)
our ESG for HR consultancy service
recognised for in 2024
2
Host ESG for HR Masterclasses
for our clients throughout 2024
Our 2024 targets
ESG for HR consultancy
service awards (win or finalist)
in 2024
2
We hosted ESG for HR Masterclasses
globally for our clients in 2024
Our progress
and highlights
bridging the gap between education
and industry, demonstrating real-
world impact and the value we bring
to both businesses and individuals.
As part of the programme, the Hire
Train Deploy academy focuses on
training graduates and school leavers
for 4 to 12 weeks, providing them with
the skills necessary for success. Upon
completion, these individuals are
deployed to our clients’ early-career
programmes, helping businesses
access fresh talent while fostering the
development of the next generation
of tech professionals and nurturing
diverse leaders of the future.
Delivered through our recruitment
outsourcing service line, Hire Train
Deploy provides a socially responsible
approach for employers to build
diverse, skilled tech talent pipelines.
Leveraging our global reach,
extensive talent pool and expertise in
recruitment, assessment and training,
we identify high-potential early-
career talent and place them with
employers seeking skilled, accredited
professionals. Supported by a robust
career development framework, this
process helps businesses de-risk their
people strategy while empowering
individuals from under-represented
groups, career returners and ex-
military personnel to build successful,
long-term careers in tech.
By advancing diversity, promoting
inclusivity and igniting opportunity for
all, Hire Train Deploy is helping shape
a sustainable and inclusive future for
the workforce.
Recognised as global
ESG leader
We continue to be recognised
as a leader in our field, with our
services being shortlisted for several
prestigious awards, including the
APSCo Awards for Excellence in
Best Innovation (ESG), HR Excellence
Awards for HR Consultancy of the
Year, Global Recruiter Award for Best
Equity, Diversity & Inclusion Strategy,
Talint Tiara Awards for EDI and
Innovation of the Year, and the British
Recruitment Awards for Diversity &
Inclusion Initiative of the Year.
Strategic Report
40 Robert Walters plc Annual Report and Accounts 2024
ESG Strategy continued
40 Robert Walters plc Annual Report and Accounts 2024
4. Reducing our
environmental impact
Strategic Report
We’re taking action to reduce
our emissions, increase the use of
renewable energy and empower our
offices to take local action to reduce
our impact on the environment, to
help us reach our target of net zero
by 2040 across Scope 1 and Scope 2
greenhouse gas (GHG) emissions.
Our ambition
To be an environmentally conscious
business which understands
and reduces its environmental
impact globally.
Framework of approach
We will achieve our ambition by
focusing on the following areas:
1. Group level decarbonisation:
Set a net-zero target for 2040.
Use our decarbonisation
framework to reduce carbon
emissions as much as possible.
2. Environmental reporting:
Maintain regulatory compliance
with climate-related reporting.
3. Local environmental initiatives:
Engage employees with local
initiatives focusing on waste,
water and energy.
Our 2024 highlights
Local action supporting
global goals
Our Amsterdam, Dublin, London
and Paris offices have all successfully
maintained ISO 14001 accreditation,
the international standard for
environmental management.
Supported by our global ESG
Champions and ESG Committee, our
local offices are also empowered to
take local action that helps to reduce
our environmental impact and support
us in achieving our global goals.
For example, all office buildings
in Tokyo and Osaka use 100%
renewable electricity, and a number
of countries including Ireland and
the UK have already commenced
the move towards using low
carbon electricity. Our London
and Manchester offices moved
to a renewable energy supply in
October 2024. Meanwhile, offices
in the Philippines, Hong Kong and
the UK have implemented energy-
saving initiatives like smart lighting
and air conditioning controls to
minimise energy consumption.
These offices also prioritise reusing
materials and furniture, as well as
donating outdated merchandise.
In Korea, the office building purifies
and reuses water for toilets and
gardening, contributing to further
reductions in water usage.
These initiatives across our offices
demonstrate our continued
commitment to sustainability and
reducing our environmental impact.
Reducing our emissions
We’re taking action to reduce our
emissions to help us reach our target
of net zero by 2040 across Scope 1
and Scope 2 greenhouse gas (GHG)
emissions. When any of our offices
renew or take a new lease we choose
a renewable energy supplier where
available. We’re also focused on
reducing our emissions from business
travel, with a reduction in business
travel emissions per head of 55%
compared to the 2019 base line year.
And we are moving our company car
fleet to hybrid or electric vehicles in
EU, with 73% being hybrid or electric
in 2024 (2023: 47%).
As a business we are committed to reducing our environmental impact,
recognising the global threat posed by climate change. We take our
responsibility to safeguard the environment for future generations
seriously, as in order to power people and organisations to fulfil their
unique potential, we must also protect the planet we all share.
Annual Report and Accounts 2024 Robert Walters plc 41
Total Group emissions reduced
in 2024 against the base year* by
42%
Percentage of offices that use
100% renewable energy sources
in 2024
35%
Percentage of company cars
that are hybrid or electric vehicles
in the EU in 2024
73%
Our progress
and highlights
Additionally, we are looking at
enhancing our Scope 3 emission
reporting by including a wider range of
categories with a view to incorporation
into our 2040 net zero target.
A commitment to
best practice
In line with industry best practices,
we remain committed to maintaining
a range of environmental policies,
such as our Carbon Reduction
Plan, Sustainable Procurement
Policy Statement and Carbon
Conscious Business Travel
Policy. These, together with our
Environmental Policy Statement,
Environmental Code of Conduct for
suppliers and Sustainability Policy
Statement, form the foundation of
our ongoing sustainability efforts.
Reach net zero across Scope 1
and 2 GHG emissions by
2040
Offices where we have control over
energy sources to use renewable
energy by 2035
100%
Percentage of company cars
that are hybrid or electric vehicles
in the EU by 2035
60%
Our targets
*Using 2019 as the baseline year.
Strategic Report
42 Robert Walters plc Annual Report and Accounts 2024
ESG Strategy continued
Task Force on Climate-related Financial Disclosures (TCFD)
This statement contains
the Group’s TCFD-aligned
disclosure in accordance with
the FCA’s Listing Rules and
BEIS’ statutory instrument
on climate-related financial
disclosures. The Group has
provided responses across
the TCFD’s pillars and aims
to advance the maturity of
its climate-related actions
and disclosures on an annual
basis. This statement complies
with each of the TCFD’s 11
recommended disclosures and
is in compliance with the new
Companies (Strategic Report)
(Climate-related Financial
Disclosure) Regulations 2022
(SI 2022/31).
Governance
The Board has primary oversight for
the Group’s ESG performance and
monitors the risks and opportunities,
including climate-related ones. The
Board considers climate-related
issues when reviewing and guiding
strategy, risk management policies,
annual budget and business plans
as well as setting the organisation’s
performance objectives, monitoring
implementation and performance
and overseeing major capital
expenditures. ESG was a listed
topic on the agenda at two Board
meetings in the last year, the
mechanism through which the Board
reviews emerging ESG issues for
relevance to the Group’s risk profile
and company strategy. Any new
emerging risks or changes in risk
profile are then discussed at the
Audit and Risk Committee meetings
and a decision is made on whether
they should be included in the
Group’s risk matrix.
During the year, the Board used the
updates from the ESG Committee
to review progress made against
the Group’s ESG strategy and the
Group’s ESG targets, among others.
The ESG Committee was
established at the beginning of
2021 and met five times in 2024.
The Committee has ownership and
responsibility for the execution
of the Group’s ESG strategy
and consists of key stakeholders
from across the Group including
members of the Operating Board
and business support functions.
David Bower (CFO) is the Chair
of the ESG Committee and is
responsible for informing the
Board of the Committee’s findings
and of any required actions. The
Committee includes two operational
ESG ‘champions’ responsible for
driving change and influencing
behaviour throughout the business,
working with local management
The Board
Oversight for the Group's ESG performance and monitors the risks and opportunities,
including climate-related ones.
Audit and Risk Committee
Reviews and considers the extent
to which management has
addressed the key risks through
appropriate controls and actions
to mitigate those risks.
Chair of the ESG Committee
Responsible for informing
the Board of the ESG
Committee's findings
and actions.
The ESG Committee
The ESG Committee consists of pillar leads and
senior management.
Remuneration Committee
Sets and evaluates
Executive Directors' KPIs
linked to ESG, including
climate-related ones.
Senior management
Responsible for considering
key risk areas, managing
mitigations and maintaining
systems of internal control.
Ensures compliance with
ESG Strategy.
Internal
audit
Reviews
and tests the
effectiveness
of controls to
ensure that
risk is being
managed
properly and
effectively.
ESG
Committee
members
Tasked with
ownership and
execution of
the Group's
strategic ESG
pillars.
Risk management process
The Board recognises the
importance of identifying
and actively monitoring the
full range of financial and
non-financial risks facing the
business, at both a local and
Group level incorporating
both top-down and bottom-
up perspectives.
Operational
ESG ‘champions’
Responsible for
driving change
and influencing
behaviour
throughout the
business.
Annual Report and Accounts 2024 Robert Walters plc 43
teams to meet the Group’s ESG
targets, including the environmental
targets. These targets (listed on
page 90) have been incorporated
into the Executive Directors’ KPIs, as
well as those of senior management.
Climate-related risks are identified,
assessed and managed in line with
the Group’s risk management process
outlined in full on pages 40 to 41.
Strategy
Climate change mitigation is a key
piece of the Group’s environment pillar
within our ESG strategy. We have
made a commitment to reach net zero
by 2040 across scope 1 and 2 GHG
emissions, and continue to progress
against our GHG emissions reduction
targets as found on page 41.
The Group recognises that climate
change, specifically the transition to
a low carbon economy, will change
the landscape in which the business
operates. In 2022, we undertook a
qualitative scenario analysis which
assessed the material climate-
related risks and opportunities
(CRROs) within a 2°C by 2100
warming scenario.
The process consisted of engaging
key internal stakeholders across risk,
strategy, operations, communications
and other support functions, to
examine potential impacts of
the scenario. The Group utilised
assumptions of physical risks from
the Representative Concentration
Pathways (RCP 3.4) and assumptions
about policy change, market
dynamics and customer demand
from the Shared Socioeconomic
Pathways (SSP2).
We assessed the impacts of the
2°C scenario up until 2050, such
that we would be reasonably able
to influence upcoming decisions
around strategies, capital allocations,
costs and revenues. The scenario
we examined was centred on
a disorderly transition, where
economies take reactive, regional
approaches to climate change
challenges, rather than globally
co-ordinated responses.
In this scenario, the wider implications
related to the Group were broadly
categorised as the following:
• Green skills: The demand for
green skills could increase,
creating a widening gap between
demand for talent and availability.
• Clients decarbonising their
operations: Clients could face
more pressure to decarbonise,
and therefore would need to hire
individuals with green skills. This
is already underway for Financial
Services, a key client category,
that is under increasing pressure
to reduce operations and financed
emissions (i.e. their funds and the
issuers within those funds).
• Climate migrants and brain
drain: Climate catastrophes
and desertification moving
from the equator outwards
could result in climate migration.
The majority of such migrants
would likely be displaced internally,
with only a minority of the
wealthiest individuals moving
internationally. This could cause
brain drain, further exacerbating
international inequalities.
• Climate resilience: For those CRROs
where the Group is most exposed,
we have established mitigating
activities to minimise any impact
and capitalise on opportunities.
As the transition to a low-carbon
economy continues, the Group has
put in place actions to strengthen
our green skills recruitment and
support both clients and candidates
in navigating a changing market.
This could have the potential
of increasing revenues, where
the Group is able to increase
the number of placements for
companies seeking green and other
sustainability skills. Our plan and
associated KPIs can be found in our
Sustainable World of Work pillar, on
pages 38 to 39.
As a people-centred business, some
key risks are centred around our
employees’ welfare and candidates
wanting to work for purpose-led
businesses. We believe that our
Workforce Engagement (pages 34
to 35) and ED&I (pages 36 to 37)
pillars will enhance employee welfare
and communicate our sustainability
progress to current employees and
emerging talent, which in turn may
give us access to a wider talent pool.
As a business that is not strongly
exposed to climate-related risks
and which is in a position to benefit
from emerging climate-related
specialist career opportunities, we
believe our financial performance
and operations will not be under
severe stress from climate change.
Our strength is in the flexibility of
our business strategy and we have
an opportunity to assist in enabling
employment to a new generation
of individuals to whom purpose and
sustainability is extremely important.
The process for reviewing,
identifying, assessing, and managing
climate-related and emerging risks,
is integrated into the Company’s
overall risk management process.
Climate-related risk is continually
evolving, and the potential impact to
our organisation in the revised short
(current to 2027), medium (2028 to
2040) and long term (2041 to 2050)
and our impact on the environment
has been considered. A range of risks
have been identified and reviewed,
with mitigating activities for each
agreed upon. The materiality of
these risks is assessed based on their
likelihood and potential financial
impact. Our most material individual
CRROs can be found in the table on
the following pages.
Strategic Report
44 Robert Walters plc Annual Report and Accounts 2024
ESG Strategy continued
Climate-related risks and opportunities
Opportunity
TCFD
category
Description
of impact
Short
term
Mid
term
Long
term
Activities to capture
opportunity
Helping
stakeholders
adapt to climate
change and the
transition to
a sustainable
economy
Transition:
Market
The transition to a low-
carbon economy and
the physical impacts of
climate change may
have disruptive effects
on people and the
world of work.
Employees may
require more support
from recruitment
companies as they
navigate changes
to their routine
working conditions.
The Group has developed award-winning
Future of Work services (including Diverse
Hiring, ESG for Hiring and Candidate
Experience), which are designed to provide
customers with clear and actionable
recommendations to improve their hiring
and retention strategy. This will enable the
Group to support clients in achieving their
ESG objectives and targets in addition to
assisting the Group in being recognised as
a thought leader in sustainable HR. With
the roll out of Zenith, the Group’s customer
relationship management (CRM) system,
the Group plans to refine its framework
for the classification of sustainable jobs, to
establish a formal tracking of recruitment
pipelines. This will put the Group in the position
to support and benefit from the growth in
sustainable and ESG-aligned investment and
skills. As the Group obtains relevant data, we
will continue to refine horizon scanning for
emerging ESG market trends and climate-
related risks and opportunities for the Group
and our clients. Monitoring market trends will
allow us to explore the possibility of creating
a ‘sustainable’ recruitment division to capture
any increased investment in that space.
Climate-related
cost of living crisis
Transition:
Market
Climate change and
the transition to a low-
carbon world could
increase the cost of
living (e.g. energy cost
through policy taxes,
or food prices due
to droughts), putting
pressure on people's
economic welfare.
This could have an
impact on the financial
wellbeing of the
Group's employees.
The Group operates in a highly competitive
sector. We are a professional services
company and our approach to the
remuneration of all employees has been
fundamental to our culture and our success
over the years. We pay well across the
Group, based upon talent, merit and
performance, as well as continue to provide
employees with benefits to support them
and their families in their personal lives.
Beyond the existing support we provide
through our management and HR teams,
we also encourage our people to make use
of the locally relevant Employee Assistance
Programme (EAP), which offers financial
and wellbeing advice.
We support gender pay equality and are
committed to taking action to close gaps
where these may exist.
We clearly communicate and promote the
Group’s contribution to ESG, to improve
employee awareness and also provide a
sense of purpose.
Annual Report and Accounts 2024 Robert Walters plc 45
Opportunity
TCFD
category
Description
of impact
Short
term
Mid
term
Long
term
Activities to capture
opportunity
Rising energy
costs
Transition:
Market
As regulation
becomes more
stringent, high
emissive sources of
energy may become
more expensive.
This may increase
energy costs
and therefore
operating costs.
As part of our ESG strategy, we are
committed to choosing low-carbon and
renewable energy, targeting 100% use of
renewable energy by 2035 in offices where
we have control over our energy supply.
To this end, a number of countries
including Ireland and the UK have already
commenced the move towards using
low carbon electricity, with a change to
renewable energy supply to our London
and Manchester offices with effect from
October 2024.
In addition, we are also committed to
reducing total energy consumption.
Talent
attraction
and retention
Transition:
Reputational
Younger talent may
increasingly want to
align their personal
purpose with their
employer’s purpose.
If the Group is slow
in its action against
climate change, it could
struggle to attract and
retain talent.
The Group acknowledges the very
real threat of climate change, and we
are committed to further reducing our
impact on the environment and continue
embedding purpose throughout business
activities and into the employee value
proposition (EVP).
Enhanced
carbon
reporting
obligations
Transition:
Policy
The Group is dealing
with the rapidly
changing landscape
of carbon reporting
and will need to
ensure disclosures are
aligned with reporting
requirements.
The requirements of climate-related
corporate reporting and disclosures
are reviewed by the Group Financial
Controller annually and are written in line
with legislative disclosure requirements.
Strategic Report
46 Robert Walters plc Annual Report and Accounts 2024
Opportunity
TCFD
category
Description
of impact
Short
term
Mid
term
Long
term
Activities to capture
opportunity
Acute asset
damage
Physical:
Acute
As temperatures rise,
there may be more
extreme weather
events (e.g. floods)
which could impact
some of the Group’s
office locations.
Damages could
result in extra costs
for the business
and interruption of
business activity.
With the advent of
remote working,
employees’ homes
could increase the
amount of locations
with the potential of
being impacted by
physical risks.
The Group operates from leased office
space and as a service industry has limited
high-value physical assets.
The Group is geographically diversified
and our disaster recovery processes, which
are regularly reviewed, ensure the Group is
able to mitigate natural disaster risks (e.g.
floods, earthquakes).
In addition, the provision of Microsoft
Surface Pros, one of the most
sustainable choices on the market, to all
staff ensures we have the flexibility to
work remotely as required.
Climate impact
on physical work
conditions
Physical:
Chronic
As temperatures
rise, the working
conditions during
very warm periods
may negatively
affect employees’
productivity and
mental wellbeing.
The wellbeing of our people is a high
priority. The Group has management and
HR support available in all locations to assist
employees in managing productivity and
wellbeing in offices where climate has an
impact on working conditions.
Climate-related risks and opportunities
ESG Strategy continued
Risk/opportunity
Low risk
Medium risk
High risk
Low opportunity
Medium opportunity
High opportunity
Time horizon
Short term: Current – 2027
Mid term: 2028 – 2040
Long term: 2041 – 2050
Annual Report and Accounts 2024 Robert Walters plc 47
Corporate GovernanceOverview
Risk management
As detailed in the strategy section of
the TFCD statement on page 43, in
2022 the Group undertook a qualitative
scenario analysis which included an
assessment of predicted physical,
regulatory and societal shifts in a
2°C warming scenario. Through this
process the Group identified relevant
CRROs and assessed their impact up
until 2050. The CRROs identified and
monitored are disclosed in the CRRO
table on pages 44 to 46.
The Board recognises the importance
of identifying and actively monitoring
the full range of financial and non-
financial risks facing the business, at
both a local and Group level.
The materiality of risks is considered
as a product of occurrence (the
likelihood of the risk happening within
the next 10 years) and impact (the
degree of the impact should the risk
happen), with a summary of the key
risks that we believe could potentially
impact the Group’s operating and
financial performance disclosed in
our Principal Risks and Uncertainties
section on pages 58 to 66. At present,
in relation to the key risks identified in
the Principal Risks and Uncertainties
section, the relevant CRROs identified
are not considered to have an
individually material impact for the
Group, however a failure to identify
and manage climate-related risks and
opportunities is considered relevant.
The processes for mitigating the
identified CRROs can be found in the
CRRO table on pages 44 to 46. As
part of the overall risk management
process, which includes CRROs, the
Audit and Risk Committee reviews
and considers the extent to which
management has addressed the key
risks through appropriate controls
and actions to mitigate those risks.
CRROs are managed and prioritised
as part of the Group’s overall risk
identification and management
process (outlined in full on page 58).
Additionally, we review the outcome
of the scenario analysis annually and
consider any key assumptions and
market trends that might uncover
emerging risks or opportunities.
The Group will continue to monitor
the CRROs and their significance
(including existing and emerging
regulatory requirements), assisted
by the ESG Committee and the
Group’s overall risk management
process, implement mitigating
activities, and disclose in line with
materiality to the Group.
Metrics and targets
Commitment to the ongoing tracking
and monitoring of climate-relevant
metrics facilitates the effective
management of the CRROs. The
Group has set specific climate-
related targets, disclosed on page 41.
The Group measures and reports
Scope 1, 2 and 3 emissions which are
summarised in the table overleaf in
line with the Greenhouse Gas (GHG)
methodology. The Group reports
absolute figures (tonnes of CO
2
e)
and intensity figures (CO
2
e per head)
across all scopes.
“ The Board recognises the
importance of identifying and
actively monitoring the full range
of financial and non-financial
risks facing the business.”
Strategic Report
48 Robert Walters plc Annual Report and Accounts 2024
The Group has also utilised Defra’s
2024 conversion factors within the
reporting methodology.
The greenhouse gas emissions data
has been prepared with reference
to GHG protocol, which categorises
greenhouse gas emissions into three
scopes. Reporting on emissions from
Scope 1 (direct GHG emissions) and
Scope 2 (indirect GHG emissions)
activities is mandatory.
The reporting of Scope 3 emissions
(other indirect emissions from sources
not owned or controlled by the Group)
is voluntary and therefore, the Group
reports on all those Scope 3 activities
which it feels are relevant and
sufficiently accurate and complete.
We have commenced a detailed
screening process across all Scope
3 activities to identify those with the
most significant impact, allowing us to
focus our data collection efforts and
expand our scope 3 reporting.
The Group’s energy consumption in
kWh has been calculated for 2024 by
taking the calculated fuel consumed by
the Group for gas and electricity usage
and combining with an estimated kWh
for our company cars and business-
related travel by employees using their
personal vehicles.
Intensity metric
The Group has recorded the total
global emissions, in tonnes of CO
2
e
(tCO
2
e), and has decided to use an
intensity metric of tonnes of CO
2
e
per head, which the Group believes
is the most relevant indication of
our growth and provides the best
comparative measure over time.
The table below shows the total
global emissions in tonnes of CO
2
e
and tonnes of CO
2
e per head for
the Group. It also shows the Group's
energy consumption for UK and non-
UK activities.
Base year
The 2019 financial year is being used
as the baseline due to lower-than-
average emission levels in 2020
during the global pandemic.
ESG Strategy continued
Streamlined Energy Carbon Reporting (SECR)
This section includes our mandatory reporting of
greenhouse gas emissions pursuant to the 'streamlined
and more effective energy and carbon reporting
framework' for the UK – SECR, which was enacted into
law in 2018 through The Companies (Directors' Report)
and Limited Liability Partnerships (Energy and Carbon
Report) Regulations 2018.
Reporting year
The greenhouse gas emissions
report has been prepared based on
a reporting year of 1 January to 31
December 2024, which is the same as
the Group’s financial reporting period.
Reporting boundary
The Group’s report is based on
all entities and offices which are
either owned or under operational
control globally.
Methodology and scope
The methodology used to calculate
the Group’s emissions is based
on the ‘Environmental Reporting
Guidelines: including Mandatory
Greenhouse Gas Emissions
Reporting Guidance’ (June 2013 as
updated in March 2019) issued by the
Department for Environment, Food
and Rural Affairs (Defra).
Annual Report and Accounts 2024 Robert Walters plc 49
The base year and the prior
year have been recalculated for
changes to the scope of operation
and measurements, including any
additions to measured Scope 3 data.
The base year and the prior year are
also recalculated if more accurate
data is identified.
Energy efficiency initiatives
Leading on from our 2023 energy
initiatives we have continued to
improve the energy efficiency of
many of our UK offices most notably
our Head Office in London. We have
now replaced over 90% of the old
fluorescent fittings and Halogen
downlights with new LED energy
efficient luminaires. Our monitoring
system continues to give us important
information in terms of energy usage
which has enabled us to reduce usage
of energy especially outside normal
office hours. The monitoring system
helped us identify a lighting control
system malfunction where lights
would have been on all night enabling
us to identify and now repair these
issues making another saving in our
energy usage.
We have replaced old fluorescent
lighting in our Birmingham office
which has resulted in a 3% reduction
Greenhouse gas emission source (base year 2019)
Current Revision Current Revision
2024
tCO
2
e
2024
tCO
2
e
per
head
2023
tCO
2
e
2023
tCO
2
e ^
per
head
Variance
%
2019
tCO
2
e
2019
tCO
2
e ^
per
head
Variance
%
Scope 1
Vehicle fleet and purchased gas 570 0.19 668 0.19 (15%) 764 0.24 (25%)
Total scope 1 emissions 570 0.19 668 0.19 (15%) 764 0.24 (25%)
Scope 2
Purchased electricity and heat 1,110 0.36 1,146 0.32 (3%) 1,704 0.54 (35%)
Total scope 2 emissions 1,110 0.36 1,146 0.32 (3%) 1,704 0.54 (35%)
Scope 3
Business travel – air 650 0.21 1,065 0.30 (39%) 1,560 0.49 (58%)
Business travel – land* 193 0.06 238 0.07 (19%) 376 0.12 (49%)
Transmission and distribution 78 0.03 81 0.02 (4%) 112 0.04 (30%)
Total scope 3 emissions 921 0.30 1,384 0.39 (33%) 2,048 0.65 (55%)
Total Group emissions 2,601 0.85 3,198 0.90 (19%) 4,516 1.43 (42%)
Scope 1 emissions
UK 33 n/a 33 n/a 22 n/a
Overseas 537 n/a 635 n/a 742 n/a
Scope 2 emissions
UK 154 n/a 150 n/a 296 n/a
Overseas 956 n/a 996 n/a 1,408 n/a
Energy consumption (kWh)
UK energy consumption (kWh) 1,067,650 n/a 1,110,561 n/a 1,576,801 n/a
Non-UK energy consumption (kWh) 5,724,044 n/a 6,237,891 n/a 5,641,293 n/a
Total energy consumption (kWh) 6,791,694 n/a 7,348,452 n/a 7,218,094 n/a
* Land travel includes all forms of land transport, such as rail and taxi, but excludes travel in the Group’s vehicle fleet. The appropriate conversion factor for
the method of transportation is applied to the distance travelled.
^The base year and the prior year have been recalculated for changes to the scope of operation and measurements, including any additions to measured
Scope 3 data. The base year and the prior year are also recalculated if more accurate data is identified.
in energy use for lighting. We plan to
install timers on direct acting electric
heaters in our Manchester office
which should result in a reduction of
approximately 67% for energy used
by these heaters. Cooling systems
in our London office are planned to
have new insulation installed in 2025
with a potential 1% saving in energy
over the old deteriorated insulation.
We will begin expanding our energy
monitoring system to regional
offices during 2025, which will give us
additional information and visibility of
our electrical energy usage and help
us ensure our efficient use of energy.
50 Robert Walters plc Annual Report and Accounts 2024
Strategic Report
ESG Strategy continued
50 Robert Walters plc Annual Report and Accounts 2024
5. Supporting
our communities
Supporting the communities in which we do business has
always been important to us – it’s part of our DNA, and our
people have a long history of supporting local charities and
community organisations which are focused on improving
people’s lives around the world
Our ambition
Our purpose is to power people
and organisations to fulfil their
unique potential, and this includes
the support we give our local
communities. We are committed
to making a global impact through
local actions that align with the UN’s
Sustainable Development Goals
(SDGs), focusing on eliminating
poverty and hunger, ensuring access
to clean water, reducing inequalities
and sharing our skills and expertise
to help disadvantaged groups access
quality job opportunities.
We concentrate our efforts on the
three key areas where we believe we
can make the most significant impact:
• Delivering global impact
through local action
• Investing in emerging
and under-represented
talent across all sections
of society
• Providing pathways
to employment
Annual Report and Accounts 2024 Robert Walters plc 51
Corporate GovernanceOverview
Framework of approach
1. Global corporate charitable
partner: Support a global charity
partner at a business wide level.
2. Global Charity Day: Continue to
align local employee priorities to
Global Charity Day.
3. Individual charitable activities:
Encourage employees to use
their one paid volunteering day
a year to donate their time to a
given charity. This charity must
align either to our ESG strategy
or utilise their recruitment skills.
Our 2024 highlights
Transforming Tsavo with
Global Angels
Since 2017, we’ve partnered
with Global Angels as our global
corporate charitable partner,
working together with the local
community in Tsavo, Kenya,
empowering them to build a
sustainable future.
Through our ongoing funding and
year-round support, we drive
initiatives that establish essential
infrastructure, ensure access
to clean water for drinking and
agriculture, foster sustainable
Amount raised through Global Charity
Day fundraising in 2023 and 2024
£264k
Percentage of countries
that participated in Global
Charity Day 2024
100%
Lives positively impacted since 2020
204k
Our progress
and highlights
Amount raised through Global Charity
Day fundraising from 2023 to 2025
£500k
Percentage of countries
participating in Global
Charity Day
100%
Lives positively impacted by 2030*
400k
Our targets
*Using 2020 as the baseline year.
farming techniques, provide
education and training, and
help create small businesses.
In 2024, we made significant
progress with several impactful
initiatives, including:
• Provide employment to local
workers throughout the year for
key infrastructure and agricultural
projects, including building a
new road and supporting soil
regeneration efforts.
• Expanding the agricultural team
to support shade houses, which
provide food for workers and the
school feeding program.
• Offering continued education
and training, with a key project
team member now in their
third year of a Diploma in
Community Development.
• Completing the construction
of three eco-domes and laying
the foundations for three
more, to provide climate-proof
accommodation and develop
eco-friendly building techniques
for the local community.
• Introducing modern and traditional
bee hives to boost biodiversity and
enhance pollination.
• Planting drought-resistant
indigenous trees to combat soil
erosion, along with grass to provide
livestock feed and new orchards to
enhance food production.
• Establishing thriving forest
gardens and orchards with
irrigation systems, producing
regular harvests of papayas,
bananas, lemons, oranges
and pomegranates.
Our partnership continues to have
a positive impact on the community,
building resilience and creating long-
term, sustainable change in Tsavo.
Global Charity Day
Every year our people come
together to fundraise, volunteer
their time and support a wide range
of charities around the world for our
Global Charity Day.
We’re proud to give back to the
communities in which we operate, and
this Global Charity Day we supported
charities that provide nutrition
to those in need, offer support to
children with critical illnesses and
disabilities, empower young people
to reach their full potential, deliver
disaster relief and care for animals in
need of treatment or shelter.
Supporting charities locally
through employee action
Our local offices and employees are
deeply committed to giving back
to the communities where they live
and work. Whether it’s organising
charity golf days, participating in
sleep-outs or cycling for charity, our
teams actively support a wide range
of causes.
This spirit of giving reflects our core
values and reinforces our mission
to create positive change. Through
these efforts, we harness the power
of giving back, fostering a purpose-
driven culture that empowers
individuals to make a meaningful
impact in the world around them.
Strategic Report
52 Robert Walters plc Annual Report and Accounts 2024
ESG Strategy continued
6. Being a
responsible
business
Strategic Report
We are committed to operating
as responsible corporate citizens,
upholding strong ethical principles,
policies, procedures and practices
in everything we do. This dedication
shapes every aspect of our business,
ensuring that we continue to be a
trusted partner to our stakeholders.
52 Robert Walters plc Annual Report and Accounts 2024
Continuing with our
enhanced ESG Strategy
In 2024, we continued to rollout
our enhanced ESG strategy, first
introduced in 2023. We remain
committed to engaging our
employees through global webinars,
ESG video content, and presentation
packs, all designed to empower our
people to communicate effectively
with clients and candidates about our
ESG priorities. The strategy continues
to be shared externally through our
Annual Report & Accounts, website
and social media channels.
Built upon the six key pillars outlined
in this ESG report, the strategy was
developed following a thorough
materiality assessment conducted
by external ESG specialists.
Our ambition
To meet the evolving expectations of
best practice governance, ensuring we
always operate responsibly and with
strong internal oversight.
Framework of approach
1. Structure and responsibilities:
Review organisational design for
ESG governance and ensure the
Board and senior leadership have
a diverse combination of skills and
experience to govern effectively.
2. Remuneration: Ensure that
remuneration policies promote
long-term sustainable success.
3. Policies and procedures: Continue
to review policies, especially those
aligned to business priorities, and
continue to be a participant of the
UN Global Compact.
Our 2024 highlights
Commitment to the UN
Global Compact
In 2024 we were proud to continue
as a participant of the UN Global
Compact, a voluntary platform
dedicated to responsible business
practices. This ongoing commitment
aligns our strategy and operations
with the UN's Sustainable
Development Goals (SDGs), focusing
on human rights, labour, environment,
and anti-corruption. With over
15,000 companies and 3,800
non-business signatories from 160+
countries, the UN Global Compact
remains the largest corporate
sustainability initiative in the
world. Our continued membership
reinforces our dedication to ethical
business practices and a sustainable
future, alongside other leading
global businesses.
Annual Report and Accounts 2024 Robert Walters plc 53
Corporate GovernanceOverview
We have a zero-tolerance approach
to bribery and corruption and have
specific processes in place to prevent
it. The business’ Anti-Bribery
policy (with specific reference to
the Bribery Act) is included in core
training to all employees. The Anti-
Bribery policy is reviewed annually to
ensure that it is current.
Robert Walters complies with the
UK Modern Slavery Act 2015 and its
obligations under it. We believe that
we operate a supply chain with a
very low inherent risk of slavery and
human trafficking potential. As such,
over and above our normal operating
procedures, we have taken no specific
steps in this regard.
Robert Walters undertakes extensive
monitoring of the implementation
of all of its policies and has not been
made aware of significant breaches
of policy or any incident in which the
organisation’s activities have resulted
in an abuse of human rights.
Health and safety
The Chief Executive has overall
responsibility for the implementation of
the business’ Health and Safety policy,
with specific operational responsibility
delegated to managers at each
location. Every effort is made to ensure
that all national safety requirements
are met at all times, and there were no
notable injuries or health and safety
issues identified during the year.
listed as a constituent member of
the FTSE4Good Index for the 16th
consecutive year.
Governance and
social policies
Human rights and
ethical behaviour
We respect all human rights and,
in conducting our business, we
regard those rights relating to non-
discrimination, fair treatment and
respect for privacy to be the most
relevant and to have the greatest
potential impact on its key stakeholder
groups of clients, candidates,
employees and suppliers. The Board
has overall responsibility for ensuring
the Group upholds and promotes
respect for human rights. The business
seeks to anticipate, prevent and
mitigate any potential negative human
rights impacts as well as enhance
positive impacts through its policies
and procedures and, in particular,
through its policies regarding
employment, equality and diversity.
Robert Walters policies seek to both
ensure that employees comply with all
applicable legislation and regulation
and to promote good practice.
Robert Walters’ policies are
formulated and kept up to date by
the relevant business areas,
authorised by the Board and
communicated to all employees.
Annual rate of serious injuries
and fatalities no more than
1%
Our targets
Annual rate of serious injuries
and fatalities in 2024
<1%
Our progress
and highlights
Our ESG Committee, formed in
2021 and comprising members of
our Board, senior management,
and key stakeholders from our
business support functions, remains
responsible for driving our ESG
strategy forward.
Accreditations and partnerships
We are committed to aligning with
best practice frameworks and
independent evaluation of our
processes and ESG policies.
Our Brussels, London, Singapore
and Paris offices are Ecovadis rated.
We continue to be Cyber Essentials
Certified, the scheme backed by the UK
government to help businesses ensure
they are protected from cyber threats.
We are certified under the Safety
Schemes in Procurement (SSiP)
Competence programme, and we
hold a Construction Line Social
Value Certificate, a supply chain
prequalification system that assesses
health and safety and ESG factors.
Our Amsterdam, Brussels, Dublin,
Kuala Lumpur, London and Paris
offices are all also ISO 9001 certified,
and seven of our offices in Australia
and New Zealand are ISO45001
certified, the international standard
for health and safety. We were also
Strategic Report
54 Robert Walters plc Annual Report and Accounts 2024
Stakeholder Engagement
How we engage
• Group-wide annual and pulse
employee surveys
• Quarterly regional business
update videos and financial
results
• Internal forums and
conferences to discuss and
consult on business priorities
• Regular performance and
development reviews
• Employee training programmes
and workshops
• Whistleblowing policy
and hotline
How we respond
We listen to our people’s views,
value their feedback and seek to
take action as a result.
In 2024 key programmes included
the launch of a business-wide
learning hub, and the rollout of
a structured engagement and
communications process to
support our brand unification.
How we engage
• Candidate net promoter
score surveys
• Candidate events
• Salary surveys
• Ongoing conversations
How we respond
By building long-term
relationships with candidates,
we help them fulfil their unique
potential.
During 2024, the continued rollout
of our internally developed CRM
system enabled consultants in
even more of our markets to
provide candidates with a better
experience. During the year
we also started measuring our
candidate net promoter score,
learnings from which will be used to
further enhance our engagement
with candidates.
How we engage
• Key director, manager and
consultant relationships
• Client satisfaction surveys
• Client and industry events
• Market insights and market
intelligence
• Ongoing conversations
How we respond
Through building long-term
personal relationships, our
consultants are seen as trusted
advisers focused on supporting
clients and providing a high-
quality service.
Although macro-economic
conditions were challenging
throughout 2024, underlying
talent shortages remained for
which clients required solutions.
We were able to deliver a trusted
service and provide support to
our clients on how best to position
themselves to attract high-
quality talent.
Our People Our Clients Our Candidates
Strategic Report Financial StatementsCorporate GovernanceOverview
How we engage
• Responsible procurement
process
• Supplier assessments and
evaluations
• Relationship meetings with
key suppliers
How we respond
Robert Walters maintains a zero-
tolerance policy for bribery and
modern slavery, and all suppliers
are required to behave ethically,
in accordance with all legislation
including the Anti-Bribery and
Modern Slavery Acts.
We value our suppliers and adopt
the principles of prompt payment
and the agreement of mutually
beneficial and sensible contractual
terms. The Board considers this
ethical approach to be appropriate
and our whistleblowing processes
ensure confidential escalation can
take place as required.
Annual Report and Accounts 2024 Robert Walters plc 55
Section 172 statement
How we engage
• Global Charity Day
• Employee volunteering
How we respond
We have a long history of giving
back to the communities in which
we operate, evidenced by the
willingness of our people to give
their time, energy and finances to
champion local and global causes.
During 2024 we raised £125,000
for various causes through our
Global Charity Day.
How we engage
• Direct, ad-hoc engagement via
investor relations function
• Quarterly trading updates,
half-year and full-year results
announcements
• Investor results roadshows
and participation in investor
conferences
• Annual General Meeting
• Providing access to the Chair
for meetings with shareholders,
including an annual invitation
for our largest shareholders to
meet with the Chair
How we respond
A major output of our regular
engagement with shareholders
and investors more widely during
2024 was our Capital Markets
Event in September. Reflecting
investor feedback, the event set
out medium-term profitability
targets for the business and our
refreshed strategic approach of
‘disciplined entrepreneurialism’.
Our Communities Our Shareholders Our Suppliers
P67
Strategic Report
56 Robert Walters plc Annual Report and Accounts 2024
Financial Review
Group statutory results
The headline statutory financial results for the Group are presented below.
2024
£ millions
2023
£ millions
Revenue 892.1 1,064.1
Cost of sales (570.7) (677.3)
Gross profit (net fee income) 321.4 386.8
Administrative expenses (316.2) (360.5)
Operating profit 5.2 26.3
Net finance costs (3.9) (4.2)
Loss on foreign exchange (0.8) (1.3)
Profit before taxation 0.5 20.8
Taxation (6.5) (7.4)
(Loss)/profit for the period (6.0) 13.4
Attributable to:
Equity holders of the Company (6.0) 13.4
Revenue
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 Robert Walters to its
clients. Revenue for the year decreased by 16% to £892.1m (2023: £1,064.1m).
Gross profit (net fee income)
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 the Group. Net fee income is the primary financial top-line metric
used to evaluate business performance.
Net fee income for the year decreased by 17% to £321.4m (2023: £386.8m),
principally driven by the lower volume of permanent placements and on-payroll
temporary workers in specialist professional recruitment, and the lower level of
volume hiring in recruitment outsourcing.
Operating profit
Operating profit in the period decreased
to £5.2m (2023: £26.3m), reflecting the
underlying trading performance.
The majority of the Group’s operating
costs (c.75%) relate to staff, being
front office fee earners (recruitment
consultants) and non-fee earners
(front office support staff as well
as back-office support staff across
various corporate functions such as
finance, HR, IT, legal and marketing).
Two-thirds of the year-on-year fee
income impact was mitigated through
cost actions. Average Group headcount
fell by 15% year-on-year, which drove
a c.£27m reduction in fixed staff costs.
Variable compensation, predominantly
comprising fee earner bonuses, fell
by c.£11m as a result of the reduced
trading result. Tight management of
non-staff costs, including a co-ordinated
procurement approach, drove a c.£6m
reduction against the prior year. Included
in operating costs is £2.8m of redundancy
costs incurred during the year.
Interest and financing costs
The Group incurred a net interest
charge for the period of £3.9m
(2023: £4.2m).
The Group has a £60.0m financing
facility, currently due to expire in March
2027. At the year-end date, £15.6m (31
December 2023: £15.8m) was drawn
down under this facility.
A foreign exchange loss of £0.8m (2023:
£1.3m) arose during the period on
translation of the Group’s intercompany
balances and external borrowings.
David Bower
Chief Financial Officer, Robert Walters
These financial results have been prepared in
accordance with International Financial Reporting
Standards (IFRS) as adopted by the United Kingdom.
Annual Report and Accounts 2024 Robert Walters plc 57
Strategic Report Financial StatementsCorporate GovernanceOverview
Taxation
The tax charge in the period was £6.5m (2023: £7.4m), with the Group subject
to UK corporation tax at a rate of 25% (2023: 23.5%). The effective tax rate of
the Group is higher than the standard UK rate of 25% primarily due to the mix of
losses and profits during the year (with profits made in countries with higher tax
rates such as in Japan), and the impact of adjustments to accounting profits in the
tax calculation including movement in deferred tax asset (mainly unrecognised
current year losses), for which no deferred tax asset has been recognised.
Earnings per share
The Group generated a basic loss per share for the year of 9.1p (2023: 20.1p basic
earnings per share), reflecting the underlying trading performance, and the
resulting broadly breakeven position at the profit before taxation level and post-
taxation loss. The weighted average number of shares was 65.8m (2023: 66.8m).
Cash flow and financing
2024
£ millions
2023
£ millions
Operating profit 5.2 26.3
Depreciation and amortisation charges 23.0 24.0
Other non-cash items (2.2) (2.3)
Decrease in working capital 0.2 6.5
Cash generated by operations 26.2 54.5
Net interest and associated borrowing costs (0.5) (0.8)
Repayment of lease principal (17.2) (15.9)
Taxation (6.4) (9.0)
Capital expenditure – Intangibles (8.0) (7.6)
Net capital expenditure – property,
plant & equipment
(2.1) (7.2)
Free cash flow (8.0) 14.0
Share buyback - (10.0)
Equity dividends paid (15.5) (15.8)
Other 0.2 1.2
Net movement in cash (excl. financing facility) (23.3) (10.6)
Impact of foreign exchange (4.1) (6.6)
Opening net cash 79.9 97.1
Closing net cash 52.5 79.9
Cash generated from operations during the year was £26.2m (2023: £54.5m),
with negative free cash flow of £8.0m (2023: positive free cash flow of
£14.0m) after interest and borrowing costs, repayment of lease liabilities,
taxation and capital expenditure. Closing net cash was £52.5m (2023: £79.9m).
Working capital
The working capital net inflow of £0.2m (2023: net inflow of £6.5m), reflects
the unwind of trade receivables given the lower net fee income, broadly offset
by a decrease in trade payables.
Capital expenditure
Intangibles capital expenditure of £8.0m (2023: £7.6m) principally comprises
investment to further develop Zenith, the Group’s custom built CRM system. There
was slightly higher spend than the prior year as deployments were completed into
the UK, Ireland, South Africa and North-East Asia.
Property, plant & equipment net capital expenditure of £2.1m (2023: £7.2m)
principally relates to the Group’s office estate. There was a lower spend than the prior
year, with a number of office refurbishment projects having been completed in 2023.
Dividend
Given the Group’s continued balance
sheet strength, the Board is proposing
a final dividend of 17.0p per share
which will be paid on 27 May 2025 to
shareholders on the register on 25
April 2025. Together with the interim
dividend of 6.5p per share paid in
September 2024, this takes the total
dividend for the year to 23.5p per
share, in line with that of the prior year.
Capital allocation
The Group’s capital allocation policy
remains unchanged. The Board continues
to recognise the value of a strong balance
sheet, and therefore targets year-end
net cash of at least £50m. Thereafter,
the first allocation of capital continues to
be on investment in those opportunities
that enhance the Group’s growth drivers
and provide sufficient headroom above
the Group’s cost of capital. During the
year investment continued into Zenith,
the custom-built CRM system, as
deployments were completed into the UK,
Ireland, South Africa and North-East Asia.
Secondly, the Group’s policy is to
maintain a dividend cover ratio of 1.75-
2.25x through the cycle. The Group also
has the latitude to allow cover to fall
outside this range at points in the cycle
– as has been the case over the last two
years – whilst seeking a clear route to
return to the range. Looking ahead, the
Board continues to be mindful of this
aspect of the policy, particularly given
the extended period of challenging
market conditions whereby dividend
cover has been outside the range.
Finally, should the Group hold cash in
excess of the 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.
Foreign exchange impact
The Group’s primary overseas
functional currencies are the Japanese
Yen, the Euro and the Australian Dollar.
The impact of foreign exchange
movements between 2024 and 2023
resulted in a £12.6m decrease in reported
net fee income and a £0.8m decrease in
operating profit for the Group.
Strategic Report
58 Robert Walters plc Annual Report and Accounts 2024
Risk management process
The Board recognises the importance
of identifying and actively monitoring
the full range of financial and non-
financial risks facing the business, at
both a local and Group level. The
effectiveness of the risk management
process is monitored by the Audit and
Risk Committee.
A robust Group-wide assessment,
incorporating both top-down and
bottom-up perspectives and including
the ongoing identification and
consideration of emerging risk, of the
Group's risk profile was carried out
during the year. The process involves
identifying and prioritising the key
risks within the Group and developing
and implementing appropriate
mitigation strategies to address those
risks. By regularly reviewing the risk
profile of the business, the Board
ensures that the risk strategy remains
appropriate at any point in the cycle.
The process for identifying, assessing,
and managing climate-related risks
is integrated into the Group's overall
risk management process, and is
detailed in our TCFD statement on
pages 42 to 46. Climate-related
risk is assessed by considering both
the risks related to the physical
impacts of climate change and those
related to transitioning to reduce
carbon emissions and the switch
to lower carbon, together with
climate-related opportunities and
the impact on the Group strategy.
Climate-related risk is continually
evolving, and the potential impact to
our organisation in the short, medium
and long term and our impact on the
environment is considered. Climate-
related risks and opportunities are
detailed in our TCFD statement
on pages 42 to 46. The Group has
made disclosures consistent with
the TCFD recommendations and
recommended disclosures. At
present, these factors are not
individually considered to have a
material impact for the Group. We
continue to monitor the significance
of these risks, implement actions to
mitigate the risk where possible and
report on these where it is considered
that they could have a material
impact on the Group.
We review our risks in terms of
likelihood of occurrence and potential
impact on the business and the
Audit and Risk Committee reviews
and considers the net risk position
of each identified risk against the
Group’s risk appetite, and the extent
to which management has addressed
the key risks through appropriate
controls and actions to mitigate
those risks. Each local management
team continues to consider key risk
areas on an ongoing basis with a
specific periodic review at least once
a year of their system of internal
controls to ensure that each risk area
is addressed within the business.
The internal audit function reviews
and tests the effectiveness of these
controls to ensure that risk is being
managed properly and effectively.
A summary of the key risks that we
believe could potentially impact the
Group’s operating and financial
performance, together with year-
on-year movement in net risk (i.e.
increasing, decreasing or no material
change), associated key actions,
and link to our strategic pillars are
shown on the following pages. This
includes climate-related risk with
detailed climate-related risks and
opportunities shown in our TCFD
statement on pages 42 to 46.
The year-on-year movement in net
risk rating takes account of possible
events in the near future which may
impact on the gross risk rating.
Principal Risks and Uncertainties
Our strategic pillars
1. Productivity
2. Technology and innovation
3. People
4. Customer experience
5. Data
Increasing
No material change
Decreasing
Net risk trend
Annual Report and Accounts 2024 Robert Walters plc 59
Risk Actions to mitigate risk
Net risk
trend
Link to our
strategic pillars
Political, economic and
market uncertainty
The level of candidate and
client confidence in the
employment market and job
availability are important
factors in determining the
total number of recruitment
transactions each year and
are significantly impacted
by political and economic
turbulence and uncertainty.
Candidates are less inclined to
move jobs when the number of
jobs available is in decline or
stagnant, which could lead to a
deterioration in the Group’s
financial performance.
Continued global political
turbulence could add pressure
to local economies and have a
significant negative impact on
the jobs market and result in
reduced hiring volumes.
Political change in any market
could have an impact on labour
laws and regulations. This
could have an adverse impact
on the operations of the Group,
the services we deliver, and the
Group’s financial results.
• The Group is geographically diversified, spanning
31 countries which limits the reliance on the success of
any particular market. The Group also continues to
develop its contract business, which provides more
resilient revenue streams in the event of an economic
downturn, and the Group has sector diversification to
reduce its concentration risk in the event of a downturn.
• The Board’s strategy when facing a slowdown in
a market is to balance the cost base, such that the
impact on profit is mitigated, against the expected
future benefit from the retention of key staff.
Historically, the Group has benefited substantially
from increased operational gearing.
• Live job availability is monitored to ensure action plans
are documented for immediate action in response to
any potential adverse impact on hiring volumes.
• The Group has strong but prudent cost management.
Management continuously monitors the ongoing
impact of political and economic factors, and
increased market uncertainty on individual markets,
implementing appropriate actions as required.
• The Group’s legal function, together with local legal
expertise and management, remains up to
date with the impact any political change could
have on labour laws and regulations, allowing the
Group sufficient time to assess the impact and
adapt appropriately.
Productivity
Strategic Report
60 Robert Walters plc Annual Report and Accounts 2024
Principal Risks and Uncertainties continued
Risk Actions to mitigate risk
Net risk
trend
Link to our
strategic pillars
People
The Group relies heavily on
recruiting and retaining
talented individuals with the
right and diverse skill sets to
grow the business.
In addition, as the Group
expands its operations in
emerging markets, the supply
of people with the required skills
in specific geographic regions
may be limited.
Failure to attract and retain key
employees with the required sales,
management and leadership
skills may adversely affect the
Group’s financial results.
The overall culture and
leadership behaviours of an
organisation has a direct
influence on performance,
culture and retention.
An inability to maintain and
continue to strive for a truly
diverse and inclusive culture
could have an adverse impact
on talent attraction and
retention, strategic thinking,
decision-making and overall
employee engagement.
Increased importance of ESG,
alignment of personal and
employer’s purpose and action
against climate change and
flexible working, could have
an impact on attraction and
retention of staff.
A material employee dispute or
rogue executive behaviour could
have an adverse impact on the
working environment, culture
and reputation of the Group.
• The Group’s policy of linking bonuses to profitability in
discrete operating units has a high correlation to the
retention of efficient and effective members of staff.
• The long-term incentive schemes that are detailed
in note 19 to the accounts form a key part of a
wider strategy to improve levels of staff retention,
particularly of the Group’s senior employees.
• The Group offers international career opportunities and
actively encourages the redeployment of existing talent
to international offices and also to establish new offices.
• Other elements of the strategy to improve staff
retention and maximise career opportunities
include significant investment of time and financial
resources in employee training and development
including regular appraisals, aimed at core
consultant competencies and focused on enhancing
management potential.
• The Group’s culture and the associated processes
help to increase productivity and improve employee
alignment to the business. A comprehensive approach
to succession planning and career development is also
in place across the Group.
• Our equity, diversity and inclusion (ED&I) initiatives
are encapsulated as part of wider ESG targets and
associated KPIs. The Board promotes, monitors and
benchmarks ED&I, with initiatives and actions being a
focus across all the Group’s regions.
• The Group has a Global Head of Talent Acquisition and
Employee Experience to drive our ongoing commitment
to a working environment that promotes inclusion,
dignity and respect for all. A Group-wide ED&I council
is in place, the purpose of which is to create a forum for
staff to discuss topical ED&I issues and to ensure, as a
business, we are striving to create a truly inclusive culture.
All-inclusive leadership training for all managers forms
part of the Group’s training programme.
• The Group does not accept or tolerate inappropriate
behaviour and has clear policies and processes to that
effect, including a whistleblowing and grievance policy
and process.
People
• Our approach to ESG stems from our purpose
and focuses on the six pillars of our ESG Strategy
as detailed on pages 34 to 53. Our ESG strategy is
informed by our materiality assessment and aligns to
the United Nations' 17 Sustainable Development Goals
(SDGs). This ensures that our actions are aligned with
the latest thinking and best practice, and that we can
respond to the most critical areas of concern in an
effective, agile way.
Annual Report and Accounts 2024 Robert Walters plc 61
Strategic Report Financial StatementsCorporate GovernanceOverview
Risk Actions to mitigate risk
Net risk
trend
Link to our
strategic pillars
Competition, emerging
technologies and
business model
Competition risk varies in each
of the Group’s main regions
depending on the maturity of
the client and candidate market.
The emergence of new
technology platforms such
as web-based applications
and artificial intelligence for
recruitment purposes may also
lead to increased competition.
OpenAI's ChatGPT and the
increasing use of generative AI
could have an impact on the
recruitment process for both
clients and candidates.
A change in client behaviour
could impact hiring trends,
which could lead to a
deterioration in the Group’s
financial performance where
the Group’s service offering
does not meet clients’ needs.
• The development of strong commercial relationships
with clients has enabled the Group to win and then
maintain its contracts with large global organisations
and the Group also has a significant and diverse
income stream.
• The Group reviews and monitors changes in technology
and social media trends to ensure that it evolves
appropriately. The Group continues to promote itself as
a relationship recruiter operating in specialised markets,
ensuring its online presence is competitive and provides a
high-quality customer experience.
• Through our innovation, marketing, customer
experience (CX) and technology and transformation
teams, we continue to identify, trial and adopt new
technology to both enhance and augment the service
our consultants can provide and to drive efficiencies
across our business.
• The Group is seeking to harness fast-evolving
technological change (e.g. the deployment of AI to
reduce human time given to standardised tasks).
Our consultants are incorporating AI to enhance job
adverts and assist with sales outreach to name a
few examples.
• The Group offers three core service lines (specialist
professional recruitment, recruitment outsourcing
and talent advisory), and provides a range of business
models, filling both permanent and contract roles.
Technology
and innovation
Customer
experience
Strategic Report
62 Robert Walters plc Annual Report and Accounts 2024
Risk Actions to mitigate risk
Net risk
trend
Link to our
strategic pillars
Brand, reputation and
business strategy
There is an inherent risk that the
brand and reputation of the
Group could be impacted by
failure to maintain high-quality
service levels to both candidates
and clients and failure to
appropriately address material
employee disputes.
The increasing use of social media
increases the Group’s exposure to
reputational damage.
A failure to demonstrate
progress in reducing our
environmental impact and
meeting our ESG Strategy
targets could have
a negative impact on the
Group’s reputation.
Inadequate infrastructure,
resource capability and
technology could result in a
failure to achieve our
business strategy.
• Quality control standards are maintained and
reviewed for each stage of the recruitment cycle.
• A ‘contact us’ email address is available on the Group's
websites to give users and candidates the ability to
provide feedback or concerns. These can then be
acted upon swiftly by the Chief Customer Officer and
local senior management.
• The Group has a well-defined whistleblowing process
which can be accessed by employees, candidates,
clients and suppliers. To complement this and in line
with best practices, the Group has appointed an
independent confidential reporting service where
concerns can be raised anonymously and treated with
complete confidence.
• The Group’s long-term strategy for growth is centered
around geographic penetration and discipline
diversification. It is a testament to this strategy
and underlying strength of the Group’s brand and
management team that we have delivered a resilient
performance throughout the difficult market conditions.
• Candidate satisfaction surveys are carried out on a
regular basis, with Directors addressing any negative
feedback directly with the candidate or client.
• The Group has committed to the ongoing tracking and
monitoring of our core ESG KPIs, including climate-
relevant metrics and targets. These are disclosed in full
on page 41.
People
Customer
experience
Customers
A negative candidate experience
as a result of poor candidate
service, data breach or other
candidate dissatisfaction, could
result in candidate complaints,
loss of quality candidate base or
loss of referrals.
With evolving candidate
expectations, increasing with
new technology, AI and the next
generation, there is a risk that
the overall candidate experience
could be non-competitive or
unattractive against candidate
expectations. Falling behind
on innovation, or trends could
result in a loss of candidates and
candidates being less engaged.
With changing client behaviours
and expectations, there is a risk
that the Group’s available service
offering does not meet client needs.
• Clear processes are in place around candidate
engagement and active candidate management.
Quality control standards are maintained and reviewed
for each stage of the recruitment cycle with all new
employees receiving appropriate levels of training
applicable to their role.
• We have an ongoing global review dedicated to
refining our engagement with clients and candidates
and to ensure that best practice candidate experience
protocols are delivered consistently across the Group.
• We monitor consumer trends outside of the recruitment
industry and analyse how consumers’ changing
expectations could drive the imperative for change
within our industry.
• We continue to develop the ways we use
Microsoft Power BI to deliver business insights
and management information.
Technology
and innovation
Customer
experience
Principal Risks and Uncertainties continued
Annual Report and Accounts 2024 Robert Walters plc 63
Risk Actions to mitigate risk
Net risk
trend
Link to our
strategic pillars
Contracts
The Group operates under
several complex contractual
arrangements. Any onerous
contractual provisions or non-
compliance with contractual
obligations may have an adverse
effect on the Group’s financial
performance and reputation.
• All contractual terms and conditions undergo
a thorough review process before signing. The
Legal department ensures that the business fully
understands and evaluates the balance between
risk and reward. Any accepted risks are actively
monitored to ensure compliance with contractual
obligations and that appropriate operational
controls are in place.
• Contracts containing onerous or non-standard
terms follow an escalation process, requiring
approval from the Chief Legal Officer and Chief
Financial Officer, as appropriate.
Customer
experience
Compliance and
regulatory environment
The Group operates in several
diverse jurisdictions and has
to comply with numerous
domestic and international
laws and regulations.
Any non-compliance with
legislation or regulatory
requirements may result in
legal penalties, non-renewal or
revocation of a local business
licence or financial loss which
could have a detrimental
effect on the Group’s financial
performance and reputation.
Specifically, the landscape
of carbon reporting, data
protection and AI legislation is
rapidly changing, increasing
the risk of non-compliance with
reporting requirements.
Any change in the regulatory
environment, particularly
impacting employment
legislation for both candidates
and clients, could have a
detrimental effect on how
the Group operates and the
Group’s financial performance.
Any unanticipated change or
implementation of climate
policies may result in increased
costs and a possible threat
to licences to operate if the
Group is unable to keep up with
legal requirements.
• To ensure compliance, our legal function works with
leading external advisers, as required, to monitor
potential changes in employment legislation across the
markets in which we operate.
• The Group’s legal function, together with local legal
expertise, remains up to date with any proposed
regulatory change, allowing the Group sufficient time
to assess the impact and implement processes to
minimise the exposure and maximise opportunity.
• A log of licences and renewals is maintained. There is
formalisation of regulatory reporting and escalations
with legal oversight of licensing processes, and the
Group makes use of external counsel where necessary.
• There is a dedicated Group Privacy Counsel
responsible for monitoring the impact of legislative
change and increasing regulation. The Group seeks
to harness the power of AI and automation, whilst
ensuring legislation and regulation requirements are
complied with.
• The Group has set environmental targets and
corporate strategy to reduce carbon emissions
and has made disclosures consistent with the TCFD
recommendations and recommended disclosures.
Productivity
People
Customer
experience
Data
Strategic Report
64 Robert Walters plc Annual Report and Accounts 2024
Risk Actions to mitigate risk
Net risk
trend
Link to our
strategic pillars
Data protection and
cyber security
A critical data breach, cyber-
attack or loss of confidential
and competitive information
could have a material impact
on the Group’s financial results
and an adverse impact on the
operations and the reputation
of the Group.
• The Group maintains a comprehensive IT security
policy. Though it is not possible to eliminate all risk, the
policy covers all relevant areas of IT security and is
reviewed on a regular basis to ensure it continues to
robustly support business developments.
• Third-party advisers are used to perform penetration
tests on major systems and operations.
• All candidate and client information is held securely
with restricted access and with data protection rules
in place.
• Appropriate guidance and training on the security and
handling of both manual and electronic documents,
including confidential and sensitive data is available to
all staff.
• The Group has a dedicated Chief Technology
Architect, Group Information Security Officer, Security
Operations Centre and Group Privacy Counsel with
specific remits to consider and ensure that appropriate
and reasonable controls are put in place, particularly in
respect of cyber-related threats and data breach.
• The Group has a Data Protection Officer responsible
for overseeing the handling of personal data and
compliance with Data Protection laws.
Technology
and innovation
Customer
experience
Data
Reliance on data
integrity and technology
infrastructure
The Group is reliant on its
technological infrastructure and
integrity of data for day-to-day
operations and for delivering
client and candidate services.
A critical infrastructure or
system disruption could have a
material impact on the Group’s
financial results and an adverse
impact on operations and the
reputation of the Group.
Without data integrity,
data may not be reliable or
accurate to support data led
decision making.
Climate change could result in
more extreme weather events,
which could cause damage
and disruption to the Group’s
technology infrastructure.
• The Group continues to review and improve its
business continuity and disaster recovery plans
to mitigate against any critical infrastructure
disruptions. The Group has invested in technology
and innovation, enabling effective ongoing hybrid
working and robust backup and recovery services.
• Third-party advisers are used to perform
penetration tests on major systems and operations.
• A change management team is in place to ensure
that appropriate consideration is given to all
change requirements, including a risk analysis of the
requirement, and appropriate plans are developed to
deal with any potential critical disruptions.
• Our disaster recovery processes, which are regularly
reviewed, ensure the Group is able to mitigate natural
disaster risks (e.g. floods, earthquakes), and the
Group is also geographically diversified. In addition,
all staff have the tools and flexibility to work remotely
as required.
• The Group has reporting teams who are responsible
for monitoring and reporting on data integrity, and
data quality is promoted.
• A Chief Data Officer has been appointed to further
deepen our expertise.
Technology
and innovation
Data
Principal Risks and Uncertainties continued
Annual Report and Accounts 2024 Robert Walters plc 65
Risk Actions to mitigate risk
Net risk
trend
Link to our
strategic pillars
Financial risk
Foreign currency risk
In the course of its core business,
the Group transacts in a
number of foreign currencies.
Any unfavourable movement
in the foreign exchange rates
may have an adverse effect
on translation of overseas
operations’ local currency
earnings, and subsequently
the Group’s Pounds Sterling
financial results.
Foreign currency risk
• Revenues and costs are in their functional currencies
in the local entities, which minimises the Group’s
transactional exposure.
• The Group continues to monitor the sensitivity to
foreign currency fluctuations through performing
regular sensitivity analysis and reducing exposure
wherever possible.
Productivity
Technology
and innovation
People
Customer
experience
Data
Liquidity risk
An adverse cash position, or
the inability to access capital/
funding could result in an
inability to pay creditors and
to fulfil day-to-day operations
and requirements.
The future success of the Group
could be affected if the Group
fails to align its capital planning
with its business strategy.
Liquidity risk
• Cash flow and working capital forecasts are prepared
and reviewed regularly to ensure the Group remains
in a strong balance sheet position and a detailed
plan for any growth opportunities is created before
any deal is executed to ensure that the appropriate
finance is in place.
Credit risk
Increased uncertainty over
cash flows due to economic
pressures could increase the
risk that a counterparty will
default on its contractual
obligations resulting in financial
loss to the Group.
Credit risk
• The Group has adopted a policy of only dealing with
counterparties that are deemed creditworthy and
that are considered to have adequate credit ratings.
• Credit exposure is controlled by counterparty limits
that are reviewed and approved by management.
• The Group’s exposure and the credit ratings of its
counterparties are regularly monitored.
Strategic Report
66 Robert Walters plc Annual Report and Accounts 2024
Risk Actions to mitigate risk
Net risk
trend
Link to our
strategic pillars
Transformation and
change management
Investing in technology,
transformation and innovation
is vital for the Group to
remain an industry-leading
organisation and in achieving its
strategic objectives.
Poor governance and
management of our significant
global projects could result in
increased costs, inefficiencies,
reduced employee engagement
and risk to business continuity.
• A Technology & Transformation Investment
Board, including members of the Operating Board
and the Transformation and Portfolio Director,
reviews and approves all significant technology and
transformation investments before they begin.
• A Change Advisory Board is in place, which ensures
that appropriate consideration is given to the
introduction of changes to our live environments.
• A monthly steering committee/weekly core project
team meeting is held with representatives from
key areas involved or impacted by the project/
program. The steering committee/ project team
reviews progress against the current program
objectives and spend, and approves any significant
changes to both.
• Business change plans are in place to actively
communicate and engage with employees
throughout the process of transformation and
change and include ongoing evaluation and
feedback to ensure the impact of any change is
continually monitored and improved. This includes
the use of change champions in each region, user
feedback surveys, quarterly updates, training and
communication with key stakeholders. The outputs
from these activities are used to support evidence-
based decision making.
Productivity
Technology
and innovation
Customer
experience
Climate-related
A failure to identify and
manage climate-related risks
and opportunities could result
in an adverse impact on our
operations, reputation, the
environment or the Group may
lose out on key opportunities
and market share.
Climate-related risks and
opportunities are detailed
in our TCFD statement on
pages 42 to 46.
• The impact of climate-related environmental issues
on the Group and local markets is considered on an
ongoing basis.
• An ESG Committee meets regularly to assist the
Board in identifying, assessing and managing
climate-related risks and opportunities.
New in
2024
Productivity
Technology
and innovation
People
Customer
experience
Data
Principal Risks and Uncertainties continued
Annual Report and Accounts 2024 Robert Walters plc 67
Section 172 Statement
The Board acknowledges Section 172 (1) of the UK
Companies Act 2006, and its duty to promote the success
of the Company.
A Director of a Company must act in the way they consider,
in good faith, would be most likely to promote the success
of the Company for the benefit of its members as a whole,
and in doing so has regard (amongst other matters) to:
a) the likely consequences of any decision in the long term
b) the interests of the Company’s employees
c) the need to foster the Company’s business relationships
with suppliers, customers and others
d) the impact of the Company’s operations on the
community and the environment
e) the desirability of the Company maintaining a reputation
for high standards of business conduct
f) the need to act fairly between members of the Company.
Key stakeholders are identified as those stakeholder
groups fundamentally impacted by the performance and
decisions of the Company, and those which have a significant
impact on the long-term success of the Company. Our key
stakeholder groups identified are our people, our clients, our
candidates, our communities, our investors and our suppliers.
The Board has considered the interests of key stakeholders
through fostering the Company’s business relationships and
actively engaging with them. Our key stakeholder groups
and other interested parties, and how we engage with them,
are detailed in the Stakeholder Engagement section of the
Strategic Report on pages 54 to 55. We consider the most
effective way of communicating with our stakeholders to be
through encouraging participation and active consultation.
The interests of key stakeholder groups are considered in
Board discussions and decision-making and are embodied
in our purpose of powering people and organisations to
fulfil their unique potential.
Balance of interests of different stakeholder groups
were assessed, with outcomes managed through
effective engagement and active consideration of any
feedback received.
The Board’s focus on clients, candidates and culture
ensures the Group maintains a reputation for high
standards of business conduct, and the need to act fairly
between members of the Company.
Through the risk management process as detailed in the
Principal Risks and Uncertainties section of the Strategic
Report on pages 58 to 66, the Board has assessed the
Stakeholder Engagement: pages 54 to 55
Strategic Overview: pages 16 to 19
ESG Strategy: pages 30 to 53
Principal Risks and Uncertainties: pages 58 to 66
Company’s risk profile, consequences of any decision in
the long term, appropriate risk mitigation strategies and
identification and consideration of emerging risks.
Key decisions taken during the year
Two of the key decisions taken by the Board during the
year were the Group’s brand unification, and the issuance
of a medium-term conversion rate target. The Board’s
consideration of stakeholders and other factors in making
these decisions is summarised below.
Brand unification
In July 2024, the Group announced the unification of the
three brands it had historically traded through under the
single Robert Walters brand.
• Long-term consequences of decision – When
considering this, the Board received surveys of the
Group’s clients, which evidenced their appetite for
organisations to assist them across the full range of
required talent solutions
• Fostering relationships with suppliers and customers –
In order to ensure strong business relationships were
maintained, a dedicated project team implemented
a detailed project plan, whereby appropriate
engagement was achieved with the Group’s suppliers
and customers. The Board received updates at
relevant milestones throughout the project.
Conversion rate target
In September 2024, the Group issued a medium-term
conversion rate target of 16-19% at a Capital Markets Event.
• Long-term consequences of decision – The Board
received comprehensive updates from management
regarding the Group’s organic growth drivers and
the scope to enhance them, as well as actions to drive
greater efficiency in five core areas – with these together
being the levers to a higher conversion rate. The Board
also considered investor feedback, which consistently
highlighted the merits of setting a conversion rate target.
Strategic Report approval
The Strategic Report, outlined on pages 4 to 67,
incorporates the 2024 overview, Robert Walters at a
Glance, Chair’s Statement, Chief Executive’s Statement,
Market overview, Strategic overview, Strategy case studies,
Our Business Model, Key Performance Indicators, Our
ESG Strategy, Stakeholder Engagement, Financial Review,
Principal Risks and Uncertainties and Section 172 statement.
By order of the Board,
David Bower
Chief Financial Officer
6 March 2025
68 Robert Walters plc Annual Report and Accounts 2024
Chair's Introduction to Corporate Governance
Leslie Van de Walle
Chair, Robert Walters
“ The shared objectives of the Board are to promote the
long-term success of the Group, create value for our
shareholders and proactively invest in a sustainable
future for people and communities around the world.”
Corporate Governance
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 69
Corporate GovernanceOverview
Dear Shareholder
I am pleased to report that your Company has again fully complied with the
2018 UK Corporate Governance Code (the Code) throughout the year. As a
Board, we are pleased with the further progress that the Group has made to
ensure high standards of corporate governance are maintained.
We monitor developments and trends in corporate
governance both in the UK and internationally, adopting
emerging practice we feel improves our governance.
This includes the updates to the UK Corporate Governance
Code taking effect for the Company from 2025.
As a Group, we have an expressed aim of respecting the
needs of shareholders, employees, clients, candidates,
contractors and suppliers. The Board has a wide range of
responsibilities, and it is my duty to ensure it has the right mix
of skills and talent, that the Directors have sufficient time
available to meet Board responsibilities and that we work
effectively as a team. The shared objectives of the Board are
to promote the long-term success of the Group, create value
for our shareholders and proactively invest in a sustainable
future for people and communities around the world.
The Board also monitors the risks and opportunities
arising from ESG-related factors to ensure that the
Group meets and embraces the requirements from
environmental stewardship. Further details can be found
in the Principal Risks and Uncertainties section on pages
58 to 66 and the Climate-related risks and opportunities
section on pages 44 to 46.
The Board Committees have had an active year.
The Audit and Risk Committee continued to see
appropriate controls evident in all areas of risk
management. The internal audit function continued
to enhance and evolve its scope and areas of focus,
including addressing ongoing amendments driven
from the Group’s risk register. Further information
on the work and responsibilities of the Audit and Risk
Committee and the effectiveness of the Group’s system
of internal control is detailed in the Report of the Audit
and Risk Committee and the audit, risk, and internal
control sections of this report.
The Nominations Committee has reviewed talent
development and succession planning within senior
management following the Board changes completed
in the prior year.
The Remuneration Committee reviewed the Executive
Directors’ pay during the year against a backdrop
of macro-economic uncertainty and continue to
incorporate current best practice.
A key aspect of ensuring your Board’s effectiveness is
our annual Board and Committee performance review.
Further details can be found on page 83.
On the following pages we describe our corporate
governance framework in more detail.
Leslie Van de Walle
Chair
6 March 2025
Corporate Governance
70 Robert Walters plc Annual Report and Accounts 2024
Leslie is Chair of Greencore
Group plc.
Leslie has held various non-
executive roles and was
previously Non-executive
Director of HSBC UK Bank
plc. He has also been Chair
of Euromoney Institutional
Investor plc and Chair of SIG
plc, as well as Deputy Chair at
Crest Nicholson Holdings and
Senior Independent Director
of DCC plc. He also served as
Chair of the Robert Walters
Group between 2012 and 2018.
Leslie's executive career has
included serving as Group
Chief Executive Officer at
Rexam plc and Chief Executive
Officer at United Biscuits plc.
David joined the Board as Chief
Financial Officer in September
2023 and brings significant
experience of working in
international businesses.
Prior to joining Robert Walters,
David spent 18 years at
HomeServe plc, where he held
a number of senior divisional
and group finance roles.
David was appointed as Chief
Financial Officer of HomeServe
plc in 2017 and led its sale
to Brookfield Infrastructure
Partners L.P., a transaction
which completed in early 2023
for an equity value of £4.1bn.
David is a graduate of
Loughborough University of
Technology and is a Fellow of the
Institute of Chartered Accountants
in England and Wales.
After qualifying as a solicitor,
Toby joined the business as a
consultant in 1999 and has since
held senior positions leading the
Group’s recruitment operations
in both the UK and Asia-Pacific,
the Group’s largest and most
profitable region.
Having worked his way up
from consultant to leading the
London recruitment business,
Toby transferred to Singapore,
heading up operations in
Singapore and South East Asia
for five years before being
promoted to CEO Asia Pacific,
a role he held for two years. In
early 2021, Toby moved back
to London to work closely with
the company founder, Robert
Walters, with Toby assuming the
role of global CEO in April 2023.
Tanith is an HR executive with a
strong consumer background in
international organisations. Her
recent experience includes Chief
People Officer at Bicester Village
Shopping Collection.
Prior to this, she spent eight
years at Marks & Spencer Group
plc where she ran the global
HR for 80,000 employees in 53
countries. Before joining Marks
& Spencer Group plc, Tanith
was Group Human Resources
Director at WH Smith, where she
also held responsibility for Public
Relations, Communications
and Post Office Operations.
Prior to this, she was Senior Vice
President Human Resources for
Europe, Middle East and Africa
(EMEA) at InterContinental
Hotels Group. Tanith has also
held senior HR roles at Diageo
plc and Prudential Corporation
plc. Tanith has a breadth of
Board experience. Since March
2021 she has been Chair of
Samarkand Global plc and
also Chair of the Remuneration
Committee. Since July 2019
she has been a member of
the Advisory Council for
PricewaterhouseCoopers. She
is also a Non-executive Director
of Silverwood Brands since
October 2022.
Report of the Board
Board of Directors
David Bower
Chief Financial Officer
Appointed
September 2023
Leslie Van de Walle
Chair
Appointed
November 2022
Committees
Toby Fowlston
Chief Executive Officer
Appointed
April 2023
Tanith Dodge
Non-executive Director,
Senior Independent
Director
Appointed
February 2017
Committees
N
A
N
R
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 71
Corporate GovernanceOverview
Chair of Committee
Matt joined the Board in
December 2021. He brings a
broad range of experience
from different sectors and is
currently the Chief Financial
Officer of Cera Care Limited,
a digital-first home healthcare
provider. Previously, Matt was
Group CFO of Micro Focus
International plc, one of the
world’s largest enterprise
software providers, and
completed its sale to Open Text
Inc for an Enterprise Value of
$6bn in early 2023. Before
this, Matt was Chief Financial
Officer at William Hill plc, prior
to which he held several senior
positions at National Express
Group plc including Group
Finance Director and Chief
Executive, North America. He
was a director of transport,
infrastructure and public
company reporting at Deloitte
LLP and began his career as
an auditor in London. Matt is a
graduate of Leeds University
and member of the Institute
of Chartered Accountants in
England and Wales.
Michaela is an experienced
executive with wide ranging
and international experience in
consumer products and media.
Michaela spent 14 years at
Dyson where she latterly served
as President of China. She held
other senior positions at Dyson,
most notably in global product
development and in market in
Japan. More recently, Michaela
served as Co-Chief Executive of
ProSiebenSat.1 Entertainment
and on an interim basis as
CEO of Elvie. Michaela also
serves as a Non-executive
Director of publicly quoted MYT
Netherlands Parent B.V.
Jane is an experienced senior
executive with wide-ranging
and international experience
across the technology sector.
Jane was most recently
Corporate Vice President within
Microsoft’s Global Commercial
business and has held other
senior finance positions across
Microsoft including Chief
Financial Officer, Microsoft
International and Chief
Financial Officer, Microsoft
Global Consumer Business.
Prior to joining Microsoft, Jane
held senior finance positions at
Palm Inc., 3Com and Boeing.
Board Composition
A dynamic and
professional
leadership
team, focused
on delivering
our strategic
ambition.
Matt Ashley
Non-executive Director
Appointed
December 2021
Committees
Michaela Tod
Non-executive Director
Appointed
June 2023
Committees
Jane Hesmondhalgh
Non-executive Director
Appointed
June 2023
Committees
1 Chair
2 Executives
4 Non-executives
A
Audit and Risk
N
Nominations
R
Remuneration
A
N
R
N
R
A
N
R
A
Corporate Governance
72 Robert Walters plc Annual Report and Accounts 2024
Division of responsibilities
Division of responsibilities between Chair and Chief Executive
Report of the Board continued
Senior Independent
Director
Board balance and independence
Tanith Dodge is the Senior
Independent Director. As such,
she is available to shareholders
and other Directors when they
may have issues or concerns
where contact through the
normal channels of either
the Chair or the Executive
Directors has failed to resolve
concerns, or where contact is
deemed inappropriate.
The Board comprises the
Chair, two Executive Directors
and four independent Non-
executive Directors.
The Board annually reviews its
composition to ensure there is an
appropriate balance between
Executive and Non-executive
Directors and, by promoting
diversity, that the Board has
the appropriate mix of skills,
experience and knowledge.
The Group’s commitment to
achieving a balance of Executive and
Non-executive Directors is shown by:
The Non-executive Directors
comprising more than half
of the Board of Directors;
The independent Non-executive
Directors met a number of
times during the year without
management present.
Leslie Van
de Walle
Chair
The Non-executive Directors,
comprising Leslie Van de
Walle, Tanith Dodge, Matt
Ashley, Michaela Tod and
Jane Hesmondhalgh, being
considered to act independently
of management and free
from any business or other
relationship that could materially
interfere with the exercise of
their independent judgement;
additionally, no Non- executive
Director, including the Chair, has
served on the Board for more
than nine years from the date of
their first appointment; and
Tanith Dodge
Non-executive
Director
Tanith Dodge
Non-executive
Director
Michaela Tod
Non-executive
Director
Jane
Hesmondhalgh
Non-executive
Director
Matt Ashley
Non-executive
Director
The Board has shown its commitment
to dividing responsibilities for the
Board and running the Company’s
business by keeping the roles of Chair
and Chief Executive separate.
Toby Fowlston
Chief Executive
Officer
As Chair, Leslie Van de Walle
is responsible for leading the
Board, and for its effectiveness
and integrity. The Chair sets the
tone for the Company, ensures
the links between the Board
and shareholders are strong,
that Directors receive accurate,
timely and clear information and
management are held accountable.
As Chief Executive, Toby
Fowlston is responsible for
the day-to-day management
of the Group’s operations,
implementing Board-approved
strategic objectives and policies,
and developing the vision and
strategy for the Board’s review
and approval.
The roles are set out in writing and have been approved by the Board.
The key responsibilities of the Chair and Chief Executive are
summarised below:
Leslie Van
de Walle
Chair
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 73
Corporate GovernanceOverview
Statement of compliance with the UK Corporate Governance Code
The Company has fully complied throughout the year ended 31 December 2024 with the Code provisions set out in
the 2018 UK Corporate Governance Code (the Code).
The Board of Directors is committed to the highest standards of corporate governance and has applied the principles
set out in the Code, including the provisions, by complying with the Code as reported above. Further explanation
of how we integrate the principles of the five sections of the Code into our business, being: Board leadership and
Company purpose; division of responsibilities; composition, succession and evaluation; audit, risk and internal control;
and remuneration, is set out below.
Our principles and policy in relation to remuneration are covered separately in the Report of the Remuneration
Committee on pages 84 to 107.
Board leadership and Company purpose
Company’s purpose, values and strategy
Our purpose as a business is to power people and organisations to fulfil their unique potential. This is the bedrock of our
growth strategy which is covered separately in the Strategic Report on pages 4 to 67. Likewise, our purpose underpins our
dynamic culture and our core values of integrity, inclusivity, innovation and unity.
As a global business we continue to strive to build a high-performing and inclusive organisation with a culture that enables
all of our employees to build long-term and rewarding careers. Our purpose-driven culture is covered in more depth on
pages 34 to 35.
Culture
The Board regularly monitors culture for alignment with the Group’s purpose, core principles and strategy. Corporate
culture has been fundamental to our success over the years. Employee engagement surveys, third-party awards for
employer brand excellence (e.g., Great Place to Work), external benchmarking and professional certifications and
accreditations are examples of metrics used by the Board in assessing corporate culture, and they are embedded in
the Board agenda. The Group’s values of integrity, inclusivity, innovation and unity are evident throughout our ESG
Strategy section on pages 30 to 53. In 2020 the Board appointed a member of the Board to be responsible for employee
engagement, as detailed in the Report of the Remuneration Committee on page 101, and this encompasses regular
meetings with employees, including meeting with new starters and leavers. Any whistleblower reports are reviewed by
the Board and its Committees to confirm any appropriate corrective actions are taken.
Engagement with shareholders and key stakeholders
In order to meet its responsibilities to shareholders and stakeholders, the Board ensures the Group has processes in place
to engage with all key stakeholder groups through encouraging participation, active consultation and by building long-
term relationships in order to achieve our strategic priorities. The Chair and the Remuneration Committee Chair offer
to meet with the largest shareholders and hear their views on an annual basis. How we engage with some of these key
stakeholder groups and other interested parties is detailed in the Stakeholder engagement section of the Strategic Report
on pages 54 to 55.
Corporate Governance
74 Robert Walters plc Annual Report and Accounts 2024
The Board and its role
The Board is responsible to the Group’s shareholders for the conduct and performance of the Group’s business. Having
strong governance processes and oversight helps drive the culture of the business so that it can better deliver on its
responsibility to all of our stakeholders, including creating long-term value for our shareholders and proactively investing in a
sustainable future for people and communities around the world.
The Board has developed a Board governance framework which sets out the governance structure of the Board and its
Committees. The Board considers that it has shown its commitment to assessing opportunities and risks to achieve long-term
success and leading and controlling the Group by:
• Having a Board constitution which details the Board’s responsibility to the Group’s shareholders for the management
of the Group’s affairs. It exercises direction and supervision of the Group’s operations throughout the world and
defines the line of responsibility from the Board to the Chief Executive and the Executive Directors, in whom
responsibility for the Executive management of the business is vested;
• The Board retaining specific responsibility for agreeing the strategic direction of the Group, the approval of
accounts, business plans, budget and capital expenditure, the review of operating results, the effectiveness of
governance practice and risk management, and also the appointment of senior Executives and succession planning;
• Consideration of Section 172 (1) of the UK Companies Act 2006 and their duty to promote the success of the Company;
• Oversight of the Group’s organisational health, working culture and wellbeing of employees;
• All Directors have access to the advice of the Company Secretary, who is responsible for advising the Board on
all governance matters;
• Considering any concerns about the operation of the Board or management of the Company, and recording any
unresolved concerns in the Board minutes;
• The provision of appropriate training to all new Directors at the time of appointment to the Board, and by ensuring
that existing Directors receive such training as to be equipped with the skills required to fulfil their roles;
• Delegating responsibilities to sub-Committees: Audit and Risk Committee; Remuneration Committee; and
Nominations Committee.
External appointments of Directors are not undertaken without prior approval of the Board.
Understanding the business
The Board has sought to ensure that Directors are properly briefed on issues arising at Board meetings by establishing
procedures for:
• Distributing Board papers well in advance of meetings in the appropriate form including detailed reports and
presentations to enable the Board to discharge its duties;
• Presentations on different aspects of the Group's business from members of the Operating Board or other members
of senior management;
• Regularly reviewing financial plans, including budgets and forecasts;
• Adjourning meetings or deferring decisions when Directors have concerns about the information available to them; and
• Making the Company Secretary responsible to the Board for the timeliness and quality of information.
Audit and Risk Committee
The Audit and Risk Committee’s primary focus is to assist the Board in fulfilling its oversight responsibilities. During
the year the Audit and Risk Committee met three times and reviewed the following:
• Half-year results and the annual Financial Statements;
• The effectiveness of the Group’s system of internal controls, internal audit and risk management;
• The performance of the external auditor, their terms of engagement, the scope of the audit and audit findings
including findings on key judgements and estimates in the Financial Statements; and
• The opinions of management and the external auditor in relation to the appropriateness of the accounting policies
adopted, significant estimates and judgements and whether disclosures were balanced and fair.
Further information on the work of the Audit and Risk Committee during the year can be found on pages 77 to 81.
Report of the Board continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 75
Corporate GovernanceOverview
Nominations Committee
The Nominations Committee met once during the year and its activities include:
• Monitoring the Board’s structure, size, composition and diversity to maintain a balanced and effective Board in terms
of skills, knowledge and experience;
• Considering all aspects of the Board with regard to succession planning;
• Reviewing the leadership capabilities, needs and succession planning of the Group including identifying and
developing talent;
• Recommending any changes in the membership of the Board Committees;
• Assessing potential conflicts of interest of all Directors; and
• Review of progress achieved, including the diversity objectives of the Group, the gender balance and other aspects
of diversity of those in senior management and their direct reports.
Further information on the work of the Nominations Committee during the year can be found on pages 82 to 83.
Remuneration Committee
The Remuneration Committee met three times during the year and its activities include:
• Engaging with our largest shareholders and the workforce to ensure a strong level of communication and dialogue;
• Ensuring the framework for Executive remuneration remains effective, incorporating current guidance on best
practice and in line with the tri-annual requirement for shareholder approval of the remuneration policy;
• Determining the individual remuneration packages for Executive Directors;
• Approving the targets and performance assessments for performance-related incentive schemes; and
• Overseeing the operation of incentive schemes and awards and determining whether the performance criteria
had been met.
Further information on the work of the Committee during the year can be found in the Report of the Remuneration
Committee on pages 84 to 107, including the Chief Executive pay ratio and incentive outcomes.
Attendance at meetings
The number of scheduled Board meetings and Committee meetings attended as a member by each Director during
the year is set out below. By invitation, the Chief Executive Officer and Chief Financial Officer are invited to attend
all meetings of the Audit and Risk Committee, the Remuneration Committee and, where relevant, the Nominations
Committee. By invitation of their Chairs, Leslie Van de Walle also attended all Audit and Risk and Remuneration
Committee meetings.
Board
(7 meetings)
Audit and Risk
Committee
(3 meetings)
Nominations
Committee
(1 meetings)
Remuneration
Committee
(3 meetings)
L Van de Walle 7 3 1 3
T Fowlston 7 3 1 3
D Bower 7 3 1 3
T Dodge 7 3 1 3
M Ashley 7 3 1 3
J Hesmondhalgh 7 3 1 3
M Tod 7 3 1 3
Corporate Governance
76 Robert Walters plc Annual Report and Accounts 2024
Governance of climate matters
Climate change continued to be a key focus for the Group in 2024 and is now part of the Group’s strategic growth
drivers. The Board has delegated oversight of the management of climate-related risks to the Environmental, Social
and Governance (ESG) Committee which was established in early 2021. The Committee includes members of our
operational management team, Board and business partner functions and has met five times during the year. The
Committee is responsible for providing strategic direction for the management of environmental impacts, with a
particular focus on the Group’s management of the financial risks from climate change and reports to the Board twice
yearly. Further details on our environmental targets can be found on page 41.
The environmental targets have been part of the Executive Directors KPIs for 2024 and can be found in the Report of
the Remuneration Committee on page 90.
Audit, risk and internal control
Internal control
The Board is responsible for the effectiveness of the Group’s system of internal control. A review has been completed
by the Board for the year ended 31 December 2024 and up to the date of approval of the Annual Report. The Board’s
monitoring covers all controls, including financial, operational and compliance controls and risk management. It is
based primarily on reviewing reports from management to consider whether significant risks are identified, evaluated,
managed and controlled and whether any significant weaknesses are promptly remedied and indicate a need for more
extensive monitoring. The Audit and Risk Committee assists the Board in discharging its review responsibilities. During
the course of its review of the system of internal control, the Board has not identified nor been advised of any failings or
weaknesses which it has determined to be significant.
The Group’s system of internal control is designed to safeguard the Group’s assets and to ensure the reliability of
information used within the business and for publication. Such a system is designed to manage, rather than eliminate,
the risk of failure to achieve business objectives and can provide only reasonable and not absolute assurance against
material misstatement or loss.
The full Board meets regularly and has a schedule of matters which are required to be brought to it or its duly
authorised Committees for decision, aimed at maintaining full and effective control over appropriate strategic,
financial, operational and compliance issues on an ongoing basis.
The Board has put in place an organisational structure with clearly defined responsibilities and delegation of authority.
The Board constitution clearly sets out those matters for which the Board is required to give its approval. The Board
delegates the implementation of the Board’s policy on risk and control to Executive management and this is monitored
by the internal audit function which reports back to the Board through the Audit and Risk Committee.
The internal audit function provides objective assurance to both the Audit and Risk Committee and to the Board.
Report of the Audit and Risk Committee and the Auditor
A separate report of the Audit and Risk Committee is set out on pages 77 to 81 and provides details of the role and
activities of the Committee and its relationship with the external auditor.
Leslie Van de Walle
Chair
6 March 2025
Report of the Board continued
Annual Report and Accounts 2024 Robert Walters plc 77
Report of the Audit and Risk Committee
Dear Shareholder
As Chair of the Audit and Risk
Committee, I am pleased to present
my report on the activities of the
Audit and Risk Committee for the
year ended 31 December 2024.
Composition of the Audit and Risk Committee
The members of the Audit and Risk Committee are
appointed by the Board from the Non-executive Directors
of the Company. The Audit and Risk Committee’s terms of
reference include all matters indicated by Disclosure Guidance
and Transparency Rule 7.1 and the 2018 UK Corporate
Governance Code (the Code) relevant to its work. The terms
of reference are considered annually by the Audit and Risk
Committee and are available on the Company's website.
Members of the Audit and Risk Committee include
myself (Chair), Tanith Dodge, Michaela Tod and Jane
Hesmondhalgh; all of whom are independent Non-
executive Directors. The Audit and Risk Committee met
three times during the year, with full attendance at each
of the meetings.
The composition of the Audit and Risk Committee
was reviewed during the year and the Board and the
Committee are satisfied that it has the expertise and
resource to fulfil its responsibilities effectively including
those relating to risk and control.
The Audit and Risk Committee is required to include
at least one financially qualified member, with this
requirement currently fulfilled by myself. All Audit
and Risk Committee members are considered to be
financially literate.
As Audit and Risk Committee Chair, I invited the Chair of
the Board and the Executive Directors to each meeting.
In addition, the Group Financial Controller, Head of
Internal Audit and representatives from the Group’s
external auditor, BDO LLP, were present at each meeting.
Role of the Audit and Risk Committee
The Audit and Risk Committee met three times during
the year to review the interim and annual Financial
Statements including clarity and completeness of
disclosures in the financial statements and the context
in which statements are made, the appropriateness
and application of accounting policies of the Group, its
internal financial control procedures and compliance with
accounting standards, business risk, legal requirements
and the requirements of all other matters indicated by the
terms of reference.
For the period that this report relates to, a process was
in place to assess the risks within the business to report
and monitor such risks. The Audit and Risk Committee
regularly receives reports identifying the key internal
controls in existence and also risk reports from the
business. The Audit and Risk Committee then evaluates
the effectiveness of those controls and the management
of key risks within the Group.
Strategic Report Financial StatementsCorporate GovernanceOverview
Matt Ashley
Audit and Risk Committee Chair
Robert Walters
Corporate Governance
78 Robert Walters plc Annual Report and Accounts 2024
The Audit and Risk Committee discharges its responsibility
in respect of the annual Financial Statements by reviewing
the terms of the scope of the external audit in advance
of the audit and subsequently evaluating the findings
of the external audit as presented to the Audit and Risk
Committee by the auditor prior to the approval of the
annual Financial Statements.
The evaluation of the Committee, as well as the Board,
is commented on page 83 in the Report of the
Nominations Committee.
Other activities undertaken by the Committee during the year
are as follows:
• Discussions with external and internal auditors in the
absence of executive management;
• Receiving reports and presentations from senior
management on areas of control and risk management
processes, including human resources, technology and
business continuity;
• Receiving and reviewing reports and presentations
from the legal function on areas of control and risk
management processes, including data protection and
cyber security, litigation and dispute management, and
commercial and employment claims;
• Considering the adequacy and security of the Company’s
arrangements for its employees, contractors and external
parties to raise concerns, in confidence, about possible
wrongdoing in financial reporting or other matters;
• Considering the systems and controls for detecting
and reporting fraud and money laundering and for the
prevention of bribery and reporting non-compliance;
• Receiving and reviewing reports from the internal audit
function, including a summary of key business processes
and control activities, new audit findings, progress updates
on previously raised audit recommendations, reviewing
and approving the annual internal audit plan, internal audit
mandate, internal audit charter and internal audit strategy
and, reviewing the independence and objectivity of the
internal audit function;
• Reviewing the effectiveness of the risk management
process, considering emerging and principal risks
and uncertainties;
• Considering the net risk position of each identified risk
against the Group’s risk appetite, and the extent to
which management has addressed the key risks through
appropriate controls and actions to mitigate those risks;
• Reviewing climate-related financial disclosures, including
the materiality assessment, risks and opportunities;
• Reviewing management papers on significant accounting
judgements and estimates, including internal control and
areas of audit focus;
• Reviewing reports on tax compliance, including risk areas
and control environment;
• Reviewing management papers assessing the going
concern assumption, including the methodology, key
assumptions and results of reverse stress testing;
• Reviewing reports from the external auditors, including
agreeing the scope of the annual audit plan, considering
the audit quality and partner rotation, reviewing the letter
of representation, agreeing the audit fee, and confirming
the external auditor independence and the policy on
supply of non-audit services;
• Receiving updates on and assessing the potential impact
of future accounting standards;
• Reviewing a final draft of the Annual Report and Accounts,
and advising the Board on whether, taken as a whole, it
is fair, balanced and understandable and provides the
information necessary for shareholders to assess the
Company’s performance, business model and strategy
and whether it informs the Board’s statement in the annual
report on these matters as required under the Code;
• Reviewing, where relevant, compliance with any reporting
requirements under any law or regulation including the UK
Listing Rules, Disclosure Guidance and Transparency Rules
and the Code, prior to consideration by the Board;
• Monitoring the integrity of the financial statements,
including the half-year results and annual report,
preliminary announcements and any other formal
statement relating to financial performance;
• Undertaking a rigorous performance appraisal of the
effectiveness of the Audit and Risk Committee and the
audit process; and
• Receiving updates and recommendations on corporate
governance, including the UK Corporate Governance
Code, and other emerging topics, including cyber-security
and artificial intelligence.
Significant accounting judgements and estimates
The role of the Audit and Risk Committee is to assess the
reasonableness and appropriateness of management
judgements and estimates. The Group Financial Controller
presented management papers on significant accounting
judgements and estimates twice during the year, including
internal control and areas of audit focus. Additionally,
the external auditors performed a review of estimates
and judgements applied by management in the financial
statements to assess their appropriateness and the existence
of any systematic bias and reported on significant accounting
estimates and judgements, including risk description, work
performed, observations, results and conclusions. The Audit
and Risk Committee reviewed the Group’s draft full-year and
half-year results statements and announcements prior to
Board approval and reviewed the external auditor’s detailed
reports thereon. In particular, the Committee reviewed
the opinions of management and the auditor in relation to
the appropriateness of the accounting policies adopted,
significant estimates and judgements and whether disclosures
Report of the Audit and Risk Committee continued
Annual Report and Accounts 2024 Robert Walters plc 79
Strategic Report Financial StatementsCorporate GovernanceOverview
were balanced and fair. The main areas of focus in 2024 and
matters where the Committee specifically considered the
judgements that had been made are set out below:
Revenue recognition – permanent placements
Revenue in respect of permanent placements is deemed to
be earned when a candidate accepts a position, and a start
date is determined. A provision is made by management,
based on historical evidence, for the proportion of those
placements not yet invoiced where the candidate may reverse
their acceptance prior to the start date. The Audit and
Risk Committee reviewed the detailed criteria for revenue
recognition and was satisfied by the judgements made
by management. Internal audit reports regularly on key
processes and controls, which include revenue recognition
and earned but not invoiced revenue. The Committee
concluded that the internal controls currently in place around
revenue recognition are operating effectively. The Audit
and Risk Committee also reviewed the judgements made by
management in determining the back-out provision applied to
this revenue, whereby a percentage of candidates may cancel
placements prior to or shortly after the commencement of
employment. The level of this provision is considered to be
calculated on a consistent basis and to be appropriate based
on historical trends and considering economic pressures on
current client and candidate conditions.
Revenue recognition – temporary placements
Revenue from temporary placements, which is amounts
billed for the services of temporary staff, is recognised
when the service has been provided. Rate cards are used,
particularly in the recruitment outsourcing business, to
determine the temporary worker rates and to calculate
the amounts to be billed. The Committee reviews and
discusses revenue recognition from temporary placements
with management, internal audit and the external auditor.
Internal audit evaluates and reports on the design,
implementation and operating effectiveness of the internal
controls in place to ensure that changes in rate cards are
being processed appropriately and temporary worker rates
are being recorded accurately. The Committee concluded
that management’s approach to revenue recognition from
temporary placements was consistent with the accounting
policy, that any judgements made were appropriate, and
that the internal controls currently in place around rate cards
are operating effectively.
Other significant matters considered by the
Audit and Risk Committee
The Committee considered other significant matters as
set out below:
Going concern and viability statement
In order to support the going concern assumption, the
Committee was presented with detailed forecasts showing
the current Group financing position and future cash
flows, including the methodology and key assumptions and
results of reverse stress testing; please refer to the going
concern and viability statement on pages 111 to 112. For the
three-year period ending 31 December 2027, the Group’s
financing arrangements include:
• Net funds totalling £52.5m (this is net of the facility drawn
down to the extent of £15.6m at 31 December 2024);
• A committed four-year borrowing facility of £60.0m
which expires in March 2027; and
• Net current assets of £69.5m.
The Committee considered that a three-year period is
appropriate as the timeframe over which any reasonable
view can be formed given the nature of the market in
which the Group operates (more detail is provided on
pages 111 to 112).
Based on the current financing position and projected cash
flows and market uncertainty, the Committee concluded
that the going concern assumption was appropriate.
Future accounting standards
The Committee receives regular updates on future
accounting standards changes and the potential impact
that these may have on the Group’s Financial Statements.
One amendment to accounting standards, as detailed in
the Developments in accounting standards/IFRS section
of the Statement of Accounting Policies on pages 131 to
132, will apply with no material impact for the financial
year 2025 and the Committee will continue to assess the
impact on the Group’s Financial Statements.
Fair, balanced and understandable
The Financial Reporting Council (FRC) wrote to us in
the second half of the year indicating that they had carried
out a review of our 2023 Annual Report and Accounts.
I am pleased to report that no questions or queries
arose from this review that required a response. A small
number of improvements to disclosures were suggested.
The Committee has considered the FRC’s letter and
recommendations and as a result, we have enhanced the
relevant disclosures in our 2024 Annual Report and Accounts.
A final draft of the 2024 Annual Report and Accounts
was reviewed by the Audit and Risk Committee prior to
consideration by the Board, and the Committee considered
whether the 2024 Annual Report and Accounts was fair,
balanced and understandable and whether it provided
the necessary information for shareholders to assess the
Group’s performance, business model and strategy and
whether it includes the Board’s statement in the annual
report on these matters that is required under the Code.
Corporate Governance
80 Robert Walters plc Annual Report and Accounts 2024
The Committee was assisted by a number of processes,
including the following:
• The Annual Report and Accounts is drafted by
appropriate senior management with overall coordination
by the Head of Investor Relations and the Group Financial
Controller to ensure consistency across sections;
• An extensive verification process is undertaken to
ensure factual accuracy;
• Comprehensive reviews of drafts of the report are
undertaken by the Executive Directors and other
senior management team; and
• An advanced draft is considered and reviewed by two
Operating Board members.
They were satisfied that, taken as a whole, the
Annual Report and Accounts is fair, balanced and
understandable and provided the necessary information
for shareholders to assess the Group’s performance,
business model and strategy.
Internal audit, risk management and internal controls
The Committee monitored and reviewed the
effectiveness of the Group's internal controls and its risk
management processes.
The Committee was supported in its review by a number
of processes, including the following:
• A robust Group-wide risk assessment, incorporating
both top-down and bottom-up perspectives and
including the ongoing identification and consideration
of emerging risk, was carried out during the year as
detailed in the Strategic Report: Principal Risks and
Uncertainties on pages 58 to 66;
• The output of the Group-wide risk assessment,
including the risk review process and risk mitigation
was presented to the Committee;
• The risk assessment, together with other risk
assessment criteria forms the basis of the internal
audit plan;
• At the end of 2023, the Committee approved the
internal audit plan for 2024;
• The internal audit function reviews and tests the
effectiveness of the risk mitigating controls to ensure
that risk is being managed properly and effectively;
• During the year the internal audit function delivered both
significant geographic and financial coverage, as well
as risk-based assurance across a wide remit including
operational activities and business partner functions;
• Internal audit reported regularly on key business
processes and control activities, following up on the
implementation of management action plans to
address any identified control weaknesses;
• At each meeting, the Committee received a summary
of new audit findings and a progress update on
previously raised audit recommendations;
• Each local management team continued to consider
key risk areas on an ongoing basis, with a specific
periodic review, at least once a year, of their internal
controls to ensure that each risk area is addressed
within the business; and
• The Committee reviewed the independence and
objectivity of the internal audit function and concluded
that it was fit for purpose and also approved the
internal audit plan for 2025.
The Head of Internal Audit was present at each meeting
to present on and discuss the above matters.
Assessment of effectiveness of external audit process
In line with the Committee’s Terms of Reference, the
Committee assessed the effectiveness of the external
audit process by obtaining feedback from all parties
involved in the process, including management and the
external auditor. As part of a formal review process,
audit effectiveness questionnaires are completed by
members of the Audit and Risk Committee and senior
finance employees across the Group. The questionnaires
cover the quality of robust challenge and perceptiveness
provided by the audit team at Group level and of key
components of the audit, in handling key accounting and
audit judgements including demonstrating professional
scepticism and independence. A summary report of
these responses, including recommendations for future
improvement, was presented to the Committee for its
consideration. It was concluded that the external audit
process was operating effectively. The Committee held
private discussions with BDO LLP at all three of the Audit
and Risk Committee meetings providing BDO LLP an
opportunity for open dialogue and feedback without
management being present. Matters discussed included
the preparedness and efficiency of management with
respect to the audit, the strengths and any perceived
weaknesses of the financial management team,
confirmation that no restriction on scope had been placed
on them by management and how they had exercised
professional judgement. Based on this formal feedback
and its own ongoing assessment, the Committee remains
satisfied with the efficiency and effectiveness of the audit.
Reappointment of auditor
The Audit and Risk Committee is responsible for making
recommendations to the Board regarding the appointment
of its external auditors and their remuneration. BDO
LLP has been the Group’s auditor since 2019, and Sandra
Thompson the Lead Audit Partner since 2022. The Audit
and Risk Committee, following a review during the year,
remains satisfied with the effectiveness and independence
of BDO LLP. There are no contractual obligations
restricting our choice of external auditor.
Report of the Audit and Risk Committee continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 81
Corporate GovernanceOverview
Independence of our external auditor
The Audit and Risk Committee recognises the importance
of ensuring the independence and objectivity of the
Group’s auditor and reviews the service provided by the
auditor and the level of their fees. Any non-audit fees
require the approval of the Audit and Risk Committee
each financial year. The Audit and Risk Committee has
adopted a policy with respect to the provision of non-
audit services provided to the Group by the external
auditor that complies with the requirements of the Code.
During the year, there was a breach of the FRC Ethical
Standard (2019) in relation to a non-audit service which
was provided by BDO France. The service constituted
the provision of two turnover certificates, which
were requested by the bank and are required to be
undertaken by the auditor. While the service provided
was a permissible service, pre-approval was not sought
or provided by the Audit and Risk Committee. However,
retrospective approval was obtained. Due to this fact, the
services being permissible and the fee for the services (of
approximately €1,500 for the year ended 31 December
2024) being insignificant in comparison to the overall audit
fees, the auditor has re-confirmed their independence
and we have confirmed our agreement of this.
The Audit and Risk Committee has assessed the
risk and does not believe auditor independence to
have been compromised. The Board has delegated
responsibility to the Audit and Risk Committee for making
recommendations on the appointment, evaluation and
dismissal of the external auditor.
Raising concerns in confidence
The Group's whistleblowing procedures ensure that
appropriate arrangements are in place for employees,
clients, suppliers and candidates to be able to raise
matters of possible impropriety in confidence, with
suitable follow-up action. Reports on any such matters
are given to Board members.
Approved
This report was approved by the Board of Directors on
6 March 2025 and is signed on its behalf by:
Matt Ashley
Audit and Risk Committee Chair
6 March 2025
“ The Committee
monitored and reviewed
the effectiveness of
the Group's internal
controls and its risk
management process.”
Matt Ashley
Audit and Risk Committee Chair
Corporate Governance
82 Robert Walters plc Annual Report and Accounts 2024
Report of the Nominations Committee
Roles and activities of the Committee
The Nominations Committee nominates candidates to fill Board vacancies,
considers the ongoing succession of the Board and its Committees and makes
recommendations on Board composition and balance. In addition to myself
as Chair, the other members of the Committee are Tanith Dodge, Matt Ashley,
Michaela Tod and Jane Hesmondhalgh.
During the year, the Nominations Committee met to
consider and approve the recommendation to put
forward the re-election of the Directors at the April
2024 Annual General Meeting, considering that each
Director had both sufficient time available to meet Board
responsibilities and other significant commitments which
are disclosed in the Report of the Board on page 75.
We are committed to equality of opportunity
regardless of gender, sexual orientation, race, age,
disability or religious belief. The Board remains
committed to increasing its diversity, and the Board
vacancies are always filled following a robust selection
process, including, for example external search ensuring
a high calibre and diverse shortlist, including strong
female candidates are presented to the Committee.
The Board has met the targets on board diversity set
out in UKLR 6.6.6 (9) as at 31 December 2024 in that at
least 40% of the individuals on the Board are women;
the position of Senior Independent Director is held by
a woman; and one individual on the Board is from a
minority ethnic background.
The Nominations Committee has written terms of
reference which are available on the Company's website.
The procedure for appointments to the Board includes
the requirement to specify the nature of the position in
writing and to ensure that appointees have sufficient time
available to meet the demands of the position. The terms
of the contracts for the Non-executive Directors are
available upon request.
Board composition
The Committee is satisfied with the current composition of
the Board and its Committees, though it will continue
to monitor and refresh the composition of the Board
where appropriate.
In relation to the Board’s engagement with the workforce,
Tanith Dodge is our designated Non-executive Director
under the UK Corporate Governance Code. We continue
to promote an honest and open environment and
encourage colleagues with any concerns to report issues
directly through line managers, or via an independent and
confidential line.
Professional development
On appointment, the Directors receive relevant
information about the Group, the role of the Board and
the matters reserved for its decision-making, the terms
of reference and membership of the principal Board
Committees and the authorities delegated to those
Committees, the Group’s corporate governance policies
and procedures and the latest financial information about
the Group. Throughout their period in office, the Directors
are regularly updated on the Group’s business and the
environment in which it operates, by written briefings and
by meetings with senior executives, who are invited to
Leslie Van de Walle
Chair
Robert Walters
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 83
Corporate GovernanceOverview
attend and present at Board meetings from time to time.
They are also updated on any changes to the legal and
governance requirements of the Group and those which
affect them as Directors and are able to obtain training,
at the Group’s expense, to ensure they are kept up to date
on relevant new legislation and changing commercial risks.
Performance review
In line with the Code, we conduct a formal and rigorous
performance appraisal of the Board, its Committees,
the Directors and the Chair annually, recognising that
our effectiveness is critical to the Group’s continued
long-term success. This year, we engaged Jeremy
Sturt of Just Add Water as external facilitator. Jeremy
was selected for this role due to his familiarity and
success in working with the Group having previously
facilitated strategy discussions. This process included a
tailored questionnaire that specifically included Board,
Committee, Chair and Director performance, actions to
maximise performance within the right environment of
trust, support and challenge, and priorities for the Board
over the coming year. This was followed by interviews
with individual Directors by the external facilitator and
then a group discussion led by him with the whole Board.
From this process, Board priorities for the current year
were agreed and suggestions for further enhancement
of performance established. These include matters
in relation to the operation of the Board, matters for
particular focus in the coming year, and strategic
priorities for ongoing consideration.
In 2024, a detailed review was also completed by each
Director and individual discussions took place between
the Chair and each of the Directors. In the case of the
Chair’s performance and leadership, this was reviewed
with the other Directors by the Senior Independent
Director. Subsequently, there was a full Board discussion
of the matters that were raised, an agreed approach for
those matters that were considered needing additional
attention, and an agreement of the Board priorities for
2025. Overall, the outcome of the evaluation process was
very positive, with good progress noted on the areas of
focus raised in previous evaluations. This process did not
identify any material issues that needed to be addressed.
Areas where actions were agreed included:
• Ongoing focus on business performance and
shareholder returns;
• Continued review and development of strategies
for each market;
• Further pursuit and capture of current and future business
opportunities to maximise potential;
• Succession planning for the Board in context of future
requirements of the Group; and
• Review of progress in agreed actions during, as well as at
the end of, the year.
Regular re-election of Directors
In line with the recommendations of the Code, the Board
has agreed to submit all Directors for annual election. As
a result of their annual performance evaluation, the Chair
considers that their individual performances continue
to be effective, with each Director demonstrating
commitment to their role. The Chair is therefore pleased
to support the re-election of Directors, as does the
Committee and the Board.
Succession planning
A clear focus on career progression, including specific
development plans and appropriate training and
development support, for employees is core to the Group’s
growth and helps attract and retain talented individuals.
The Group remains committed to maximising career
opportunities through significant investment in
training and professional development. Executive
succession planning discussions were held in 2024 and
a succession plan is in place for the Executive Directors
and their direct reports which strives to reflect talent
and diversity. When a new Chair is being appointed,
the Chair of the Board does not chair the Committee
in leading that appointment.
Leslie Van de Walle
Chair
6 March 2025
Corporate Governance
84 Robert Walters plc Annual Report and Accounts 2024
Report of the Remuneration Committee
Directors’ Remuneration Report at a glance
The difficult trading challenges experienced in 2023 continued
throughout 2024. Group profit before taxation reduced to £0.5m
in 2024 (2023: £20.8m).
The Remuneration
Committee set stretching
but realistic performance
targets which were aligned
to the business strategy.
In light of the financial
performance for the year,
the bonus outturn was
0% of maximum.
The performance shares
granted in 2022 will lapse in
full in March 2025.
Executive Directors waived
an increase in their base
salary from 1 January
2025. The increases for
UK and Group employees
averaged 3%.
Tanith Dodge
Remuneration Committee Chair
Robert Walters
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 85
Corporate GovernanceOverview
The Report of the Remuneration Committee is divided into
two sections:
• The Annual Report on remuneration which details
payments made to Directors in 2024. It shows the link
between Group performance and remuneration for the
2024 financial year and the intended approach to be
applied for the 2025 financial year. The Annual Report on
remuneration is subject to an advisory vote at the 2025
Annual General Meeting.
• A summary of the Directors’ remuneration policy which
sets out the Group’s remuneration policy for Directors.
This was approved by shareholders at the 2023 Annual
General Meeting with 99.66% of votes cast in favour and is
included for information.
Principles of pay across Robert Walters
The Group operates in a highly competitive sector. We are
an international professional services company and our
approach to the remuneration of all employees, including
the Executive Directors, has been fundamental to our
culture and our success over the years. We pay well across
the Group, based upon talent, merit and performance.
Our objective is to ensure that our shareholders receive
value for money from our investment in remuneration.
The total employee pay cost in 2024 was £240.8m of
which the Executive Directors’ total remuneration in
2024 was 0.5% of this. The Committee’s remit includes
the review and approval of the Operating Board’s pay
and bonus payments. The Committee also reviews
decisions on the remuneration of employees throughout
the business. In addition to my role as Remuneration
Committee Chair, I have undertaken additional
engagement internally to provide the Board with greater
visibility of employee-related matters across the Group.
The Remuneration Committee takes all these factors into
account when setting policy and assessing outcomes for
the Executive Directors’ remuneration, thereby ensuring
the alignment of incentives with the culture of the Group.
Share ownership is considered to be a key element of
remuneration across the Group and 141 senior employees,
including the Executive Directors, participate in a Group
long-term share incentive scheme.
The Group’s performance has been affected by macro-
economic uncertainty and volatility and the ripple effect on
candidate and client confidence, resulting in a decrease in
net fee income of 17% to £321.4m and a decrease in profit
before taxation from £20.8m to £0.5m. 84% of our net
fee income now comes from outside the UK and only 9%
of recruitment net fee income from the financial services
sector. Basic loss per share was 9.1p, compared to the prior
year basic earnings per share of 20.1p.
The balance sheet remains strong, and our net cash
position was £52.5m at the year-end.
The Board has proposed that the final dividend remains
flat at 17.0p per share (2023: 17.0p).
Pay decisions and outcomes in 2024
The performance measures for the 2024 annual bonus
plan comprise profit before taxation, which has a
weighting of 75%, and specific strategic KPIs which are
aligned to the business strategy and culture of the Group.
The profit before taxation achieved for the year of £0.5m
was below the threshold profit before taxation target set
at the start of the year and as a result no bonus for the
financial element was payable.
The specific strategic KPIs set at the start of the year
included both individual objectives for the Executive
Directors and team objectives. Key areas of focus in 2024
included delivery of strategic objectives, financial targets,
operational delivery and ESG targets.
However, in light of the reduction in profit performance
of the Group in the current year, and that this was
substantially below the threshold target, it has been
agreed that no bonuses should be payable.
The Group’s annualised compound earnings per share
(EPS) growth was negative 58.1% and below the threshold
of the performance range and will result in the lapse of
the performance shares granted in 2022 under the EPS
performance condition. The Group’s total shareholder
return (TSR) over the three-year performance period
was negative 48.5% compared to a relative result for the
FTSE Small Cap Index performance of 3.3% at threshold,
resulting in the lapse of the performance shares granted
in 2022 under the TSR performance conditions. This
means that none of the performance shares granted in
2022 will vest in March 2025.
The Committee is satisfied that overall the pay outcomes
are a fair reflection of the collective performance delivered
over the year, are in line with the performance of the
Group, and the stakeholder experience.
Corporate Governance
86 Robert Walters plc Annual Report and Accounts 2024
Report of the Remuneration Committee continued
“ Our objective is
to ensure that our
shareholders receive
value for money from
our investment in
remuneration.”
Tanith Dodge
Remuneration Committee Chair
Details of 2025 base salary increases
In view of 2024 performance and the ongoing challenging
trading conditions, both Toby Fowlston and David
Bower offered to not take base salary increases as of
1 January 2025, which the Remuneration Committee
accepted. The wider workforce across the UK and the
Group received on average a 3% base salary increase as
of 1 January 2025.
Details of the 2025 annual bonus and LTIP awards
For 2025, the Remuneration Committee has determined
that the annual bonus payment for the Executive Directors
will be by reference to specific performance targets set at
the beginning of the year. The performance measures are:
• Reported profit before taxation for the Group
(75% weighting); and
• Key Performance Indicators (25% weighting).
In respect of the 2025 LTIP awards, the Remuneration
Committee have determined that Toby Fowlston and
David Bower should receive the maximum award of 200%
of base salary in 2025. These shares will again be subject
to a combination of EPS, TSR, cash conversion and ESG
performance measures. Full details of the performance
measures are set out on pages 99 to 100.
I look forward to your support on all of the resolutions
relating to remuneration at the Annual General Meeting
on 29 April 2025.
Tanith Dodge
Remuneration Committee Chair
6 March 2025
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 87
Corporate GovernanceOverview
Total employee pay 2024
The employee pay cost in 2024 was
£240.8m
of which the Executive Directors’ total
remuneration in 2024 was
0.5%
Employee salary increases
2024 average increase in all
employee salaries
5.9%
2025 budgeted average increase
in UK and Group employee salaries
3.0%
Principles of pay
The Group operates in a highly competitive sector.
We are an international professional services
company and our approach to the remuneration
of all employees, including the Executive Directors,
has been fundamental to our culture and our
success over the years.
Corporate Governance
88 Robert Walters plc Annual Report and Accounts 2024
Annual Report on remuneration
This section of the report provides details of the payments made to Directors in respect of the 2024 financial year.
The sections of the report which are subject to audit have been highlighted.
Single total figure of remuneration (audited)
The total remuneration for 2024 and comparative prior year figures for each Executive Director are set out in the
table below based on their period of service on the Board.
2024
Base
salary
£’000
Other
benefits
1
£’000
Pension
2
£’000
Total
fixed pay
£’000
Bonus
3
£’000
LTIPs
4
£’000
Total
variable
pay
£’000
Total
£’000
T Fowlston 556 20 28 604 - - - 604
D Bower 447 20 22 489 - - - 489
1,003 40 50 1,093 - - - 1,093
2023
Base
salary
£’000
Other
benefits
1
£’000
Pension
2
£’000
Total
fixed pay
£’000
Bonus
3
£’000
LTIPs
4
£’000
Total
variable
pay
£’000
Total
4
£’000
T Fowlston
t
360 12 18 390 - - - 390
D Bower
tt
142 6 7 155 - - - 155
R C Walters* 237 20 12 269 - - - 269
A R Bannatyne** 290 17 14 321 - - - 321
1,029 55 51 1,135 - - - 1,135
t T Fowlston was appointed to the Board as Chief Executive Officer on 27 April 2023 and the figures set out above reflect his
remuneration from that date.
tt D Bower was appointed to the Board as Chief Financial Officer on 4 September 2023 and the figures set out above reflect his
remuneration from that date.
* R C Walters stepped down from the Board on 27 April 2023 and the figures set out above reflect his remuneration to that date.
**A R Bannatyne stepped down from the Board on 1 September 2023 and the figures set out above reflect his remuneration to that date.
1. The Executive Directors received a range of benefits, comprising permanent health insurance, private medical insurance, a car
allowance and mortgage subsidy.
2. During the year, the Executive Directors received an allowance of 5% of salary to be paid as a cash allowance in lieu of a pension contribution.
3. Two thirds of any annual bonus is paid in cash and one third is deferred and held as shares. The performance measures, targets and
the outcomes for the annual bonus plan are described on pages 89-90.
4. The performance measures, targets and the performance outcomes for the Performance Share Plan are detailed on page 91.
Report of the Remuneration Committee continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 89
Corporate GovernanceOverview
The Chair and Non-executive Directors (audited)
The total remuneration for 2024 and 2023 for the Chair and each Non-executive Director is set out in the table below:
2024
1
2023
1
Total fees
£’000
Total fees
£’000
L Van de Walle 206 200
T Dodge 87 84
M Ashley 81 79
M Tod² 69 39
J Hesmondhalgh² 69 39
512 441
1. No taxable benefits are payable to the Chair and Non-executive Directors.
2. M Tod and J Hesmondhalgh joined the Board on 1 June 2023.
Annual bonus performance outcomes
Profit before taxation
The 2024 threshold, budget (i.e. target) and maximum performance standards for reported profit before taxation
(which has a 75% weighting) were set in light of both internal budgets and market expectations at the start of the
year. The upper end of the target range was considered to be particularly stretching at the time it was set.
The table below shows the maximum bonus payable under each performance measure.
Performance standards
Performance
Outcome
Threshold Target Maximum Achieved
Profit before taxation £27.0m £30.0m £33.0m £0.5m
% of maximum bonus payable 20.0% 37.5% 75.0% 0%
% of salary 30.0% 56.3% 112.5% 0%
The outcome of profit before taxation was £0.5m. This was below threshold and resulted in the payment of 0%
of salary for each Executive Director (2023 payment: 0% of salary). The targets were set at a time of continued
uncertainty and were considered stretching in the judgement of the Remuneration Committee.
Key Performance Indicators
Key Performance Indicators (KPIs) which have a 25% weighting are set at the beginning of each year for a number of
objectives covering several different areas including strategic, operational and environmental, social and governance
(ESG). The KPIs are set with a team approach in mind to align with the culture of the business although many of the
objectives are individual.
The substantial work and personal contributions of the Executive Directors in their roles during the year are recognised.
Nonetheless, in light of the outcome against the profit before taxation target set out above, and notwithstanding that the
financial goals and the KPIs are independent of each other, it was agreed no bonus be paid in respect of KPIs for 2024.
The KPIs set for the Executive Directors and their respective weightings as a percentage of the maximum potential bonus,
are shown on the next page.
Corporate Governance
90 Robert Walters plc Annual Report and Accounts 2024
CEO – Toby Fowlston
Performance goals and targets
Weighting as a % of
maximum bonus
Delivery of strategic objectives, including:
• Single brand implementation
• Plan, execute and complete recruitment outsourcing business priorities
• Succession planning
• Review of Group strategy
• Specific client engagement metrics
• Client wins and business extensions
• Geographical expansion
10%
Operational delivery, including:
• Successful rollout of the CRM system
• Employee retention
• Focus on headcount investment
• Reduction in job board spend per fee earner
8%
ESG targets, including:
• Diversity and Inclusion objectives
• Employee engagement score
• Environmental objectives
7%
Total weighting as a % of maximum bonus 25%
CFO – David Bower
Performance goals and targets
Weighting as a % of
maximum bonus
Delivery of strategic objectives, including:
• Development of investor and analyst relationships
• Review Group planning process
• Review capital allocation
• Improve conversion and deliver procurement savings
• Review of Finance function processes and structures
• Plan, execute and complete recruitment outsourcing business priorities
9%
Operational delivery, including:
• Successful rollout of the CRM system
• Review of core financial and transactional processes
• Presentation of financial information to plc Board
• Review of financial borrowing and facilities
10%
ESG targets, including:
• Diversity and Inclusion objectives
• Employee engagement score
• Environmental objectives
6%
Total weighting as a % of maximum bonus 25%
No deferred payment on bonus is applicable this year as no bonus is due.
Over the last five years, the average total bonus pay-out has been 30.4% of total bonus opportunity.
Report of the Remuneration Committee continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 91
Corporate GovernanceOverview
Long-term incentive plans (audited)
The remuneration shown in the long-term incentive plan (LTIP) figures in the single total figure table on page 88 shows
that there was no vesting for shares granted under the Performance Share Plan (PSP) which are detailed below:
Performance Share Plan (PSP)
The PSP awards granted in March 2022 will lapse in full in March 2025. Details of the performance conditions set over
the three-year period are set out below:
Performance
measure Weighting
Performance required
for minimum vesting
(i.e. 25% of award)
Performance required
for maximum vesting
(i.e. 100% of award) Actual performance
% of
vesting
achieved
Compound
annual increase
in EPS compared
to the increase
in RPI over three
years.
50% The Group’s annualised
EPS growth rate to
exceed the UK retail
price index by at least
an annual compound
growth of 8%
The Group’s annualised
EPS growth rate to exceed
the UK retail price index
by at least an annual
compound growth of 14%.
The Group’s annualised
Compound EPS growth
was negative 58.1% and
below the threshold of
the performance range.
0.0%
Relative TSR
measured
against the FTSE
Small Cap Index
over three years.
50% Relative TSR of the
Group matches the
median relative TSR
performance of the
FTSE Small Cap Index.
Relative TSR of the Group
exceeds the median
relative TSR performance
of the FTSE Small Cap
Index by at least an
annual compound growth
of 12.5%.
TSR over the three-
year period ended
31 December 2024
was negative 48.5%
compared to TSR of the
FTSE Small Cap Index
of 3.3% at threshold.
Therefore, performance
was below threshold.
0.0%
Total to vest in March 2025 0.0%
The table below details the awards granted in 2022, the potential value of these awards at grant date and the
estimated value of the shares awarded under the PSP included in the single figure table for the financial year 2024.
No. of PSP
awards
granted
Grant
price
(p)
1
Face
value
(£’000)
2
Fair
value
(£’000)
3
% of
vesting
achieved
No. of
vested
awards
Value
attributable
to share price
increases
Total value
of vested
awards
(£’000)
T Fowlston 60,150 665 400 220 0.0% - - -
D Bower - - - - - - - -
1. Grant price is the market value at the time of grant.
2. Face value has been calculated as the maximum number of shares that would vest if all performance measures and targets are met,
multiplied by the share price at date of grant.
3. Fair value has been calculated as the fair value of one share using the stochastic option pricing model, supported by external advisers,
multiplied by the number of shares granted.
The performance conditions for all outstanding awards under the PSP can be found on the next page.
Corporate Governance
92 Robert Walters plc Annual Report and Accounts 2024
Long-term incentives awarded in 2024 (audited)
Performance Share Plan (PSP)
In 2024, the Executive Directors were granted share awards to the value of 180% of salary as follows:
Share
awards
Grant
date
Grant
price
(p)
1
Face
value
(£’000)
2
Fair
value
(£’000)
3
% award vesting at
minimum threshold
performance
T Fowlston 244,185 28 March 2024 410 1,001 994 25%
D Bower 196,287 28 March 2024 410 805 799 25%
1. Grant price is the market value at the time of grant.
2. Face value has been calculated as the maximum number of shares that would vest if all performance measures and targets are met
multiplied by the share price at date of grant.
3. Fair value has been calculated as the fair value of one share as per the stochastic option pricing model, multiplied by the number of
shares granted.
The performance conditions and weightings for these PSP awards are set out as follows:
Performance measures Weighting
Performance required
for minimum vesting
(i.e. 25% of award)
Performance required
for maximum vesting
(i.e. 100% of award)
Compound annual increase in
EPS compared to the increase
in RPI over three years.
35% The threshold EPS target
was 40.0p, calculated by using
the then current consensus
expectation for the year one
performance of the Company
and a target growth rate for
year two and year three.
The maximum EPS target was
63.0p, calculated by using
the then current consensus
expectation for the year one
performance of the Company
and a stretching growth rate
for year two and year three.
Relative TSR measured against
the FTSE Small Cap Index (excluding
investment trusts) over three years.
35% The Threshold Target at
which 25% of shares vest
is for Median (P50) TSR
performance against the
comparator group.
The Threshold Target at
which 100% of shares vest is
for Upper Quartile (P75) TSR
performance against the
comparator group.
Cumulative cash conversion:
Three-year cash conversion is the
cumulative operating cash flow of the
Group before taxation stated as a
percentage of cumulative operating
profit before exceptional items.
20% Cumulative cash conversion
was at least 90%.
Cumulative cash conversion
was at least 110%.
ESG – Three targets set in relation to
the engagement of our workforce,
enhancing our ED&I initiatives, and
reducing our environmental impact.
10% One ESG target achieved
(25% of this element)
All three ESG targets
achieved.
Report of the Remuneration Committee continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 93
Corporate GovernanceOverview
Statement of Directors’ shareholdings and share interests (audited)
Share options
Details of the options to acquire ordinary shares in the Company granted to or held by the Directors under the
Company’s SAYE Option Scheme are as follows:
Options at
1 January
2024
Options
granted
during the
year
Options
exercised
during the
year
Options
lapsed
during the
year
Options at
31 December
2024
1
achieved
Price
granted
(p)
2
Share
price on
exercise
(p)
Gain on
exercise
(p)
Exercise
dates
T Fowlston
SAYE Options 6,374 - - - 6,374 291 - -
Oct 2026 –
Mar 2027
6,374 - - - 6,374
D Bower
SAYE Options 6,374 - - - 6,374 291 - -
Oct 2026 –
Mar 2027
6,374 - - - 6,374
12,748 - - - 12,748
1. There are no options that have vested but are unexercised.
2. Market price when awarded, except for SAYE Options which were granted at a 20% discount to the market price.
In accordance with the guidance issued by The Investment Association and consistent with the rules of the
Company’s share schemes, the maximum number of new shares that may be issued in respect of all share schemes is
limited to 10% of the issued share capital over a period of 10 years. At 1 January 2025 the Company had outstanding
options (SAYE and share options only) representing 1.2% of issued share capital.
SAYE Options are not subject to any performance measures.
The market price of the ordinary shares at 31 December 2024 was 315p per share (2023: 445p per share) and the
range during the year was 315p to 459p per share.
Performance Share Plan (PSP) (audited)
There are currently 141 senior Executives who participate in the PSP, including the Executive Directors. The table below shows
the number of shares that have been awarded to the Executive Directors under the PSP and that remained unexercised at
the end of the financial year, and also shows the shares which were granted, which vested, and which lapsed during the year.
The PSP awards may be subject to different performance measures and targets each year.
In accordance with the guidance issued by The Investment Association and consistent with the rules of the Company’s
share schemes, the maximum number of new shares that may be issued in respect of all share schemes is limited to 10% of
the issued share capital over a period of 10 years. At 1 January 2025 the Company had outstanding options representing
1.2% of issued share capital.
Date of
grant
Share
awards
Vested
during
the year
Lapsed
during
the year
At
31 December
2024
Share price
on date of
award (p)
1
Exercise
date
T Fowlston July 2021 75,330 - (75,330) - 711 July 2024
March 2022 60,150 - - 60,150 665 March 2025
May 2023 229, 245 - - 229,245 424 May 2026
March 2024 244,185 - - 244,185 410 March 2026
608,910 (75,330) 533,580
D Bower September 2023 69, 589 - - 69,589 367 September 2026
March 2024 196,287 - - 196,287 410 March 2026
265,876 - - 265,876
928,209 (75,330) 799,456
1. Market price when awarded
Corporate Governance
94 Robert Walters plc Annual Report and Accounts 2024
Performance Share Plan (PSP) (audited) continued
Share awards made under the PSP are satisfied with market-purchased shares through the Employee Benefit Trust.
In the event of a change of control, the rules specify that all awards would vest subject to satisfaction of the performance
conditions. The awards would normally then be pro-rated to reflect the period of time between the date of grant and the
date of change of control. Further information relating to all equity awards currently available to Executive Directors is
detailed on page 93 and in note 19 to the accounts.
Directors’ interests in shares (audited)
The Directors who held office during 31 December 2024 had the following interests in the ordinary shares of the Company:
31 December
2024
Number
31 December
2023
Number
T Fowlston - -
D Bower 30,000 -
L Van de Walle 59, 500 27,500
T Dodge 6,000 6,000
M Ashley 9,667 9,667
M Tod - -
J Hesmondhalgh - -
There has been no change to the interest of the Directors between 31 December 2024 and the date of the Annual
Report and Accounts.
Share ownership policy (audited)
Executive Directors are subject to share ownership guidelines which recommend building and then retaining a minimum
holding of 200% of salary. Only the net value of unvested deferred bonus shares and shares that are beneficially owned
by the Executive Directors and connected persons count towards the share ownership policy. For the avoidance of doubt,
Directors are not permitted to take forward options or in any way securitise or hedge their holdings of Robert Walters
plc shares. The Executive Directors are also required to retain shares to the value of 200% of salary for two years post-
cessation as a Director.
The percentage and value of the shareholdings of the Executive Directors based on the share price at 31 December 2024
and expressed as a percentage of salary, are as follows:
Shares held
% of issued
share capital % of salary
T Fowlston - -
D Bower 0.04% 21.0%
TSR performance
The Remuneration Committee supports the Group’s strong view that remuneration should be linked to performance.
The following graph shows the Company’s total shareholder return (TSR) against the TSR of the FTSE Small Cap
Index. The FTSE Small Cap Index has been selected because Robert Walters plc is a constituent.
Report of the Remuneration Committee continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 95
Corporate GovernanceOverview
The following table shows the Chief Executive’s total realised pay (calculated using the same approach we have used
to calculate the single total figure) in each of the last 10 years. It also shows the levels of pay-outs from the annual
bonus and the long-term share-based plans in each year going back to 2015.
Single total figure
showing realised
remuneration
£’000
1
% of total bonus paid
against maximum
opportunity
2
% of LTIPs vesting
against maximum
opportunity
3
Period over which the
LTIP performance
targets are based
2024 T Fowlston 556 0% 0% 2021 - 2024
2023 T Fowlston 390 0% 0% 2020 - 2023
2023 R C Walters 269 0% 0% 2020 - 2023
2022 R C Walters 1,378 58% 0% 2019 - 2022
2021 R C Walters 2,034 94% 24% 2018 - 2021
2020 R C Walters 765 0% 0% 2017 - 2020
2019 R C Walters 1,674 20% 98% 2016 - 2019
2018 R C Walters 3,471 96% 89% 2015 - 2018
2017 R C Walters 3,501 95% 100% 2014 - 2017
2016 R C Walters 2,092 80% 78% 2013 - 2016
2015 R C Walters 3,014 93% 100% 2012 - 2015
Total average 54% 49%
1. Total remuneration is calculated as the total of fixed and variable pay based on the same calculation method used in the single total
figure table on page 88.
2. The percentage (%) of total bonus paid against maximum opportunity is calculated as the annual bonus pay-out in each respective
year based on the same calculation method used in the single total figure table as a % of the maximum opportunity.
3. The percentage (%) of LTIP shares vesting against maximum opportunity is calculated as the number of share options and PSP awards
that have vested in the year as a % of number granted.
Total shareholder return (rebased to 100)
FTSE Small CapRobert Walters
202120202019201820172016 20232022 2024
250
300
200
150
100
50
0
2015
Corporate Governance
96 Robert Walters plc Annual Report and Accounts 2024
Percentage change in the Directors’ pay compared to employees
The table below shows the year-on-year percentage movement of base salary, other benefits and annual bonus in
2024 for each member of the Board, compared with the average percentage change for Group employees. The
average percentage change for Group employees has been used as there are no employees in Robert Walters plc.
The remuneration disclosed in the table below uses the same information for base salary, other benefits and bonus
as the single total figure on page 88. The Group employee pay is calculated using the movement of the average
remuneration (per head) for all Group employees.
2024 vs 2023 2023 vs 2022
Base salary
6
Other
benefits
including
pension
7
Bonus Base salary
6
Other
benefits
including
pension
7
Bonus
All employees 5.9% 10.2% (9.0%) 8.6% 2.0% (36.6%)
T Fowlston
1
n/a n/a 0% n/a n/a n/a
D Bower
1
n/a n/a 0% n/a n/a n/a
L Van de Walle
2
3.0% n/a n/a n/a n/a n/a
T Dodge
3
3.0% n/a n/a (11.0%) n/a n/a
M Ashley
4
3.0% n/a n/a 9.0% n/a n/a
M Tod
5
n/a n/a n/a n/a n/a n/a
J Hesmondhalgh
5
n/a n/a n/a n/a n/a n/a
R C Walters n/a n/a n/a 4.0% 1.4% (100%)
A R Bannatyne n/a n/a n/a 4.0% 1.8% (100%)
S Cooper n/a n/a n/a 4.0% n/a n/a
2022 vs 2021 2021 vs 2020
Base
salary/
fee
8
Other
benefits
including
pension
7
Bonus
Base salary/
fee (with
voluntary salary
reductions)
8
Other
benefits
including
pension Bonus
All employees 8.8% 3.0% (3.1%) 14.6% 0.0% 100.9%
T Fowlston
1
n/a n/a n/a n/a n/a n/a
D Bower
1
n/a n/a n/a n/a n/a n/a
L Van de Walle
2
n/a n/a n/a n/a n/a n/a
T Dodge
3
30.6% n/a n/a 5.3% n/a n/a
M Ashley
4
n/a n/a n/a n/a n/a n/a
M Tod
5
n/a n/a n/a n/a n/a n/a
J Hesmondhalgh
5
n/a n/a n/a n/a n/a n/a
R C Walters 5.0% (50.5%) (34.3%) 12.8% 1.1% 100.0%
A R Bannatyne 5.0% (55.7%) (36.1%) 12.8% 1.1% 100.0%
S Cooper 3.6% n/a n/a 5.3% n/a n/a
Report of the Remuneration Committee continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 97
Corporate GovernanceOverview
Percentage change in the Directors’ pay compared to employees continued
2020 vs 2019
Base salary/
fee (with
voluntary salary
reductions)
9
Other
benefits
including
pension Bonus
All employees 0.4% (4.5%) (31.3%)
T Fowlston
1
n/a n/a n/a
D Bower
1
n/a n/a n/a
L Van de Walle
2
n/a n/a n/a
T Dodge
3
(2.6%) n/a n/a
M Ashley
4
n/a n/a n/a
M Tod
5
n/a n/a n/a
J Hesmondhalgh
5
n/a n/a n/a
R C Walters (7.7%) 1.7% (100.0%)
A R Bannatyne (7.7%) 1.9% (100.0%)
S Cooper (2.6%) n/a n/a
1. T Fowlston was appointed to the Board as Chief Executive Officer on 27 April 2023 and D Bower was appointed to the Board as Chief Financial
Officer on 4 September 2023. As a result, no increase has been presented in the table above as they did not get a full year equivalent in 2023.
They did however get an increase of 3% effective 1 January 2024.
2. L Van de Walle joined the Board on 1 November 2022.
3. T Dodge was interim Chair for four months in 2022.
4. M Ashley was Audit Committee Chair for only eight months in 2022.
5. M Tod and J Hesmondhalgh joined the Board on 1 June 2023. As a result, no increase has been presented in the table above as they did not get a full
year equivalent in 2023. They did however get an increase of 3% effective 1 January 2024.
6. Base salary from the single total figure on page 88 has been recalculated on an annualised basis for the purpose of the disclosure in the table above.
7. Pension allowances have been aligned (5% of salary) with that payable to employees generally, effective 1 January 2022 (2021: 20% of salary).
8. There was a 3% increase in salary, effective 1 July 2021, for Robert Walters and Alan Bannatyne given no salary increase at 1 January 2021.
9. In 2020, there was a voluntary salary reduction of 20% for the Executive Directors and 10% for the Non-executive Directors between April
and September. Without the voluntary reduction, the increase in salary would have been 2.5% for both the Executive Directors and the Non-
executive Directors.
The ratio of the Chief Executive’s total pay ratio to the pay of UK employees
The table below shows the ratio of the Chief Executive's single total figure remuneration to the UK-based lower,
median and upper quartile paid (full-time equivalent) employees’ single figure total remuneration. The employee total
remuneration includes base salary, other benefits including pension, annual bonus and share-based remuneration.
Method Lower quartile Median Upper quartile
2024 ratio Option A 15:1 9:1 6:1
2023 ratio
Option A 17:1 11:1
7:1
2022 ratio Option A 42:1 25:1 17:1
2021 ratio Option A 68:1 39:1 26:1
2020 ratio Option A 24:1 17:1 12:1
2019 ratio Option A 76:1 51:1 36:1
Set out in the table below is the base salary and the total pay and benefits for each of the quartiles.
£'000 Lower quartile Median Upper quartile
2024 salary 39.0 50.1 90.0
2024 total pay and benefits 40.9 64.7 93.4
Corporate Governance
98 Robert Walters plc Annual Report and Accounts 2024
The ratio of the Chief Executive’s total pay ratio to the pay of UK employees continued
The ratio of the Chief Executive's pay to the median level of pay across the Group reflects no annual bonus payment
and the lapsing of the 2022 performance shares awards for the Chief Executive this year. Our pay, reward and
progression policies are designed to be applied in the same way to all employees across the Group. A much higher
proportion of the Chief Executive's pay is related to performance than is the case for employees across the Group
generally. The variability of the pay ratio over time reflects the strong link between the Chief Executive’s pay and
performance and that a significant proportion of his total pay is variable.
The Group has chosen to calculate the ratios in accordance with Option A methodology laid out in the remuneration
regulations as the lower quartile, median and upper quartile employees could be identified based on full-time equivalent
pay data as at 31 December 2024 and the Group believes that this was the most accurate way of calculating the ratios.
The employee pay data was obtained from the single payroll system used in the UK and after reviewing the data, the
Group is satisfied that it fairly reflects the relevant quartiles given the range of roles within the UK business. As the head
office is located in the UK and based on the Group’s organisational shape and nature, there is a large proportion of
administrative and support roles in the UK which explains both the ratios at the lower quartile and median. The upper
quartile ratio is reflective of the make-up of Group management and senior management who have a broad range of
salaries. Given potential volatility in the Chief Executive single figure, year-to-year movements can be significant.
Relative importance of the spend on pay
The graph below shows details of the Group’s profit after taxation, dividends paid, share buybacks, total spend on pay and taxation
paid for the years ended 31 December 2023 and 2024. In the opinion of the Board, profit after taxation and taxation paid are both
helpful reference points for putting the investment of pay costs necessary in a professional services business into context.
Report of the Remuneration Committee continued
Spend on pay
Notes to the illustrative graph:
1. The total dividend paid during the year ended 31 December 2024 was £15.5m based on a final dividend of £11.2m paid on 31 May
2024, and an interim dividend of £4.3m paid on 27 September 2024. Further details on dividends are given in note 6.
2. The shares purchased for cancellation represent the total amount spent by the Group on shares for cancellation during the year
ended 31 December 2024 and 31 December 2023.
3. Overall spend on pay includes wages and salaries, social security costs, pension costs and share-based payments for all
employees including Directors. Further details of the total remuneration of the Group are given in note 4.
4. Taxation paid during the year represents the corporation taxation paid for the Group during the year ended 31 December 2024.
(6.0)
13.4
220
200
180
160
140
120
100
80
60
40
20
0
-20
240
260
280
2023
2024
Overall spend
on pay
(£m)
3
240.8
278.7
-14%
Shares purchased
for cancellation
(£m)
2
10.0
Profit (Loss)
after taxation
(£m)
-145%
Dividends
paid
(£m)
1
15.8 15.5
Taxation
paid
4
(£m)
6.4
9.0
Executive Directors’
single total figure
(£m)
1.11.1
-2%
-100%
-4%
-29%
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 99
Corporate GovernanceOverview
The implementation of our Directors’ remuneration policy in 2025
The Group’s policy on Executive Directors’ remuneration and implementation for the year ended 31 December 2025
will be as follows:
(a) Executive Directors
(i) Base salary
For 2025, the budgeted average salary increases for employees in the UK and the Group other than Executive
Directors is 3% with effect from 1 January. Toby Fowlston and David Bower offered to waive a base salary increase for
2025, which the Remuneration Committee accepted.
(ii) Other benefits
No changes will be made to benefits in 2025.
(iii) Annual bonus
For 2025, the Remuneration Committee has determined that the annual bonus payment for the Executive Directors will
be by reference to specific performance targets set at the beginning of the year. The performance measures are:
• Reported profit before taxation for the Group (75% weighting); and
• Key Performance Indicators (25% weighting) which will include a range of distinct and specific goals under three
categories – strategic, operational and ESG measures. The maximum bonus potential remains unchanged at 150%
of salary. One third of any earned bonus will be deferred for two years into shares, payable in equal tranches on
the first and second anniversary of grant.
Where possible, targets will be set for each goal and the targets are intended to be disclosed together with the Remuneration
Committee’s assessment of performance against the targets in next year’s Directors’ Remuneration Report.
(iv) Performance Share Plan (PSP)
For 2025, each Executive Director will receive awards under the PSP to the value on grant of 200% of base salary.
The performance period is the three-year period ending 31 December 2027. The performance conditions and
weightings for these PSP awards are set out as follows:
Performance measure Weighting
Performance required
for minimum vesting
(i.e. 25% of award)
Performance required
for maximum vesting
(i.e. 100% of award)
Compound annual
increase in EPS
compared to the
increase in RPI over
three years.
35% The threshold EPS target is 20p,
calculated by using the current
consensus expectation for the year
one performance of the Company
and a target growth rate for year
two and year three.
The maximum EPS target is 30p,
calculated by using the current
consensus expectation for the year
one performance of the Company
and a stretching growth rate for year
two and year three.
Relative TSR measured
against the constituents
of the FTSE Small
Cap Index (excluding
investment trusts) over
three years.
35% Relative TSR of the Group
matches the median ranking TSR
performance of the constituents of
the FTSE Small Cap Index (excluding
investment trusts).
Relative TSR of the Group equals or
exceeds the upper quartile ranking
TSR performance of the FTSE Small
Cap Index (excluding investment
trusts).
Cumulative cash
conversion: Three-year
cash conversion is the
cumulative operating
cash flow of the Group
before taxation stated as a
percentage of cumulative
operating profit before
exceptional items.
20% Cumulative cash conversion is at
least 90%.
Cumulative cash conversion is at least
110%.
ESG 10% 33% of ESG targets achieved. 100% of ESG targets achieved.
Corporate Governance
100 Robert Walters plc Annual Report and Accounts 2024
The implementation of our Directors’ remuneration policy in 2025 continued
As per our ESG section on pages 30 to 53 we have developed a robust and long-term ESG strategy, and the fourth
measure will cover the key elements of this strategy as per below. A fulfilment of one target is required for threshold
vesting of this specific performance measure, two targets for 66% vesting, and all three targets will need to be
achieved for maximum vesting.
ESG performance measure
Pillars Targets
Engaging our workforce To foster a culture of inclusion with a sense of belonging and to achieve
an average Glint employee engaged score of 76 or higher (2024 score of
75) over the performance period.
Enhancing our ED&I initiatives To achieve and maintain 50:50 gender balance in Global Leadership
positions (Associate Director and above) by the end of the performance
period (2024 – 49.7% female, 50.3% male).
Reducing our environmental impact To deliver the decarbonisation initiatives required to achieve the Group’s
2040 net zero target.
(v) Pensions
Pension contributions or cash in lieu of pension as a percentage of base salary have been aligned with the wider
workforce and are 5% of salary. Any new appointments or change of role will also be aligned with the Group average.
(b) Chair and Non-executive Directors
The Remuneration Committee is responsible for determining the remuneration of the Chair and the Board is
responsible for determining the fees of the Non-executive Directors.
No fee increases have been made as of 1 January 2025. The agreed fees for the Chair (as determined by the
Remuneration Committee) and the Non- executive Directors (as determined by the Chair and the Executive
Directors) are as follows:
2025 2024
Total fees
1
£’000
Total fees
1
£’000
L Van de Walle 206 206
T Dodge 87 87
M Ashley 81 81
M Tod 69 69
J Hesmondhalgh 69 69
512 512
1. No other taxable benefits are payable to the Chair and Non-executive Directors.
The Remuneration Committee
The Remuneration Committee comprises Tanith Dodge (Chair), Matt Ashley, Michaela Tod and Jane Hesmondhalgh,
all of whom are independent Non-executive Directors. On invitation, the Chair and Executive Directors attended all
Remuneration Committee meetings during the year.
The purpose of the Committee is to consider all aspects of the remuneration of the Executive Directors and selected
other senior management and to make recommendations to the Board on the specific remuneration packages, including
bonus schemes, severance, pension contributions and other benefits. The Committee also determines the remuneration
of the Board Chair. The Committee ensures that the remuneration packages are competitive within the recruitment
industry and reflect both Group and personal performance during the year, while also having regard to the broader
levels of remuneration within the Group itself and environmental, social and governance issues. The Committee meets
when required to consider all aspects of Executive Directors’ remuneration. The Committee also reviews but does not
decide the remuneration of employees across the Group.
Report of the Remuneration Committee continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 101
Corporate GovernanceOverview
Advisers to the Remuneration Committee
The Committee received independent external advice from FIT Remuneration Consultants LLP during the year. FIT
Remuneration Consultants LLP has been formally appointed by the Committee and does not provide other services
to the Remuneration Committee or to the Group. The Committee has used its best judgement to satisfy itself that the
advice provided is objective and independent.
FIT Remuneration Consultants LLP is also a member of the Remuneration Consultants Group. The fees paid during
the year were £36,909. The fees are charged on a time and expenses basis.
Remuneration for employees below the Board
The Committee’s extended remit considers and approves the reward structure and levels of remuneration for the
Operating Board. In addition, the Committee continues to review overall Group remuneration average increases and
workforce-related pay policies and takes these into consideration when setting pay increases for the Executive Directors.
Our senior management participate in an annual bonus scheme that is measured against Group and regional financial
targets and personal and strategic objectives. Members of the Operating Board also participate in the Performance
Share Plan (PSP) with the same performance conditions as the Executive Directors. Employees below the Operating
Board receive salary and benefits benchmarked to the local markets and countries in which they work. These are
reviewed annually. There is a strong link between reward and performance which is recognised through annual bonuses,
commission or other non-financial recognition. Employees who hold key strategic positions or are deemed critical to the
business through their performance are also offered the opportunity to participate in the Performance Share Plan with
the same performance conditions as those of the Executive Directors.
Employee engagement
In line with the Code, the Board appointed Tanith Dodge, Non-executive Director and Chair of the Remuneration
Committee, to represent employee engagement. Tanith’s annual responsibilities include, but are not limited to, the following:
• Hosting breakfast sessions with a cross-section of employees;
• Meeting with a sample of new hires and departing employees at exit interviews; and
• Reviewing internal benchmarking, including staff attrition rates and employee engagement surveys.
These actions enable the Board to understand the views of employees and to ensure that the Board’s approach to
investing in and rewarding its workforce is appropriate and aligns with the culture and principles of the Group.
The Board believes that a diverse workforce and inclusive culture are essential to business success and the Group
supports and values diversity in all forms, not just gender. The Committee believes this is an important part of employee
engagement in relation to remuneration. A detailed explanation of the Group’s approach to diversity and inclusion can
be found in the Enhancing our ED&I initiatives section on pages 36 to 37.
The terms of reference of the Remuneration Committee are available on the website.
Voting at the Annual General Meeting
At the Group’s Annual General Meeting on 30 April 2024, shareholders approved the Directors’ Remuneration
Report for the year ended 31 December 2023. The table below shows the results in respect of the resolution. The
table also shows the percentage of votes cast for and against the resolution on the Directors’ remuneration policy,
approved at the Group’s Annual General Meeting on 27 April 2023.
Resolution Votes for %
Votes
against %
Votes
withheld
Approve the Directors’ remuneration policy
(April 2023)
58,082,804 99.66 195,483 0.34 270
Approve the Directors’ Remuneration Report
(April 2024)
56,038,710 98.15 1,058,029 1.85 1
The Committee has engaged with shareholders on the current Directors' Remuneration Policy and is grateful for the views
expressed and the support. In the last two years and in light of clear feedback from shareholders we have significantly
enhanced the disclosure of the Key Performance Indicators (KPIs) relating to the annual bonus criteria.
Corporate Governance
102 Robert Walters plc Annual Report and Accounts 2024
Report of the Remuneration Committee continued
Pay outcomes
The Committee is satisfied
that overall the pay outcomes
are a fair reflection of the
collective performance delivered
over the year, are in line with the
performance of the Group, and
the stakeholder experience.
Chief Executive's
pay ratio 2024
The ratio of the Chief Executive's total
realised pay to the median pay in the
Group for 2024
9:1
For 2023
11:1
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 103
Corporate GovernanceOverview
Directors’ remuneration policy
The second part of this report details the Group’s remuneration policy (the policy) for Executive Directors, which was
approved by the shareholders in a binding vote during the 2023 Annual General Meeting. The policy took effect from
the Annual General Meeting on 27 April 2023. The full policy approved by shareholders can be found in the 2023
Annual Report. There are no proposed changes to the current policy for 2025 and therefore we do not propose to table
a resolution seeking approval of the policy at the next Annual General Meeting.
The policy is designed to support the strategic business objectives of the Group in order to attract, retain and motivate
our Executive Directors. We place considerable importance on pay for performance, on setting tough targets and on
share ownership, which is in line with the entrepreneurial culture of the Group.
Executive Directors’ remuneration policy
Element Base salary
Link to strategic objectives The base salary of each Executive Director takes into account the performance
of each individual and is set at an appropriate level to secure and retain the
talent needed to deliver the Group’s strategic objectives.
Operation Salaries are normally reviewed annually on 1 January and are influenced by:
• The performance of each Executive Director;
• Average increase for employees across the Group as a whole; and
• Information from relevant comparator groups including our industry peer group.
Maximum potential There is no formal limit to increases, but the Committee would not expect
any annual increases to exceed 7.5% + inflation, or the average increase of
employees across the Group in any given year, whichever is higher.
The level of increase may deviate from this maximum in the case of special
circumstances (for example, increases in responsibilities). In these cases, any
exceptional increase will not be expected to exceed 20% a year, unless for a
material promotion.
Performance conditions
and assessment
Base salary increases are principally set in line with market movement and also
consider the average salary increase for other employees across the Group rather
than individual performance. Poor performance is likely to lead to no adjustment
being made.
Element Pensions
Link to strategic objectives To provide a competitive employment benefit and long-term security.
Operation The Group operates a money purchase pension scheme. Executive Directors
participating in the pension plan may benefit from annual Group contributions
which are aligned with those available to the wider workforce.
Executive Directors are entitled to take all or part of their pension contributions
as a cash allowance.
Maximum potential For current and any new Executive Directors, the maximum contribution is
aligned to that available to the wider workforce.
Performance conditions
and assessment
n/a
Corporate Governance
104 Robert Walters plc Annual Report and Accounts 2024
Executive Directors’ remuneration policy continued
Element Other benefits
Link to strategic objectives To provide cost-effective employment benefits and encourage share ownership.
Operation Benefits currently include car allowance, mortgage subsidy, permanent health
insurance and private medical insurance, and may also include other benefits in future.
Relocation assistance may also be provided.
All benefits are subject to annual review to ensure they remain in line with
market practice.
Reasonable business-related expenses will be reimbursed (including any tax due).
The Group will continue to operate the Save As You Earn (SAYE) Option Scheme and
Executive Directors are eligible to participate on the same terms as other employees.
Maximum potential The cost of providing individual benefit items will depend on the specific
circumstances of the individual and therefore the Committee has not set a
formal maximum level of aggregate benefits. However, the Committee would
not expect the cost to exceed a value of £89,000 a year, except where a
relocation package is required, and the costs will be capped by the Group’s
relocation policy.
Performance conditions
and assessment
n/a
Element Annual bonus
Link to strategic objectives The annual bonus is designed to drive the achievement of the Group’s financial
and strategic business targets on an annual basis.
Operation The annual bonus is dependent upon the achievement of specific annual
performance conditions.
One third of any earned bonus will be deferred for two years into shares,
payable in equal tranches at the end of years one and two.
Clawback and malus provisions will apply as set out below.
Dividends may be payable on any vesting deferred bonus awards.
Maximum potential The maximum bonus opportunity is 150% of salary for the achievement
of stretch performance in any given year. Zero payment will be made for
performance below threshold performance.
The on-target bonus is 50% of maximum.
Performance conditions
and assessment
Performance is measured over one financial year, based on the following measures:
• Financial targets as set out in the budget at the start of the year; and
• KPIs set against pre-determined strategic performance objectives.
It is intended that the majority of the bonus will be weighted towards financial
measures. The Committee reserves the right to determine which performance
measures and targets are to be used at the beginning of each financial year in
order to align to the Group’s strategic objectives.
Report of the Remuneration Committee continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 105
Corporate GovernanceOverview
Executive Directors’ remuneration policy continued
Element Performance Share Plan (PSP) award
Link to strategic objectives The PSP is designed to promote staff retention, motivate Executives across the
Group and promote team efforts towards Group-wide strategic objectives.
The three-year time horizon of these share awards also aligns leadership with
the longer-term returns of the business and shareholder interests.
Operation PSP awards are normally granted annually and vest after three years, dependent
on the achievement of performance conditions over a three-year period.
A two-year holding period will apply to the post-tax value of vested shares.
Clawback and malus provisions will apply as set out below.
Dividends may be payable on any vesting PSP awards in respect of dividends
declared in the vesting period (and also the holding period in respect of
unexercised awards where relevant).
Maximum potential The maximum award of PSP shares that may be made to an Executive Director
in any financial year is limited to shares with an aggregate market value of 200%
of base salary.
Threshold performance will result in the vesting of 25% of the shares under
award while maximum performance will result in full vesting.
Performance conditions
and assessment
Performance will be measured over a three-year period, subject to performance
conditions which may include financial, value creation, strategic and ESG metrics
which are aligned to the business priorities at the time. Most of the performance
measures will be weighted towards financial and value creation measures.
Element Shareholding guideline
Link to strategic objectives To encourage a sustainable mindset and to align Executives with the longer-
term returns of the business and shareholder interests.
Operation Executive Directors are expected to build a material shareholding in the
Company in a reasonable time frame.
Progress towards the guidelines and continued compliance will be monitored
by the Remuneration Committee on an annual basis. Executive Directors are
required to hold their in-employment shareholding for a further two years
following cessation of employment.
Maximum potential Executive Directors are subject to share ownership guidelines which recommend
a minimum holding of 200% of salary. Shares that are beneficially owned
and the net value of unvested deferred bonus awards held by the Executive
Directors and connected persons count towards the share ownership policy.
The Executive Directors are also required to retain shares to the value of 200%
of salary for two years post-cessation as a Director.
Performance conditions
and assessment
n/a
Corporate Governance
106 Robert Walters plc Annual Report and Accounts 2024
The Chair and Non-executive Directors
The table below sets out the fees payable to the Chair and Non-executive Directors:
Element Chair and Non-executive Directors
Link to strategic objectives The Group seeks to pay fees which reflect the level of responsibility, the time
commitment and experience of the Chair and Non-executive Directors and which
are competitive with peer group fee levels.
In order to ensure no potential impairment to the required impartiality and objectivity
of the Chair and Non-executive Directors, fees are not linked to performance.
Operation The remuneration of the Chair and Non-executive Directors is determined
annually by the Remuneration Committee.
The fee level is usually reviewed annually – and may be increased, in light of
practices in our peer group and in companies of similar size.
The Chair and Non-executive Directors have a letter of appointment and not an
employment contract. Their appointment is terminable by either party giving
not fewer than three months’ written notice at any time. No compensation is
payable on early termination.
The Chair and Non-executive Directors do not participate in any of the Group’s
share schemes, pension schemes or bonus arrangements.
Maximum potential The maximum aggregate fees for the Non-executive Directors (excluding the
Chair) are set out in the Articles of Association and is currently £500,000.
The fees for the Chair and Non-executive Directors are determined by reference
to benchmark market data and assessment of the expected time commitment.
Reasonable business and travel expenses are reimbursed (including any
tax due). Increases in fee value in any given year will be in line with market
movement and time commitments. Whilst there is no formal maximum, any
increase is not expected to exceed a maximum of 10% + RPI in any given year.
In the event of a temporary but material increase in the time commitment
required, an adjustment may be made to the fee level on a pro-rata basis.
Performance conditions
and assessment
The Chair and Non-executive Directors are subject to an annual evaluation as
part of the assessment of the Board’s performance, but no element of pay is
specifically linked to performance conditions or the outcome of this assessment.
Report of the Remuneration Committee continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 107
Corporate GovernanceOverview
Legacy awards and any other contractual obligations
All contractual commitments or awards made which are consistent with the remuneration policy in force at the time
that the commitment or award was made, will be honoured even if they would not otherwise be consistent with the
policy prevailing when the commitment is fulfilled or awards vest. For example, this will include payment for the vesting
of option awards made prior to the introduction of this policy. Any contractual commitments entered into before the
Large and Medium-sized Companies and Groups (Accounts and Reports) Amendment Regulations 2013 came into
force or before a person became a Director will also be honoured.
None of the Executive Directors currently hold Non-executive Director positions.
Contract of service/letter of appointment Date of original contract/letter of appointment
1
Executive Directors
T Fowlston 27 April 2023
D Bower 4 September 2023
Non-executive Directors
T Dodge 1 February 2017
M Ashley 23 December 2021
L Van de Walle 1 November 2022
M Tod 1 June 2023
J Hesmondhalgh 1 June 2023
1. The Directors’ contracts of service/letters of appointment provide details of the Directors’ obligations and are available to view at the
Company’s registered office.
The Directors all stand for election at the Annual General Meeting every year.
The tables on page 93 show the details of the share options and PSP awards that are currently held by each Director
and when they will vest.
The table on page 100 shows the fees payable to the Non-executive Directors.
The Executive Directors are required to seek approval from the Board prior to the acceptance of any such positions in
companies outside the Group.
Approval
This report was approved by the Board of Directors on 6 March 2025 and signed on its behalf by:
Tanith Dodge
Remuneration Committee Chair
6 March 2025
Corporate Governance
108 Robert Walters plc Annual Report and Accounts 2024
The Directors are responsible for preparing the Annual
Report and the Financial Statements in accordance with
UK adopted international accounting standards and
applicable law and regulations.
Company law requires the Directors to prepare Financial
Statements for each financial year. Under that law the
Directors are required to prepare the Group Financial
Statements in accordance with UK adopted international
accounting standards, and have elected to prepare the
Parent Company Financial Statements in accordance
with United Kingdom Generally Accepted Accounting
Practice (UK Accounting Standards and applicable laws).
Under Company law the Directors must not approve
the accounts unless they are satisfied that they give a
true and fair view of the state of affairs of the Group
and Company and of the profit or loss of the Group for
that period. In preparing these Financial Statements, the
Directors are required to:
• Suitably select and apply accounting policies consistently;
• Ensure information, including accounting policies, is
presented in a manner that provides relevant, reliable,
comparable and understandable information;
• Provide additional disclosures when compliance with
the specific requirements of UK adopted international
accounting standards are insufficient to enable users to
understand the impact of particular transactions, other
events and conditions on the entity’s financial position and
financial performance;
• Make judgements and accounting estimates that are
reasonable and prudent;
• Prepare a Directors’ Report, Strategic Report and Report
of the Remuneration Committee which comply with the
requirements of the Companies Act 2006;
• Ensure the financial statements have been prepared in
accordance with UK adopted international accounting
standards, subject to any material departures disclosed
and explained in the financial statements; and
• Make an assessment of the Group's ability to continue as a
going concern.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
the Company’s transactions and disclose with reasonable
accuracy at any time the financial position of the Company
and enable them to ensure that the Financial Statements
comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The Directors are responsible for ensuring the Annual
Report and the Financial Statements are made available
on a website. Financial statements are published on
the Company’s website in accordance with legislation
in the United Kingdom governing the preparation and
dissemination of Financial Statements, which may vary
from legislation in other jurisdictions. The maintenance and
integrity of the Company’s website is the responsibility of
the Directors. The Directors’ responsibility also extends to
the ongoing integrity of the Financial Statements
contained therein.
Statement of the Directors in respect of the Annual
Report and Accounts
As required by the Code, the Directors confirm that they
consider that the Annual Report and Accounts, taken as a
whole, presents a fair, balanced and understandable view
and provides the information necessary for shareholders
to assess the Group’s performance position, business
model and strategy. When arriving at this position the
Board was assisted by a number of processes, including
the following:
• The Annual Report and Accounts is drafted by
appropriate senior management with overall coordination
by the Head of Investor Relations and the Group Financial
Controller to ensure consistency across sections;
• An extensive verification process is undertaken to ensure
factual accuracy;
• Comprehensive reviews of drafts of the report are
undertaken by members of the Board and other senior
management team;
• An advanced draft is considered and reviewed by two
Operating Board members; and
• The final draft is reviewed by the Audit and Risk
Committee prior to consideration by the Board.
Responsibility statement pursuant to DTR4
We confirm that to the best of our knowledge:
• The Group Financial Statements have been prepared
in accordance with the applicable set of accounting
standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Group
and the undertakings included in the consolidation taken
as a whole; and
• The Annual Report and Accounts includes a fair review
of the development and performance of the business
and the financial position of the Group and the Parent
Company together with a description of the principal
risks and uncertainties that they face.
By order of the Board,
David Bower
Chief Financial Officer
6 March 2025
Directors’ Responsibility Statement
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 109
Corporate GovernanceOverview
Overview
The Directors present their Annual Report on the activities of the Group together with the audited Financial
Statements for the year ended 31 December 2024.
The Strategic Report provides information relating to the Group’s activities, its business and strategy, the principal
risks and uncertainties faced by the business and environmental and employee matters. The Group’s ESG strategy is
detailed on pages 30 to 53 and the Group’s TCFD aligned disclosure in accordance with FCA requirements, including
the analysis for greenhouse gases and energy consumption is shown on pages 42 to 49. These sections, together with
the Report of the Board and the Report of the Remuneration Committee provide an overview of the Group and offer
an insight of future developments in the Group’s business.
Results and dividends
The Group’s audited Financial Statements for the year ended 31 December 2024 are set out on pages 123 to 158 and
the Company’s audited Financial Statements are set out on pages 159 to 162. The Group’s loss after taxation for the
year ended 31 December 2024 was £6.0m (2023: profit of £13.4m).
The Directors recommend a final dividend of 17.0p per ordinary share (2023: 17.0p) to be paid on 27 May 2025 to
shareholders on the register on 25 April 2025, which together with the interim dividend of 6.5p per share paid on
27 September 2024 makes a total of 23.5p per share for the year (2023: 23.5p).
Post-balance sheet events
There have been no significant post balance sheet events to report since 31 December 2024.
Directors
The Directors who served during the year and at the date of this report are shown as follows:
L Van de Walle
1
T Fowlston
D Bower
T Dodge
1
M Ashley
1
M Tod
1
J Hesmondhalgh
1
1. Non-executive Directors.
Details of the Directors’ service contracts are shown in the Report of the Remuneration Committee on page 107.
Details of share awards granted to Directors and the interests of the Directors in the ordinary shares of the Company
are shown on pages 93 to 94.
The Company has made qualifying third-party indemnity provisions for the benefit of its Directors, which were in
place during the year and remain in force at the date of this report.
Political donations
The Group made no political donations during the year (2023: £nil).
FTSE4Good Index
The Group has held FTSE4Good status since 2008. FTSE4Good Index inclusion criteria covers a number of corporate
responsibility themes, such as environmental management, climate change, countering bribery and supply chain labour
standards. Our continued inclusion in the index recognises that our policies and management systems enable us to address
and mitigate key corporate responsibility risks.
Capital structure
Details of the authorised and issued share capital, together with the movements in the Company’s issued share capital
during the year, are shown in note 18. Each share carries the right to one vote at the general meetings of the Company.
Further information on the voting and other rights of shareholders, including deadlines for exercising voting rights, are
set out in the Company’s Articles of Association and in the explanatory notes that accompany the Notice of the Annual
General Meeting which are available on the Company’s website at robertwalters.com.
Directors’ Report
Corporate Governance
110 Robert Walters plc Annual Report and Accounts 2024
Restrictions on securities
There are no specific restrictions on the size of a holding nor on the transfer of shares, which are both governed by
the general provisions of the Articles of Association and prevailing legislation. The Directors are not aware of any
agreements between holders of the Company’s shares that may result in restrictions on the transfer of securities or on
voting rights. Awards of shares under the Company’s incentive arrangements, the Performance Share Plan and the
Executive Share Option Scheme are subject to restrictions on the transfer of shares prior to vesting.
Certain share awards under the Company’s incentive arrangements are held in trust on behalf of the beneficiaries. The
Trustee of the Robert Walters plc Employee Benefit Trust does not seek to exercise the voting rights on these shares
which in any event are restricted to 5% of the Company's share capital.
Substantial shareholdings
On 6 March 2025 the Company has been notified, in accordance with Chapter 5 of the Disclosure and Transparency
Rules, of the following voting rights as a shareholder of the Company:
Name of shareholder
Number of
shares
% of voting
rights
Liontrust Asset Mgt 12,519,102 17.30
Aberforth Partners 10,577,337 14.62
BlackRock Investment Mgt 6,903,018 9.54
Robert Walters plc Employee Benefit Trust
1
6,736,987 9.31
abrdn (Standard Life) 3,948,664 5.46
AEGON Asset Mgt 3,115,729 4.31
Canaccord Genuity Wealth Mgt 2,920,552 4.04
Jupiter Asset Mgt 2,534,004 3.50
Invesco 2,490,517 3.44
Mr Robert Walters 2,055,449 2.84
1. Robert Walters plc Employee Benefit Trust is restricted to 5% voting rights.
There is no significant change to substantial shareholdings between 31 December 2024 and the date of this report.
Appointment and retirement of Directors
The Directors may from time to time appoint one or more additional Directors. The Board may appoint any person
to be a Director (so long as the total number of Directors does not exceed the limit prescribed in the Articles of
Association). The UK Corporate Governance Code recommends that all Directors be subject to annual re-election
by shareholders.
Therefore all Directors will offer themselves for re-election at the 2025 Annual General Meeting.
Power of Company’s Directors and acquisition of Company’s own shares
The business of the Company shall be managed by the Directors, who may exercise all powers of the Company,
subject to legislation, the provisions of the Articles of Association and any directions given by special resolution.
The Directors were authorised at the Company’s last Annual General Meeting, held on 30 April 2024, to make
market purchases of ordinary shares representing up to 10% of its share capital at that time and to allot shares
within certain limits permitted by shareholders and the Companies Act. The Directors intend to renew this authority
annually and will continue to exercise this power only when, in light of market conditions prevailing at the time, they
believe that the effect of such purchases will be to increase earnings per share and will likely promote the success of
the Company for the benefit of its members as a whole.
Provisions on change of control
The Company’s revolving credit facility agreement for £60.0m includes a provision for a lending counterparty to
amend, alter or cancel the relevant commitment to the Group following a change of control of the Company.
The Company does not have agreements with any Director or employee that would provide specific compensation
for loss of office or employment resulting from a takeover, except that provisions of the Group’s share plans may
cause options and awards to vest on a takeover.
Directors’ Report continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 111
Corporate GovernanceOverview
Articles of Association
The Company’s Articles of Association may only be amended by a special resolution of the members.
Going concern and viability statement
The Group’s business activities, together with the factors likely to affect its future development, performance and
position, are set out on pages 58 to 66.
The Directors have assessed the long-term prospects of the Parent Company and the Group based upon business
plans, forecasts and cash flow projections for both the twelve-month period ending 31 December 2025 and the
three-year period ending 31 December 2027 together with the macro-environment and continued global political
uncertainty. The three-year period was chosen as it is considered the longest timeframe over which any reasonable
view can be formed, given the nature of the market in which the Group operates.
Furthermore, the nature of recruitment activity is highly reactive to market sentiment and the forward visibility
of permanent recruitment, which represents 61% of the Group’s net fee income, can be measured in weeks, whilst
temporary recruitment and recruitment process outsourcing may be less affected.
The forecasts and cash flow projections being used to assess going concern and longer-term viability have been
comprehensively stress-tested by using simulation techniques involving sensitivity analysis applying, in particular,
projections of reduced net fee income of up to 20% from forecasts each year over a three-year period. The Directors
have also completed reverse stress testing (as per the FRC guidance), by running various downside scenarios, designed
to explore the resilience of the Group to the potential impact of the principal risks as set out on pages 58 to 66 or a
combination of those risks.
The scenarios included, but were not limited to, significant reductions in revenue, losses of key clients, increases in
debtor days, higher inflation and limited cost management. The Group also considered mitigating actions that could be
undertaken in the event of one or more of the scenarios occurring, or that of an even more significant downturn, which
included but are not limited to, further reductions in capital expenditure, further reductions in non-business critical
expenditure as well as the potential for headcount reductions. The scenarios were designed to be impactful, but at the
same time realistic, and the Group remained viable throughout.
The Group has a proven and historic track record of profitably weathering international crises and benefiting from
operational gearing when market conditions become more favourable. During the year, the financial performance of
the Group was impacted by the muted levels of client and candidate confidence as a result of challenging conditions
seen in global hiring markets following the post-pandemic jobs surge, together with a backdrop of interest rates which
fell less quickly than anticipated, as well as macroeconomic and political uncertainty in several major hiring markets.
Despite the 17% reduction in fee income, the Group generated a profit before taxation for the year of £0.5m, as the
Group implemented a new strategy allowing the Group to operate with greater efficiency. The Group’s blend of
service lines and revenue streams remained a clear strength and source of competitive advantage and resilience when
market conditions became tougher and enabled us to continue to meet the changing requirements of our clients and
candidates. Client and candidate hesitation continues to exist across all geographies and disciplines.
It should be noted that the Group has limited forward visibility and similarly to all organisations, it remains hard to
predict the increasingly uncertain macro-economic backdrop which continued into 2024. Consequently, there is a high
degree of uncertainty in respect of future outcomes. However, the Group has a strong balance sheet with net cash as at
31 December 2024 of £52.5m, a £60.0m four-year committed financing facility until March 2027 (of which £15.6m was
drawn down as at 31 December 2024), a blend of revenue streams covering permanent, contract, interim, outsourcing
and advisory services and a diverse range of clients and suppliers across 31 countries. The various stress test scenarios
indicate continued operation within its banking covenants and existing cash and financing facilities. Importantly, cash
risk is mitigated to an extent as in the event of a reduction in the overall number of contractors, working capital is
released and credit risk is an ongoing area of key focus. Further details of the financial position of the Group, its cash
flows, liquidity position and borrowing facilities are described within the Financial Review.
In forming their opinion, the Directors have performed a robust assessment of the principal risks and uncertainties
facing the Group as set out on pages 58 to 66. In addition, note 17 to the accounts includes the Group’s objectives,
policies and processes for managing its capital; its financial risk management objectives; details of its financial
instruments and hedging activities; and its exposure to credit risk and liquidity risk. As a consequence, the Directors
believe that the Group is well placed to manage its business risks successfully.
Corporate Governance
112 Robert Walters plc Annual Report and Accounts 2024
As a result, the Directors have formed a judgement, at the time of approving the Financial Statements, that there is a
reasonable expectation that the Group has adequate resources to continue in operational existence and meet its liabilities
as they fall due over the three-year assessment period. The Directors have not identified any material uncertainties
relating to events or conditions that, individually or collectively, may cast significant doubt on the entity’s ability to continue
as a going concern for a period of at least twelve months from when the Financial Statements are authorised for issue. For
this reason, the Directors continue to adopt the going concern basis in preparing the Financial Statements.
Auditor and disclosure of information to the auditor
As required by Section 418 of the Companies Act 2006, each of the Directors as at 6 March 2025 confirms that:
• So far as the Director is aware, there is no relevant audit information of which the Group’s auditor is unaware; and
• The Director has taken all the steps that they ought to have taken as a Director to make themselves aware of any
relevant audit information and to establish that the Group’s auditor is aware of that information.
BDO LLP has expressed their willingness to continue in office as Auditor and a resolution to reappoint them will be
proposed at the forthcoming Annual General Meeting.
Annual General Meeting
The Annual General Meeting will be held on 29 April 2025 and the Notice of the Annual General Meeting, including an
explanation of the special business of the meeting, will be sent out in due course.
By order of the Board,
Chief Financial Officer
6 March 2025
Directors’ Report continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 113
Corporate GovernanceOverview
Independent Auditor’s Report
Opinion on the Financial Statements
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s
affairs as at 31 December 2024 and of the Group’s loss for the year then ended;
• the Group financial statements have been properly prepared in accordance with UK adopted international
accounting standards;
• the Parent Company financial statements have been properly prepared in accordance with United Kingdom
Generally Accepted Accounting Practice and as applied in accordance with the provisions of the Companies
Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Robert Walters Plc (the ‘Parent Company’) and its subsidiaries (the
‘Group’) for the year ended 31 December 2024 which comprise:
Composition Financial reporting framework
Group • Consolidated Income Statement
• Consolidated Statement of Comprehensive Income
• Consolidated Balance Sheet
• Consolidated Cash Flow Statement
• Consolidated Statement of Changes in Equity
• Statement of Accounting Policies
• Notes to the Group accounts, including a summary
of material accounting policies
• Applicable law and UK adopted
international accounting standards
Parent Company • Company Balance Sheet
• Company Statement of Changes in Equity
• Notes to the Company accounts, including a
summary of material accounting policies
• Applicable law and United Kingdom
Accounting Standards, including
Financial Reporting Standard 101
Reduced Disclosure Framework
(United Kingdom Generally Accepted
Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion. Our audit opinion is consistent with the additional report to the audit committee.
Independence
Following the recommendation of the audit committee, we were appointed by the Directors on 17 May 2018
to audit the financial statements for the year ended 31 December 2019 and subsequent financial periods. The
period of total uninterrupted engagement including retenders and reappointments is six years, covering the years
ended 31 December 2019 to 31 December 2024. We remain independent of the Group and the Parent Company
in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK,
including the FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. The non-audit services prohibited by that standard were not
provided to the Group or the Parent Company.
Financial Statements
114 Robert Walters plc Annual Report and Accounts 2024
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting
in the preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Group
and the Parent Company’s ability to continue to adopt the going concern basis of accounting included:
• Review and challenge, through enquiry and consideration of historical performance, of key assumptions applied by
the Directors in preparation of cash flow forecasts, including growth assumptions and movements in headcount and
base costs, and the Group’s ability to meet working capital requirements over the going concern period.
• Review of the Directors’ reverse stress tested forecasts, modelling scenarios to covenant and cash ‘breaking points’
and consideration of the likelihood of occurrence and feasible actions to increase headroom.
• Consideration of the adequacy of the Group’s banking facilities and ability to meet key financial covenants.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively, may cast significant doubt on the Group and the Parent Company’s ability to continue as a
going concern for a period of at least twelve months from when the financial statements are authorised for issue.
In relation to the Parent Company’s reporting on how it has applied the UK Corporate Governance Code, we have
nothing material to add or draw attention to in relation to the Directors’ statement in the financial statements about
whether the Directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant
sections of this report.
Overview
Key audit matters Revenue recognition for permanent and temporary placements 2024 2023
Materiality • Group financial statements as a whole
• £1.6m (2023: £1.7m) based on 0.5% net fee income (2023: 5.0% of 5-year average profit
before taxation)
1. These relate to significant components and other full scope components which have been subject to full scope audits.
An overview of the scope of our audit
Our Group audit was scoped by obtaining an understanding of the Group and its environment, the applicable financial
reporting framework and the Group’s system of internal control. On the basis of this, we identified and assessed the risks
of material misstatement of the Group financial statements including with respect to the consolidation process. We then
applied professional judgement to focus our audit procedures on the areas that posed the greatest risks to the Group
financial statements. We continually assessed risks throughout our audit, revising the risks where necessary, with the aim
of reducing the Group risk of material misstatement to an acceptable level, in order to provide a basis for our opinion.
Components in scope
Robert Walters is a global talent solutions business that delivers three core services:
• Specialist professional recruitment - encompassing permanent and temporary recruitment, executive search and
interim management.
• Recruitment outsourcing - enabling organisations to transfer all, or part of, their recruitment needs to Robert Walters
either through recruitment process outsourcing (RPO) or contingent workforce solutions (CWS).
• Talent advisory – in which Robert Walters supports the growth of organisations through the provision of talent market
intelligence, talent development, and future of work consultancy.
Independent Auditor’s Report continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 115
Corporate GovernanceOverview
There are over 90 separate entities across the Group making it a very disaggregated Group. There are centralised
functions which include IT, Treasury and in-house legal counsel. The control environment has similar business
characteristics using a common system of internal control, including the IT systems.
As part of performing our Group audit, we have determined the components in scope. These comprised of 86 legal
entities. None of the components include more than one legal entity. These components were selected following a
detailed risk assessment. We considered the size of the component, the control environment, and other qualitative
factors, including adding an element of unpredictability.
For components in scope, we used a combination of risk assessment procedures and further audit procedures to obtain
sufficient appropriate evidence. These further audit procedures included:
• procedures on the entire financial information of the component, including performing substantive procedures and tests
of operating effectiveness of controls; and
• procedures on one or more classes of transactions, account balances or disclosures.
Procedures performed at the component level
We performed procedures to respond to Group risks of material misstatement at the component level that included the following:
• Procedures were performed on the entire financial information of 11 components.
• Procedures were performed on one or more classes of transactions, accounts balances or disclosures of 10 components.
• Risk assessment procedures were performed on the remaining 65 components.
Procedures performed centrally
We considered there to be a high degree of centralisation of financial reporting and commonality of controls for
significant estimates and judgements. This is applicable for the Earned but not invoiced (EBNI) provision, provision for
bad and doubtful debts (IFRS 9 ECL model), recognition of current and deferred taxation, determination of lease term
for leases with renewal and termination options, and determination of the incremental borrowing rate (IFRS 16) where
a new or modified lease exists. These are all evaluated by Group management. We therefore designed and performed
procedures centrally in these areas.
The Group operates a centralised IT function that supports IT processes for all components. This IT function is
subject to specified risk-focused audit procedures, predominantly the testing of the relevant IT general controls and
IT application controls.
Locations
Robert Walters Plc’s operations are spread over a number of different geographical locations. We visited eight out
of a total of eleven components that we performed procedures on their entire financial information. Our teams
conducted procedures in Robert Walters Plc’s locations in the UK, Netherlands, and Australia (covering both Australia
and New Zealand).
In addition, our Group audit team worked remotely, holding calls and video conferences with local management, and
with digital information obtained from Robert Walters Plc.
Changes from the prior year
As a result of the International Standard on Auditing (UK) 600 (Revised), there has been a change in the way we
determine components. In the prior year, we determined components at a business unit level, however in the current
year, we have considered components to be at a legal entity level, which has resulted in one less full scope component
(business unit SAF) as it forms part of Robert Walters Holdings Limited. In addition, in the prior year, Robert Walters
Dubai Limited (representing 2 business units) and Resource Solutions Europe Limited (representing 6 business units)
were scoped in for statutory accounts purposes. In the current year, a parental guarantee has been undertaken in
respect of those entities and therefore these have been scoped out for Group purposes. It should be noted that these
business units in both years contributed 2% of absolute net fee income. The other notable changes in the number of full
scope components this year relates to Robert Walters BV and Walters People BV which replaced the two Belgium and
two Hong Kong components in line with cyclical rotation of overseas components.
Financial Statements
116 Robert Walters plc Annual Report and Accounts 2024
Independent Auditor’s Report continued
Working with other auditors
As Group auditor, we determined the components at which audit work was performed, together with the resources
needed to perform this work. These resources included component auditors, who formed part of the Group
engagement team. As Group auditor we are solely responsible for expressing an opinion on the financial statements.
In working with these component auditors, we held discussions with component audit teams on the significant areas of
the Group audit relevant to the components based on our assessment of the Group risks of material misstatement.
We issued our Group audit instructions to component auditors on the nature and extent of their participation and role
in the Group audit, and on the Group risks of material misstatement.
We directed, supervised and reviewed the component auditors’ work. This included holding meetings and calls during
various phases of the audit, reviewing component auditor documentation either in person or remotely, and evaluating
the appropriateness of the audit procedures performed and the results thereof.
Climate change
Our work on the assessment of potential impacts on climate-related risks on the Group’s operations and financial
statements included:
• Enquiries and challenge of management to understand the actions they have taken to identify climate-related risks
and their potential impacts on the financial statements and adequately disclose climate-related risks within the annual
report; and
• Our own qualitative risk assessment taking into consideration the sector in which the Group operates and how climate
change affects this particular sector.
We also assessed the consistency of management’s disclosures included as ‘Statutory Other Information’ on page 42
with the financial statements and with our knowledge obtained from the audit.
Based on our risk assessment procedures, we did not identify there to be any Key Audit Matters that were materially
affected by climate-related risks and related commitments.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements of the current period and include the most significant assessed risks of material misstatement
(whether or not due to fraud) that we identified, including those which had the greatest effect on: the overall audit
strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. These matters were
addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 117
Corporate GovernanceOverview
Key audit matter How the scope of our audit addressed
the key audit matter
Revenue recognition
for permanent
and temporary
placements
(Accounting Policies
(f) & Note 1)
• The significant risks in revenue recognition
lies within:
– For temporary placements, in the
existence and accuracy of unbilled
revenue and existence and accuracy
of revenue at year end; and
– For permanent placements, in the
existence, and accuracy of unbilled
revenues, due to the high degree of
judgement and estimation uncertainty
as explained on page 133.
• For permanent placements, as detailed
in the summary of significant accounting
policies on page 133, revenue is
recognised when a candidate accepts a
position and a start date is determined,
or on acceptance where appropriate
as described in note 1. 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.
• For temporary placements, the Group’s
policy is to recognise revenue as the
service is provided at contractually
agreed rates. There is a risk that
timecards are not appropriately
approved or are not submitted on time,
or that incorrect rates are applied and
therefore that the related revenue does
not exist, is inaccurate or is not recognised
in the appropriate financial year.
• 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.
• For temporary placements, we have agreed
a sample of revenue recognised in the
final month of the year back to approved
timecards, sales invoices and cash receipt.
• 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).
Key observations:
• 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.
Financial Statements
118 Robert Walters plc Annual Report and Accounts 2024
Our application of materiality
We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of
misstatements. We consider materiality to be the magnitude by which misstatements, including omissions, could
influence the economic decisions of reasonable users that are taken on the basis of the financial statements.
In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we
use a lower materiality level, performance materiality, to determine the extent of testing needed. Importantly,
misstatements below these levels will not necessarily be evaluated as immaterial as we also take account of the
nature of identified misstatements, and the particular circumstances of their occurrence, when evaluating their
effect on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole and
performance materiality as follows:
Group financial statements Parent Company financial statements
2024
£ millions
2023
£ millions
2024
£ millions
2023
£ millions
Materiality 1.6 1.7 1.5 1.5
Basis for
determining
materiality
0.5% of Net fee
income
5.0% of 5-year
average profit
before taxation
Lower of 3.5% of net
assets or 95% Group
materiality
Lower of 3.5% of net
assets or 90% Group
materiality
Rationale for the
benchmark applied
Net fee income is
considered to be the
most appropriate
benchmark given the
loss position. It is also
a key performance
indicator (KPI) used
by the Group and is
a measure used by
competitors within
the industry.
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.
Net assets is
considered to be the
most appropriate
benchmark as the
Parent Company
does not trade.
Materiality was
capped at 95% of
Group materiality.
Net assets is
considered to be the
most appropriate
benchmark as the
Parent Company
does not trade.
Materiality was
capped at 90% of
Group materiality.
Performance
materiality
1.1 1.2 1.1 1.1
Basis for determining
performance
materiality
70% of materiality 70% of materiality 70% of materiality 70% of materiality
Rationale for the
percentage applied
for performance
materiality
Based on history of
adjustments and an
assessment of the
aggregated error risk.
Based on history of
adjustments and an
assessment of the
aggregated error risk.
Based on history of
adjustments and an
assessment of the
aggregated error risk.
Based on history of
adjustments and an
assessment of the
aggregated error risk.
Component performance materiality
For the purposes of our Group audit opinion, we set performance materiality for each component of the Group,
apart from the Parent Company whose materiality and performance materiality are set out above, based on a
percentage of between 15% and 55% of Group performance materiality (2023: higher of 15% Group performance
materiality or 3% net fee income) dependent on a number of factors including the control environment, the relative
size of the component, and our assessment of the risk of material misstatement of those components. Component
performance materiality ranged from £0.2m to £0.6m (2023: £0.3m to £1.5m).
Independent Auditor’s Report continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 119
Corporate GovernanceOverview
Reporting threshold
We agreed with the Audit Committee that we would report to them all individual audit differences in excess of
£64,000 (2023: £70,000). We also agreed to report differences below this threshold that, in our view, warranted
reporting on qualitative grounds.
Other information
The directors are responsible for the other information. The other information comprises the information included
in the document entitled Annual Report and Accounts other than the financial statements and our auditor’s
report thereon. Our opinion on the financial statements does not cover the other information and, except to the
extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears
to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required to determine whether this gives rise to a material misstatement in the financial statements themselves. If,
based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact.
We have nothing to report in this regard.
Corporate governance statement
The UK Listing Rules require us to review the Directors’ statement in relation to going concern, longer-term viability
and that part of the Corporate Governance Statement relating to the Parent Company’s compliance with the
provisions of the UK Corporate Governance Code specified for our review.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the
Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained
during the audit.
Going concern
and longer-term
viability
• The Directors' statement with regards to the appropriateness of adopting the going concern basis
of accounting and any material uncertainties identified is set out on page 111;
• The Directors’ explanation as to their assessment of the Group’s prospects, the period this
assessment covers and why the period is appropriate is set out on page 111; and
• The Directors’ statement on whether they have a reasonable expectation that the Group will be
able to continue in operation and meet its liabilities is set out on page 111.
Other Code
provisions
• Directors' statement on fair, balanced and understandable is set out on page 79;
• Board’s confirmation that it has carried out a robust assessment of the emerging and principal
risks is set out on pages 58 to 66;
• The section of the annual report that describes the review of effectiveness of risk management
and internal control systems is set out on page 76; and
• The section describing the work of the audit committee is set out on pages 77 to 81.
Financial Statements
120 Robert Walters plc Annual Report and Accounts 2024
Other Companies Act 2006 reporting
Based on the responsibilities described below and our work performed during the course of the audit, we are
required by the Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described below.
Strategic report and
Directors’ report
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic report and the Directors’ report for the financial year for
which the financial statements are prepared is consistent with the financial statements; and
• the Strategic report and the Directors’ report have been prepared in accordance with applicable
legal requirements.
In the light of the knowledge and understanding of the Group and Parent Company and its
environment obtained in the course of the audit, we have not identified material misstatements in the
strategic report or the Directors’ report.
Directors’
remuneration
In our opinion, the part of the Directors’ remuneration report to be audited has been properly
prepared in accordance with the Companies Act 2006.
Matters on which
we are required to
report by exception
We have nothing to report in respect of the following matters in relation to which the Companies
Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the Parent Company, or returns
adequate for our audit have not been received from branches not visited by us; or
• the Parent Company financial statements and the part of the Directors’ remuneration report
to be audited are not in agreement with the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors’ responsibilities statement, the Directors are responsible for the preparation
of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as
the Directors determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and the Parent
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company
or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Independent Auditor’s Report continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 121
Corporate GovernanceOverview
Non-compliance with laws and regulations
Based on:
• Our understanding of the Group and the industry in which it operates;
• Discussion with management, those charged with governance and those responsible for legal and compliance
procedures; and
• Obtaining an understanding of the Group’s policies and procedures regarding compliance with laws and
regulations.
We considered the significant laws and regulations to be those related to the reporting framework (UK adopted
international accounting standards, United Kingdom Accounting Standards, including Financial Reporting Standard
101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice) and the Companies Act
2006), Listing Rules, regulations impacting recruitment company licencing in certain jurisdictions, and labour and tax
regulations in key territories in which the Group operates.
Our procedures in respect of the above included:
• Review of minutes of meetings of those charged with governance for any instances of non-compliance with laws
and regulations;
• Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws
and regulations;
• Review of financial statement disclosures and agreeing to supporting documentation;
• Involvement of tax specialists in the audit; and
• Review of legal expenditure accounts to understand the nature of expenditure incurred.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk
assessment procedures included:
• Enquiry with management, those charged with governance and internal audit regarding any known or suspected
instances of fraud;
– Obtaining an understanding of the Group’s policies and procedures relating to:
– Detecting and responding to the risks of fraud; and
– Internal controls established to mitigate risks related to fraud.
• Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;
• Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and
• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud.
We also considered potential fraud drivers: including financial or other pressures, opportunity, and personal or
corporate motivations. We obtained an understanding of the programmes and controls that the Group has established
to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors
those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to
address each identified fraud risk.
Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of
controls and key areas of estimation uncertainty or judgement.
Financial Statements
122 Robert Walters plc Annual Report and Accounts 2024
Fraud continued
Our procedures in respect of the above included:
• Testing a sample of journal entries throughout the year, which met defined risk criteria, by agreeing to supporting
documentation; and
• Assessing significant estimates made by management for bias by testing key areas of estimation uncertainty or
judgement, for example, placement ‘back-out’ provisions for which we assessed the year end position by reviewing
the accuracy of the prior year estimate and by comparing against actual back-outs post year end as set out in
the key audit matters section above, and expected credit loss provision for which we assess the reasonableness of
assumptions used in context of our understanding of the Group and the industry.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members including component auditors who were all deemed to have appropriate competence and capabilities and
remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. For
component auditors, we also reviewed the result of their work performed in this regard.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements,
recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting
one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations
or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-
compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less
likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/
auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Parent Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the Parent Company’s members
those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the Parent Company and the Parent
Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of BDO LLP , Statutory Auditor
London, UK
6 March 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
Independent Auditor’s Report continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 123
Corporate GovernanceOverview
| 2024 | 2023 | ||
| Note | £ millions | £ millions | |
Revenue | 1 | ||
Cost of sales | ( | ( | |
Gross profit (net fee income) | |||
Administrative expenses | ( | ( | |
Operating profit | |||
Finance income | |||
Finance costs | 2 | ( | ( |
Loss on foreign exchange | ( | ( | |
Profit before taxation | 3 | ||
Taxation | 5 | ( | ( |
(Loss) profit for the year | ( | ||
| Attributable to: | |||
Owners of the Company | ( | ||
(Loss) earnings per share (pence): | 7 | ||
Basic | ( | ||
Diluted | ( |
The amounts above relate to continuing operations.
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2024
| 2024 | 2023 | |
| £ millions | £ millions | |
(Loss) profit for the year | ( | |
| Items that may be reclassified subsequently to profit or loss: | ||
Exchange differences on translation of overseas operations | ( | ( |
Total comprehensive income and expense for the year | ( | |
| Attributable to: | ||
Owners of the Company | ( |
For the year ended 31 December 2024
124 Robert Walters plc Annual Report and Accounts 2024
Financial Statements
Consolidated Balance Sheet
As at 31 December 2024
| 2024 | 2023 | ||
| Note | £ millions | £ millions | |
| Non-current assets | |||
Intangible assets | 8 | ||
Property, plant and equipment | 9 | ||
Right-of-use asset | 10 | ||
Lease receivables | 10 | ||
Deferred tax assets | 15 | ||
| Current assets | |||
Trade and other receivables | 12 | ||
Lease receivables | 10 | ||
Corporation tax receivables | |||
Cash and cash equivalents | 17 | ||
Total assets | |||
| Current liabilities | |||
Trade and other payables | 13 | ( | ( |
Corporation tax liabilities | ( | ( | |
Bank overdrafts and borrowings | 14 | ( | ( |
Lease liabilities | 10 | ( | ( |
Provisions | 16 | ( | ( |
( | ( | ||
Net current assets | |||
| Non-current liabilities | |||
Deferred tax liabilities | 15 | ( | ( |
Lease liabilities | 10 | ( | ( |
Provisions | 16 | ( | ( |
( | ( | ||
Total liabilities | ( | ( | |
Net assets | |||
| Equity | |||
Share capital | 18 | ||
Share premium | |||
Other reserves | 20 | ( | ( |
Own shares held | 20 | ( | ( |
Treasury shares held | 20 | ( | ( |
Foreign exchange reserves | ( | ||
Retained earnings | |||
Equity attributable to owners of the Company |
Annual Report and Accounts 2024 Robert Walters plc 125
Strategic Report Financial StatementsCorporate GovernanceOverview
| 2024 | 2023 | ||
| Note | £ millions | £ millions | |
Operating profit | |||
| Adjustments for: | |||
Depreciation and amortisation charges | |||
Impairment of right-of-use asset | |||
| Profit on disposal of right of use assets, property, plant and equipment | ( | ||
| and computer software | |||
Charge in respect of share-based payment transactions | |||
Unrealised foreign exchange loss | ( | ( | |
Operating cash flows before movements in working capital | |||
Decrease in receivables | |||
Decrease in payables | ( | ( | |
Cash generated from operating activities | |||
Income taxes paid | ( | ( | |
Net cash from operating activities | |||
| Investing activities | |||
Interest received | |||
Investment in intangible assets | ( | ( | |
Purchases of property, plant and equipment | ( | ( | |
Sale of property, plant and equipment | |||
Net cash used in investing activities | ( | ( | |
| Financing activities | |||
Equity dividends paid | 6 | ( | ( |
Interest paid | ( | ( | |
Principal paid and received on lease liabilities | 10 | ( | ( |
Proceeds from financing facility | 14 | ||
Repayment of financing facility | ( | ( | |
Share buy-back for cancellation | ( | ||
Proceeds from exercise of share options | |||
Net cash used in financing activities | ( | ( | |
Net decrease in cash and cash equivalents | ( | ( | |
Cash and cash equivalents at beginning of year | |||
Effect of foreign exchange rate changes | ( | ( | |
Cash and cash equivalents at end of year |
Consolidated Cash Flow Statement
For the year ended 31 December 2024
Financial Statements
126 Robert Walters plc Annual Report and Accounts 2024
| Own | Treasury | Foreign | ||||||
| Share | Share | Other | shares | shares | exchange | Retained | Total | |
| capital | premium | reserves | held | held | reserves | earnings | equity | |
| Group | £ millions | £ millions | £ millions | £ millions | £ millions | £ millions | £ millions | £ millions |
Balance at 1 January 2023 | ( | ( | ( | |||||
Profit for the year | ||||||||
| Foreign currency | ( | ( | ||||||
| translation differences | ||||||||
Total comprehensive income and expense | ( | |||||||
| for the year | ||||||||
Dividends paid | ( | ( | ||||||
Credit to equity for equity-settled share- based payments | ||||||||
| Tax on share-based | ||||||||
| payment transactions | ||||||||
| Transfer to own shares | ||||||||
| held on exercise of equity | ( | |||||||
| incentives | ||||||||
| Shares repurchased | ( | ( | ( | |||||
| for cancellation | ||||||||
New shares issued and own shares purchased | ||||||||
Balance at 31 December 2023 | ( | ( | ( | |||||
Loss for the year | ( | ( | ||||||
| Foreign currency | ( | ( | ||||||
| translation differences | ||||||||
Total comprehensive income and expense for the year | ( | ( | ( | |||||
Dividends paid | ( | ( | ||||||
Credit to equity for equity- settled share-based | ||||||||
| payments | ||||||||
| Tax on share-based | ( | ( | ||||||
| payment transactions | ||||||||
| Transfer to own shares | ||||||||
| held on exercise of equity | ( | |||||||
| incentives | ||||||||
Shares repurchased for cancellation | ||||||||
New shares issued and own shares purchased | ||||||||
Balance at | ( | ( | ( | ( |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 127
Corporate GovernanceOverview
Statement of Accounting Policies
For the year ended 31 December 2024
Accounting policies
Financial Statements
128 Robert Walters plc Annual Report and Accounts 2024
Statement of Accounting Policies continued
For the year ended 31 December 2024
Accounting policies continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 129
Corporate GovernanceOverview
Accounting policies continued
Financial Statements
130 Robert Walters plc Annual Report and Accounts 2024
Statement of Accounting Policies continued
For the year ended 31 December 2024
Accounting policies continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 131
Corporate GovernanceOverview
Accounting policies continued
IFRS 18 | Presentation and Disclosure in Financial Statements |
| IFRS 9 and IFRS 7 (amendments) | Amendments to the Classification and Measurement of |
| Financial Instruments |
Financial Statements
132 Robert Walters plc Annual Report and Accounts 2024
Developments in accounting standards/IFRSs continued
Statement of Accounting Policies continued
For the year ended 31 December 2024
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 133
Corporate GovernanceOverview
Financial Statements
134 Robert Walters plc Annual Report and Accounts 2024
Notes to the Group Accounts
For the year ended 31 December 2024
| Gross profit | |||
| (net fee | Operating | ||
| Revenue | income) | profit | |
| £ millions | £ millions | £ millions | |
| 2024 | |||
Asia Pacific | 396.5 | 138.8 | 6.0 |
UK | 211.3 | 50.4 | (1.4) |
Europe | 248.5 | 105.7 | 5.5 |
Rest of World | 35.8 | 26.5 | (4.9) |
892.1 | 321.4 | 5.2 | |
| 2023 | |||
Asia Pacific | 484.9 | 167.9 | 19.3 |
UK | 254.9 | 60.9 | (0.4) |
Europe | 281.9 | 126.3 | 11.4 |
Rest of World | 42.4 | 31.7 | (4.0) |
1,064.1 | 386.8 | 26.3 |
| Non | |||||
| Property, plant | current | Lease | |||
| & equipment | Intangibles | Right-of-use | assets | liabilities | |
| £ millions | £ millions | £ millions | £ millions | £ millions | |
| 2024 | |||||
Asia Pacific | 4.0 | 8.2 | 18.4 | 36.5 | (20.8) |
UK | 2.5 | 30.0 | 12.4 | 51.8 | (17.1) |
Europe | 4.4 | - | 28.2 | 33.9 | (31.8) |
Rest of World | 0.6 | - | 2.0 | 3.3 | (2.7) |
11.5 | 38.2 | 61.0 | 125.5 | (72.4) | |
| 2023 | |||||
Asia Pacific | 5.8 | 8.2 | 19.7 | 40.7 | (21.8) |
UK | 3.6 | 25.6 | 14.7 | 49.9 | (20.1) |
Europe | 5.1 | - | 30.4 | 36.3 | (33.5) |
Rest of World | 0.8 | - | 2.7 | 5.5 | (3.8) |
15.3 | 33.8 | 67.5 | 132.4 | (79.2) |
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 135
Corporate GovernanceOverview
1. Segmental information continued
| 2024 | 2023 | |
| £ millions | £ millions | |
| Revenue: | ||
Specialist professional recruitment | 705.4 | 836.0 |
Recruitment outsourcing | 186.7 | 228.1 |
892.1 | 1,064.1 |
| 2024 | 2023 | |
| £ millions | £ millions | |
| Revenue: | ||
Permanent | 197.0 | 242.7 |
Temporary | 521.9 | 628.9 |
Interim | 128.5 | 128.7 |
Other | 44.7 | 63.8 |
892.1 | 1,064.1 |
| 2024 | 2023 | ||
| Note | £ millions | £ millions | |
Interest on financing facilities | 1.2 | 1.4 | |
Lease interest (net) | 10 | 3.4 | 3.4 |
Total borrowing costs | 4.6 | 4.8 |
| 2024 | 2023 | |
| £ millions | £ millions | |
| Profit is stated after charging: | ||
| Auditor's remuneration – BDO LLP (as auditor) | ||
| - Fees payable to the Company’s auditor for the audit of the Company's annual accounts | 0.1 | 0.1 |
| - The audit of the Company's subsidiaries pursuant to legislation | 1.0 | 1.0 |
| Total audit fees | 1.1 | 1.1 |
| - Audit related assurance services | - | - |
| - Other services supplied pursuant to legislation | 0.1 | 0.1 |
| Total non-audit fees | 0.1 | 0.1 |
| Total fees | 1.2 | 1.2 |
| Depreciation and amortisation of assets - owned | 8.6 | 8.9 |
| Depreciation of right-of-use assets | 14.4 | 15.1 |
| Profit on disposal of property, plant and equipment and computer software | - | (0.2) |
| Impairment of right-of-use assets | - | 0.2 |
| Impairment of trade receivables (net) | 0.3 | 0.4 |
| Expense relating to short-term leases | 1.8 | 1.3 |
| Foreign exchange loss | 0.8 | 1.3 |
Financial Statements
136 Robert Walters plc Annual Report and Accounts 2024
Notes to the Group Accounts continued
For the year ended 31 December 2024
4. Staff costs
| 2024 | 2023 | |
| Number | Number | |
| The average monthly number of employees of the Group | ||
| (including Executive Directors) during the year was: | ||
Group employees | 4,266 |
The Group’s closing headcount at 31 December 2024 was 3,294 (2023: 3,980).
| 2024 | 2023 1 | |
| £ millions | £ millions | |
| Their aggregate remuneration comprised: | ||
Wages and salaries | 207.7 | 243.4 |
Social security costs | 23.0 | 26.3 |
Other pension costs | 8.4 | 8.3 |
Cost of employee share options and awards | 1.7 | 0.7 |
240.8 | 278.7 |
The gain made on share options by the Directors during the year was nil (2023: nil). Full details of the Directors'
remuneration are given in the Report of the Remuneration Committee on page 88.
1. The allocation of staff costs has been restated during 2024 to include all elements of variable pay, this has resulted in £18.4m of costs
being allocated to wages and salaries for 2023.
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 137
Corporate GovernanceOverview
5. Taxation
| 2024 | 2023 | |
| £ millions | £ millions | |
| Current tax charge | ||
Corporation tax – UK | - | - |
Corporation tax – Overseas | 7.3 | 9.3 |
| Adjustments in respect of prior years | ||
Corporation tax – UK | - | (0.2) |
Corporation tax – Overseas | (1.0) | 0.2 |
6.3 | 9.3 | |
| Deferred tax | ||
Deferred tax – UK | (1.5) | 0.1 |
Deferred tax – Overseas | (0.1) | (2.6) |
| Adjustments in respect of prior years | ||
Deferred tax – UK | 0.3 | (0.6) |
Deferred tax – Overseas | 1.5 | 1.2 |
0.2 | (1.9) | |
Total tax charge for the year | 6.5 | 7.4 |
Profit before taxation | 0.5 | 20.8 |
Tax at standard UK corporation tax rate of 25.0% (2023: 23.5%) | 0.1 | 4.9 |
| Effects of: | ||
Unrelieved losses | 3.9 | 1.6 |
Tax exempt income and other expenses not deductible | 0.1 | (0.4) |
Other timing difference | 1.0 | (0.1) |
Overseas earnings taxed at different rates | 0.5 | 0.8 |
Adjustments to tax charges in previous years | 0.8 | 0.6 |
Impact of tax rate change | 0.1 | - |
Total tax charge for the year | 6.5 | 7.4 |
| Tax recognised directly in equity | ||
Tax on share-based payment transactions | 0.1 | (0.1) |
For the year ended 31 December 2024, the Group was subject to UK corporation tax at a rate of 25% (2023: 23.5%).
The effective tax rate of the Group is higher than the standard UK rate of 25% primarily due to the mix of losses
and profits during the year, with profits made in countries with higher tax rates such as in Japan and the impact of
adjustments to accounting profits in the tax calculation including movement in deferred tax asset, mainly unrecognised
current year losses, for which no deferred tax asset has been recognised. No deferred tax asset is recognised on the
unremitted earnings of overseas subsidiaries when no distribution of the earnings have been committed.
Income tax expense comprises current tax and deferred tax. It is recognised in profit or loss in respect of temporary
differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts
used for taxation purposes except to the extent that it relates to items recognised directly in equity.
Financial Statements
138 Robert Walters plc Annual Report and Accounts 2024
Notes to the Group Accounts continued
For the year ended 31 December 2024
5. Taxation continued
The Global Anti-Base Erosion rules, namely the Pillar Two model rules, which implement the global minimum
effective tax regime is effective for the Group’s financial year beginning 1 January 2024. As the Group is in scope
of the legislation, it has assessed its potential exposure to Pillar Two income taxes by performing a review based
on recent Group Consolidated financial statements and Country by Country Reporting, covering periods ending
31 December 2023 and on draft numbers for the year ending 31 December 2024. Based on the preliminary
assessment, the Pillar Two effective tax rates in most jurisdictions in which the Group operates are above 15% or the
transitional safe harbour relief is expected to apply. As a result, no corporation tax liability has been recognised
under the Pillar Two model rules in 2024.
6. Dividends
| 2024 | 2023 | |
| £ millions | £ millions | |
| Amounts recognised as distributions to equity holders in the year: | ||
Interim dividend paid of 6.5p per share (2023: 6.5p) | 4.3 | 4.3 |
Final dividend for 2023 of | 11.2 | 11.5 |
15.5 | 15.8 | |
Proposed final dividend for 2024 of | 11.2 | 11.2 |
The proposed final dividend of £11. 2 m is subject to approval by shareholders at the Annual General Meeting and has
not been included as a liability in these financial statements.
7. Earnings per share
The calculation of earnings per share is based on the profit for the year attributable to equity holders of the Parent
and the weighted average number of shares of the Company.
| 2024 | 2023 | |
| Number | Number | |
| of shares | of shares | |
| Weighted average number of shares: | ||
Shares in issue throughout the year | 76,429,714 | 78,928,095 |
Shares issued in the year | 1,512 | 631 |
Shares cancelled during the year | - | (1,121,137) |
Treasury and own shares held | (10,677,080) | (11,022,701) |
For basic earnings per share | 65,754,146 | 66,784,888 |
Dilutive impact of outstanding share options | - | 3,700,484 |
For diluted earnings per share | 65,754,146 | 70,485,372 |
The total number of options in issue is disclosed in note 19.
| 2024 | 2023 | |
| £ millions | £ millions | |
(Loss) profit for the year attributable to equity holders of the Parent | (6.0) | 13.4 |
(Loss) earnings per share (pence): | 2024 | 2023 |
Basic | (9.1) | 20.1 |
Diluted | (9.1) | 19.0 |
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 139
Corporate GovernanceOverview
| Computer | |||
| Goodwill | software | Total | |
| £ millions | £ millions | £ millions | |
| Cost: | |||
At 1 January 2023 | 8.1 | 28.7 | 36.8 |
Additions | - | 7.9 | 7.9 |
Disposals | - | (0.9) | (0.9) |
Foreign currency translation differences | (0.1) | (0.1) | (0.2) |
At 31 December 2023 | 8.0 | 35.6 | 43.6 |
Additions | - | 8.3 | 8.3 |
Disposals | - | (0.8) | (0.8) |
Foreign currency translation differences | - | (0.1) | (0.1) |
At 31 December 2024 | 8.0 | 43.0 | 51.0 |
| Accumulated amortisation: | |||
At 1 January 2023 | - | 7.5 | 7.5 |
Charge for the year | - | 3.3 | 3.3 |
Disposals | - | (0.9) | (0.9) |
Foreign currency translation differences | - | (0.1) | (0.1) |
At 31 December 2023 | - | 9.8 | 9.8 |
Charge for the year | - | 3.9 | 3.9 |
Disposals | - | (0.8) | (0.8) |
Foreign currency translation differences | - | (0.1) | (0.1) |
At 31 December 2024 | - | 12.8 | 12.8 |
| Carrying value: | |||
At 1 January 2023 | 8.1 | 21.2 | 29.3 |
At 31 December 2023 | 8.0 | 25.8 | 33.8 |
At 31 December 2024 | 8.0 | 30.2 | 38.2 |
Financial Statements
140 Robert Walters plc Annual Report and Accounts 2024
Notes to the Group Accounts continued
For the year ended 31 December 2024
Operating profitNet fee income
20202015 20242010
8. Intangible assets continued
Goodwill Impairment Review continued
Operating profitNet fee income
20202015 20242010
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 141
Corporate GovernanceOverview
8. Intangible assets continued
Goodwill Impairment Review continued
Financial Statements
142 Robert Walters plc Annual Report and Accounts 2024
Notes to the Group Accounts continued
For the year ended 31 December 2024
| Fixtures, | ||||
| fittings and | ||||
| Leasehold | office | Computer | ||
| improvements | equipment | equipment | Total | |
| £ millions | £ millions | £ millions | £ millions | |
| Cost: | ||||
At 1 January 2023 | 10.3 | 19.8 | 13.8 | 43.9 |
Additions | 0.5 | 6.2 | 1.4 | 8.1 |
Transfers | (1.1) | 1.1 | - | - |
Disposals | (2.5) | (2.7) | (2.5) | (7.7 ) |
Foreign currency translation differences | (0.5) | (0.7) | (0.5) | (1.7) |
At 31 December 2023 | 6.7 | 23.7 | 12.2 | 42.6 |
Additions | 0.3 | 0.7 | 0.6 | 1.6 |
Transfers | - | - | - | - |
Disposals | (0.8) | (1.7) | (1.4) | (3.9) |
Foreign currency translation differences | (0.3) | (1.1) | (0.4) | (1.8) |
At 31 December 2024 | 5.9 | 21.6 | 11.0 | 38.5 |
| Accumulated depreciation and impairment: | ||||
At 1 January 2023 | 7.3 | 11.4 | 10.9 | 29.6 |
Charge for the year | 0.7 | 3.1 | 1.8 | 5.6 |
Disposals | (2.5) | (1.7) | (2.5) | (6.7) |
Foreign currency translation differences | (0.4) | (0.4) | (0.4) | (1.2) |
At 31 December 2023 | 5.1 | 12.4 | 9.8 | 27.3 |
Charge for the year | 0.6 | 2.3 | 1.8 | 4.7 |
Disposals | (0.8) | (1.7) | (1.4) | (3.9) |
Foreign currency translation differences | (0.2) | (0.6) | (0.3) | (1.1) |
At 31 December 2024 | 4.7 | 12.4 | 9.9 | 27.0 |
| Carrying value: | ||||
At 1 January 2023 | 3.0 | 8.4 | 2.9 | 14.3 |
At 31 December 2023 | 1.6 | 11.3 | 2.4 | 15.3 |
At 31 December 2024 | 1.2 | 9.2 | 1.1 | 11.5 |
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 143
Corporate GovernanceOverview
| Buildings | Vehicles | Total | |
| Right-of-use assets | £ millions | £ millions | £ millions |
At 1 January 2023 | 68.9 | 2.7 | 71.6 |
Additions | 11.9 | 2.8 | 14.7 |
Lease modifications | 3.9 | - | 3.9 |
Depreciation charge for the year | (13.4) | (1.7) | (15.1) |
Impairment | (0.2) | - | (0.2) |
Disposal | (4.9) | - | (4.9) |
Foreign currency translation differences | (2.4) | (0.1) | (2.5) |
At 31 December 2023 | 63.8 | 3.7 | 67.5 |
Additions | 3.0 | 1.8 | 4.8 |
Lease modifications | 5.5 | - | 5.5 |
Depreciation charge for the year | (12.5) | (1.9) | (14.4) |
Impairment | - | - | - |
Disposal | - | - | - |
Foreign currency translation differences | (2.3) | (0.1) | (2.4) |
At 31 December 2024 | 57.5 | 3.5 | 61.0 |
Financial Statements
144 Robert Walters plc Annual Report and Accounts 2024
Notes to the Group Accounts continued
For the year ended 31 December 2024
10. Leases continued
Lease receivables and lease liabilities
| 2024 | 2023 | |
| Lease Receivables | £ millions | £ millions |
Current | 0.9 | 0.8 |
Non-current 1 | 3.7 | 4.0 |
At 31 December | 4.6 | 4.8 |
1. Of the non-current lease receivable, £2.8m relates to receivables between 2 and 5 years (2023: £3.0m).
In 2023, the Group entered into financing lease arrangements as a lessor to sublet office space from the UK and USA
operations.
These lease contracts contain extension and early termination options.
| 2024 | 2023 | |
| Lease Liabilities | £ millions | £ millions |
Current | (18.2) | (18.0) |
Non-current 1 | (54.2) | (61.2) |
At 31 December | (72.4) | (79.2) |
1. Of the non-current lease liability, £42.9m relates to liabilities between 2 and 5 years (2023: £43.9m).
Amounts recognised in the Consolidated Income Statement
The statement of profit or loss shows the following amounts relating to leases:
| 2024 | 2023 | |
| £ millions | £ millions | |
Depreciation charge of right-of-use assets | 14.4 | 15.1 |
Interest expense (included in finance cost) | 3.6 | 3.5 |
Interest receivable (included in finance cost) | (0.2) | (0.1) |
Expense relating to short-term leases (included in administrative expenses) | 1.8 | 1.3 |
Total charges in relation to leases | 19.6 | 19.8 |
The total cash outflow for leases in 2024 was £18.0m (2023: £16.1m). The total cash inflow for leases in 2024 was
£0.8m (2023: £0.3m).
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 145
Corporate GovernanceOverview
10. Leases continued
The Group's leasing activities and how these are accounted for
The leases held by the Group primarily relate to offices, equipment and vehicles. Rental contracts are typically made
for fixed periods of four months to ten years. The Group sometimes negotiates break clauses and extension options into
the rental contracts. This allows the Group to manage its risk arising from lease contracts and maximise the operational
flexibility in terms of managing the assets used in the Group's operations. Approximately 30% of the Group's leases contain
extension options of a two to five year period. The lease receivable relates to offices subsequently sublet to a third party.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of the following lease payments:
• fixed payments, less any lease incentives receivable; and
• variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the
commencement date.
Lease receivables include the net present value of the following lease income receivable:
• fixed income, less any lease incentives payable; and
• variable lease income receivable that are based on an index or a rate, initially measured using the index or rate as
at the commencement date.
Lease payments to be made under reasonably certain extension options are also included in the measurement of
the liability. Lease receivables to be secured under reasonably certain extension options are also included in the
measurement of the asset. On renegotiation of an existing lease, the Group will recognise any movement in the lease
depending on the nature of the modification. Further details can be found in the accounting policies on page 130.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are
not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate
take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Lease income and payments are allocated between principal and finance cost. The finance cost is charged to profit
or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the
liability for each period.
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset
is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment
losses, and adjusted for any remeasurement of lease liabilities. Right-of-use assets are depreciated on a straight-line
basis over the shorter of the lease term and the estimated useful lives of the assets. The right-of-use assets are also
subject to impairment.
For short-term leases (lease term of 12 months or less) and leases of low-value-assets (less than £3,000), the Group
has opted to recognise a lease expense on a straight-line basis as permitted by IFRS 16.
Financial Statements
146 Robert Walters plc Annual Report and Accounts 2024
| Effective | ||
| Subsidiary | ownership of | Principal |
| undertaking | ordinary shares | activity |
Robert Walters Pty Limited | 100% | Recruitment consultancy |
Robert Walters Australia Pty Limited | 100% | Recruitment consultancy |
Resource Solutions Corporation Pty Limited | 100% | HR outsourcing services |
Robert Walters SA | 100% | Recruitment consultancy |
Robert Walters People Solutions SA | 100% | Recruitment consultancy |
Robert Walters Brazil Limitada | 100% | Recruitment consultancy |
Robert Walters Canada Inc | 100% | Recruitment consultancy |
Robert Walters Chile SpA | 100% | Recruitment consultancy |
Walters People Chile Empresa de Servicios Transitorios SpA | 100% | Recruitment consultancy |
Robert Walters Business Consulting (Shanghai) Ltd Company | 100% | Recruitment consultancy |
Robert Walters Talent China Limited | 100% | Recruitment consultancy |
RS Resourcing S.r.o | 100% | HR outsourcing services |
Robert Walters SAS | 100% | Recruitment consultancy |
Walters People SAS | 100% | Recruitment consultancy |
Robert Walters Germany GMBH | 100% | Recruitment consultancy |
RS Resource Solutions GMBH | 100% | HR outsourcing services |
Resource Solutions Consulting (Hong Kong) Limited | 100% | HR outsourcing services |
Robert Walters (Hong Kong) Limited | 100% | Recruitment consultancy |
Resource Solutions India Private Limited | 100% | HR outsourcing services |
Resource Solutions Consulting Private Limited | 100% | HR outsourcing services |
PT. Robert Walters Indonesia 1 | 49% | Recruitment consultancy |
Robert Walters Limited | 100% | Recruitment consultancy |
Robert Walters Italy s.r.l. | 100% | Recruitment consultancy |
Robert Walters Japan KK | 100% | Recruitment consultancy |
Resource Solutions Japan KK | 100% | HR outsourcing services |
Robert Walters Arabia for Business Services | 100% | Business Consulting Services |
Robert Walters Resource Solutions Sdn Bhd | 100% | HR outsourcing services |
Agensi Pekerjaan Walters Sdn Bhd 1 | 49% | Recruitment consultancy |
Robert Walters Mauritius Limited | 100% | Recruitment Consultancy |
Robert Walters Mexico S. de R.L. de C.V. | 100% | Recruitment consultancy |
Walters People BV | 100% | Recruitment consultancy |
Robert Walters BV | 100% | Recruitment consultancy |
SAI Holdings BV 2 | 100% | Holding Company |
Robert Walters New Zealand Limited | 100% | Recruitment consultancy |
Resource Solutions Global Service Centre (Philippines), Inc. | 100% | HR outsourcing services |
Resource Solutions sp. z o.o. | 100% | HR outsourcing services |
Robert Walters Portugal Unipessoal Lda | 100% | Recruitment consultancy |
Notes to the Group Accounts continued
For the year ended 31 December 2024
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 147
Corporate GovernanceOverview
| Country of | Registered | ||||||
| incorporation | address | ||||||
Australia | Level 23, Queen & Collins Tower, 376-390 Collins Street, Melbourne VIC 3000, Australia | ||||||
Australia | Level 23, Queen & Collins Tower, 376-390 Collins Street, Melbourne VIC 3000, Australia | ||||||
Australia | Level 23, Queen & Collins Tower, 376-390 Collins Street, Melbourne VIC 3000, Australia | ||||||
Belgium | Avenue Louise 326, 10th Floor, Brussels, 1050, Belgium | ||||||
Belgium | Avenue Louise 326, 10th Floor, Brussels, 1050, Belgium | ||||||
| Brazil | Estado de Sao Paulo, na Rua do Rócio, nº 350, Edificio Atrium IX, | ||||||
| Conjunto nº 41, 4º Andar, CEP 04552-000 | |||||||
Canada | 145 | King Street West, Suite 720, Toronto, Ontario M5X | |||||
Chile | Av. El Bosque Central 92, piso 6, Las Condes, Santiago, Chile | ||||||
Chile | Av. El Bosque Central 92, piso 6, Las Condes, Santiago, Chile | ||||||
China | Unit 2207A, No. 1601 West Nanjing Road, JingAn District, Shanghai, PRC | ||||||
China | Unit 2206, | 220 | 7B, No. 1601 West Nanjing Road, JingAn District, Shanghai, PRC | ||||
Czech Republic | Nádražní 344/23, Smíchov 150 00 Prague 5, Czech Republic | ||||||
France | 6-8 rue Pergolèse, | 75116, | Paris, France | ||||
France | 6-8 rue Pergolèse, | 75116, | Paris, France | ||||
Germany | Fuerstenwall 172, 40217 Dusseldorf, Germany | ||||||
Germany | Main Tower, Neue Mainzer Str. 52-58, 60311, Frankfurt am Main, Germany | ||||||
Hong Kong | Unit 2001, | 20/F, Nexxus Building, 41 Connaught Road Central, Hong Kong | |||||
Hong Kong | 2001, | Unit | 20/F, Nexxus Building, 41 Connaught Road Central, Hong Kong | ||||
| 12th Floor, My Home Twitza, Plot Nos, 30/A, Survey No,83/1,APIIC | |||||||
| India | Hyderabad knowledge City, Raidurg(Panmaqtha)Village, | ||||||
| Seriligampally Mandal, Ranga Reddy Dist., Hyderabad, Telangana – 500081 | |||||||
| 12th Floor, My Home Twitza, Plot Nos, 30/A, Survey No,83/1,APIIC | |||||||
| India | Hyderabad knowledge City, Raidurg(Panmaqtha)Village, | ||||||
| Seriligampally Mandal, Ranga Reddy Dist., Hyderabad, Telangana – 500081 | |||||||
Indonesia | World Trade Centre 3, 18th Floor, Jl. Jend. Sudirman Kav. 29-31 Jakarta 12920, Indonesia | ||||||
Ireland | 2 Dublin Landings, North Wall Quay, Dublin 1 Dublin, D D01 V4A3, Ireland | ||||||
Italy | Via Giuseppe Mazzini 9, CAP 20123, Milano, Italy | ||||||
Japan | Shibuya Minami Tokyu Building, 14th Floor 3-12-18 Shibuya, Shibuya-ku, Tokyo, 150-0002 | ||||||
Japan | Ebisu Garden Place, 16th Floor, 4-20-3 Ebisu, Shibuya-ku, Tokyo 150-6018 | ||||||
Kingdom of Saudi Arabia | B, 2nd floor, 3141 Anas Ibn Malik, Al Malqa, Riyadh | ||||||
| Malaysia | Suite 1005, | 10th Floor Wisma Hamzah-Kwong Hing, No. 1 Leboh Ampang 50100 Kuala Lumpur, | |||||
| W.P. Kuala Lumpur, Malaysia | |||||||
Malaysia | B4-3A-6 Solaris Dutamas, No 1 Jalan Dutamas 1, 50480, Kuala Lumpur, Malaysia | ||||||
Mauritius | Chemin Vingt Pieds, 5th Floor, La Croisette Grand Bay Mauritius | ||||||
| Mexico | Bosque de Duraznos 69 Torre A 1101-C, Bosque de las Lomas, | ||||||
| Miguel Hidalgo, Ciudad de México, Mexico | |||||||
Netherlands | WTC, TowerTen, Strawinskylaan 1057, Amsterdam, 1077 XX | ||||||
Netherlands | WTC, TowerTen, Strawinskylaan 1057, Amsterdam, 1077 XX | ||||||
Netherlands | Herikerberweg 283, 1101CM, Amsterdam, The Netherlands | ||||||
New Zealand | Level 15, 2 Hunter Street Wellington 6011 | ||||||
Philippines | 37/F Philamlife Tower, 8767 Paseo De Roxas Makati City, Manila 1226 | ||||||
Poland | Grzybowska 2/29, 00-131 Warszawa, Poland | ||||||
Portugal | Avenida da Liberdade 190 3ºB, 1269-046, Lisboa, Portugal | ||||||
Financial Statements
148 Robert Walters plc Annual Report and Accounts 2024
| Effective | ||
| Subsidiary | ownership of | Principal |
| undertaking | ordinary shares | activity |
Resource Solutions Consulting (Singapore) Pte Ltd | 100% | HR outsourcing services |
Robert Walters (Singapore) Pte Ltd | 100% | Recruitment consultancy |
Robert Walters South Africa Proprietary Limited | 100% | Recruitment consultancy |
| K2018112216 (South Africa) (Pty) Ltd (t/a Resource Solutions | 100% | Recruitment consultancy |
| South Africa) | ||
Robert Walters Korea Limited | 100% | Recruitment consultancy |
Robert Walters Holding SAS Sucursal En Espana | 100% | Recruitment consultancy |
| Walters People Sociedad Limitada Empresa | 100% | Recruitment consultancy |
| de Trabajo Temporal | ||
Robert Walters Switzerland AG | 100% | Recruitment consultancy |
Robert Walters Company Limited (Taiwan) | 100% | Recruitment consultancy |
Robert Walters (Eastern Seaboard) Ltd | 100% | Recruitment consultancy |
Robert Walters Recruitment (Thailand) Ltd | 100% | Recruitment consultancy |
Robert Walters Holdings (Thailand) Limited | 100% | Holding company |
Robert Walters Middle East Limited | 100% | Recruitment consultancy |
Robert Walters Dubai Ltd 4 | 100% | Recruitment consultancy |
Robert Walters Operations Limited | 100% | Recruitment consultancy |
Robert Walters Consultancy Limited 3 | 100% | Recruitment consultancy |
Resource Solutions Limited | 100% | HR outsourcing services |
Resource Solutions Europe Limited 4 | 100% | HR outsourcing services |
Resource Solutions Europe Limited External Profit Company | 100% | HR outsourcing services |
Resource Solutions Workforce Management Limited 4 | 100% | Recruitment consultancy |
Robert Walters Holdings Limited 2,5 | 100% | Holding Company |
Walters Interim Limited 3 | 100% | Recruitment consultancy |
Resource Solutions Inc (Delaware) | 100% | HR outsourcing services |
Resource Solutions Inc (Florida) | 100% | HR outsourcing services |
Robert Walters Associates Inc. | 100% | Recruitment consultancy |
Robert Walters Associates California Inc. | 100% | Recruitment consultancy |
Robert Walters Holdings North America Inc. | 100% | Holding Company |
Robert Walters Texas Inc. | 100% | Recruitment consultancy |
Robert Walters Vietnam Company Limited | 100% | Recruitment consultancy |
Notes to the Group Accounts continued
For the year ended 31 December 2024
11. Group investments continued
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 149
Corporate GovernanceOverview
| Country of | Registered | ||
| incorporation | address | ||
Singapore | 6 Battery Road #09-01 Singapore 049909 | ||
Singapore | 6 Battery Road #09-01 Singapore 049909 | ||
| South Africa | 19th Floor, GreenPark Corner, Cnr West Road South and Lower Road, | ||
| Morningside, Sandton, Johannesburg, 2196 South Africa | |||
| South Africa | 19th Floor, GreenPark Corner, Cnr West Road South and Lower Road, | ||
| Morningside, Sandton, Johannesburg, 2196 South Africa | |||
South Korea | 21F East Center, Center 1 Building, 26 Euljiro 5 gil, Jung-gu, Seoul 04539 | ||
Spain | Paseo de Recoletos 7-9, 6a planta, 28004 Madrid, Spain | ||
Spain | Paseo de Recoletos 7-9, 6a planta, 28004 Madrid, Spain | ||
Switzerland | Claridenstrasse 41, Zurich 8002, Switzerland | ||
Taiwan | Room F, 10th Floor, No. 1 Songzhi Road, Xin-Yi District, Taipei, Taiwan | ||
| Thailand | Level 12, Room No. 1259-1260, Harbor Mall office, 4/222 Moo 10, Sukhumvit Road, | ||
| Thungsukhla, Sriracha, Chonburi 20230 Thailand | |||
| Thailand | Q House Lumpini, 17th Floor, Unit 1702, 1 South Sathorn Road, | ||
| Thungmahamek, Sathorn, Bangkok 10120, Thailand | |||
| Thailand | 175 | Sathorn City Tower, Level 18/1, South Sathorn Road, | |
| Thungmahamek, Sathorn, Bangkok 10120 | |||
UAE | WeWork Hub 71 Al Khatem Tower, ADGM, Abu Dhabi, UAE | ||
United Kingdom | 11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB | ||
United Kingdom | 11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB | ||
United Kingdom | 11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB | ||
United Kingdom | 11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB | ||
United Kingdom | 11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB | ||
United Kingdom | 11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB | ||
United Kingdom | 11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB | ||
United Kingdom | 11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB | ||
United Kingdom | 11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB | ||
USA | 7 Times Square, Suite 4301, New York NY 10036 | ||
USA | 11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB | ||
USA | 7 Times Square, Suite 4301, New York NY 10036 | ||
USA | 520 | Broadway, Suite 200, Santa Monica, CA, 90401, USA | |
USA | 7 Times Square, Suite 4301, New York NY 10036 | ||
USA | 310 | Comal Street, 2nd Floor, 271, Austin, TX 78702 | |
| Vietnam | Unit 1, Level 9, The Metropolitan, 235 Dong Khoi Street, | ||
| Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam |
Financial Statements
150 Robert Walters plc Annual Report and Accounts 2024
| 2024 | 2023 | |
| £ millions | £ millions | |
| Receivables due within one year: | ||
Trade receivables | 95.7 | 116.5 |
Other receivables | 9.8 | 7.8 |
Prepayments | 6.4 | 7.8 |
Accrued income | 45.6 | 50.4 |
157.5 | 182.5 |
| 2024 2024 | 2023 2023 | |
| £ millions £ millions | £ millions £ millions | |
Trade payables | 8.3 | 7.8 |
Other taxation and social security | 28.8 | 30.4 |
Other payables 1 | 22.1 | 27.3 |
Accruals | 62.3 | 82.5 |
121.5 | 148.0 |
| 2024 | 2023 | |
| £ millions | £ millions | |
Bank overdrafts and borrowings: current | 15.6 | 15.8 |
15.6 | 15.8 | |
| The borrowings are repayable as follows: | ||
Within one year | 15.6 | 15.8 |
15.6 | 15.8 |
Notes to the Group Accounts continued
For the year ended 31 December 2024
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 151
Corporate GovernanceOverview
| Accelerated | Share-based | Accruals and | |||
| depreciation | Tax losses | payment | provisions | Total | |
| £ millions | £ millions | £ millions | £ millions | £ millions | |
At 1 January 2023 | (0.3) | 3.1 | 1.2 | 5.8 | 9.8 |
Charge to income | (0.9) | 3.4 | (0.1) | (0.5) | 1.9 |
Credit to equity | - | - | 0.1 | - | 0.1 |
Foreign currency translation differences | - | 0.3 | - | (0.5) | (0.2) |
At 31 December 2023 | (1.2) | 6.8 | 1.2 | 4.8 | 11.6 |
Charge to income | (1.1) | 0.1 | 0.2 | 0.6 | (0.2) |
Credit to equity | - | - | (0.1) | - | (0.1) |
Foreign currency translation differences | - | (0.1) | - | (0.4) | (0.5) |
At 31 December 2024 | (2.3) | 6.8 | 1.3 | 5.0 | 10.8 |
| 2024 2024 | 2023 2023 | |
| Group Group | £ millions £ millions | £ millions £ millions |
Deferred tax assets (DTA) | 11.1 | 11.8 |
Deferred tax liabilities (DTL) | (0.3) | (0.2) |
10.8 | 11.6 |
2024 | 2023 2023 | |||||
| Net DTA Net DTA | Gross DTA | Gross DTL Gross DTL | Net DTA Net DTA | Gross DTA Gross DTA | Gross DTL Gross DTL | |
(debtors) (debtors) | (creditors) (creditors) | (debtors) (debtors) | (debtors) (debtors) | (creditors) (creditors) | ||
£ millions | £ millions £ millions | £ millions £ millions | £ millions £ millions | £ millions £ millions | £ millions £ millions | |
Included in debtors | 10.8 | 11.1 | (0.3) | 11.6 | 11.8 | (0.2) |
Accelerated depreciation | (1.1) | (1.1) | - | (0.9) | (0.9) | - |
Tax losses | - | - | - | 3.7 | 3.7 | - |
Share based payments | 0.1 | 0.1 | - | - | - | - |
Accruals and provisions | 0.2 | 0.3 | (0.1) | (1.0) | (1.0) | - |
Provision for deferred tax | (0.8) | (0.7) | (0.1) | 1.8 | 1.8 | - |
As at 1 January | 11.6 | 11.8 | (0.2) | 9.8 | 10.0 | (0.2) |
| Deferred tax charge in consolidated | (0.2) | (0.1) | (0.1) | 1.9 | 2.0 | - |
| income statement | ||||||
Deferred tax charge in equity | (0.1) | (0.1) | - | 0.1 | 0.1 | - |
Foreign currency translation differences | (0.5) | (0.5) | - | (0.2) | (0.3) | - |
As at 31 December | 10.8 | 11.1 | (0.3) | 11.6 | 11.8 | (0.2) |
Financial Statements
152 Robert Walters plc Annual Report and Accounts 2024
15. Deferred taxation continued
| Total | |
| £ millions | |
At 1 January 2023 | 2.9 |
Additional provisions charged to income statement | 0.8 |
Provision released | (0.5) |
Utilisation of provisions | (0.2) |
Foreign exchange movements | (0.2) |
At 31 December 2023 | 2.8 |
Additional provisions charged to income statement | 1.5 |
Provision released | (0.5) |
Utilisation of provisions | (0.1) |
Foreign exchange movements | (0.1) |
At 31 December 2024 | 3.6 |
| Analysis of total provision: | |
Current | 1.6 |
Non-current | 2.0 |
| 3.6 |
17. Financial risk management
The main risks arising from the Group’s financial instruments are foreign currency risk, liquidity risk and interest rate risk.
Notes to the Group Accounts continued
For the year ended 31 December 2024
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 153
Corporate GovernanceOverview
17. Financial risk management continued
| 2024 | 2023 | |
| Cash | £ millions | £ millions |
Euros | 21.2 | 27.4 |
Japanese Yen | 8.5 | 15.6 |
Hong Kong Dollars | 6.9 | 8.9 |
New Zealand Dollars | 4.5 | 4.1 |
Australian Dollars | 3.6 | 7.5 |
Chinese Renminbi | 3.1 | 4.3 |
Singapore Dollars | 3.1 | 4.7 |
South Korean Won | 2.5 | 3.7 |
Taiwan Dollar | 2.0 | 2.6 |
Great British Pounds Sterling | 1.5 | 2.7 |
US Dollars | 1.4 | 2.1 |
Chilean Peso | 1.3 | 1.8 |
United Arab Emirates Dirham | 1.3 | 0.6 |
Other | 7.2 | 9.7 |
68.1 | 95.7 |
Financial Statements
154 Robert Walters plc Annual Report and Accounts 2024
17. Financial risk management continued
| 31 to 60 days | 61 to 90 days | More than 91 | |||
| Current | past due | past due | days past due | Total | |
| 31 December 2024 | |||||
Expected loss rate | 0.3% | 1.7% | 1.3% | 42.2% | 2.9% |
Trade receivables (£’millions) | 36.1 | 42.0 | 16.0 | 4.5 | 98.6 |
Bad debt provision (£’millions) | 0.1 | 0.7 | 0.2 | 1.9 | 2.9 |
| 31 to 60 days | 61 to 90 days | More than 91 | |||
| Current | past due | past due | days past due | Total | |
| 31 December 2023 | |||||
Expected loss rate | 0.2% | 1.4% | 2.1% | 40.0% | 2.6% |
| Trade receivables (£'millions) | 49.3 | 51.0 | 14.3 | 5.0 | 119.6 |
| Bad debt provision (£'millions) | 0.1 | 0.7 | 0.3 | 2.0 | 3.1 |
Notes to the Group Accounts continued
For the year ended 31 December 2024
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 155
Corporate GovernanceOverview
| 2024 | 2023 | 2024 | 2023 | |
| Number | Number | £ millions | £ millions | |
| Authorised | ||||
Ordinary shares of 20p each Allotted, called-up and fully paid | 200,000,000 | 200,000,000 | 40.0 | 40.0 |
Ordinary shares of 20p each | 76,431,699 | 76,429,714 | 15.3 | 15.3 |
19. Share options
Equity-settled share option plan
As at 31 December 2024 the following options had been granted and remained outstanding in respect of the Company's
ordinary shares of 20p each under the Company's Executive Share Option Scheme and SAYE Option Scheme:
| Exercisable | ||||
| Share | Price | |||
| options | granted | |||
| granted | (p) | From | To | |
Executive Options | 42,000 | 339 | February 2018 | February 2025 |
Executive Options | 50,000 | 299 | March 2019 | March 2026 |
Executive Options | 112,000 | 400 | March 2020 | March 2027 |
SAYE | 16,935 | 541 | October 2024 | April 2025 |
Executive Options | 40,250 | 577 | March 2025 | March 2032 |
SAYE | 70,897 | 408 | October 2025 | April 2026 |
Executive Options | 14,500 | 501 | March 2026 | March 2033 |
SAYE | 391,361 | 291 | November 2026 | May 2027 |
SAYE | 199,331 | 284 | September 2027 | March 2028 |
| 937,274 |
The movements within the balance of share options are indicated below, as well as a calculation of the respective weighted
averages for each category of movement and the opening and closing balances.
2024 | 2023 | |||
| Weighted | Weighted | |||
| average | average | |||
| exercise | exercise | |||
| Options | price (£) | Options | price (£) | |
At 1 January | 1,292,120 | 3.54 | 1,477,486 | 3.98 |
Granted during the year | 212,889 | 2.84 | 617,051 | 2.99 |
Forfeited during the year | (400,013) | 3.45 | (207,373) | 3.92 |
Lapsed during the year | (80,250) | 4.69 | (133,550) | 5.52 |
Exercised during the year | (87,472) | 3.29 | (461,494) | 3.48 |
At 31 December | 937,274 | 3.34 | 1,292,120 | 3.54 |
The fair value of share options granted during the year was nil (2023: £35,000).
The weighted average share price at the date of exercise for share options exercised during the period was £3.29
(2023: £3.48). The options outstanding at 31 December 2024 had a weighted average remaining contractual life of
two years (2023: three years) and a weighted value of £3.34 (2023: £3.54).
Financial Statements
156 Robert Walters plc Annual Report and Accounts 2024
19. Share options continued
The weighted average exercise price is calculated based on a range of share prices between £2.84 and £4.00.
There were 204,000 (2023: 430,000) options already exercisable at the end of the year, with a weighted exercise
price of £3.63 (2023: £3.52). The inputs into the stochastic model are as follows:
Executive Options | SAYE options | ||||||
2024 | 2023 | 2022 | 2021 | 2024 | 2023 | 2022 | |
Weighted average share price | n/a | £5.60 | £5.77 | £5.52 | £2.84 | £2.91 | £4.08 |
Weighted average exercise price | n/a | £5.01 | £5.77 | £5.21 | £2.84 | £2.91 | £4.08 |
Expected volatility | n/a | 34.5% | 34.5% | 33.4% | 34.1% | 34.5% | 34.5% |
Expected life | n/a | 6 | 6 | 6 | 3.25 | 3.25 | 3.25 |
Risk free rate | n/a | 3.5% | 1.3% | 0.4% | 4.0% | 3.5% | 1.3% |
Expected dividend yield | n/a | 4.2% | 3.5% | 2.8% | 7.1% | 4.2% | 3.5% |
Expected volatility has been calculated over the period of time commensurate with the expected award term immediately
prior to the date of grant. The expected life used in the model has been adjusted, based upon management's best
estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Exercise of the Executive Share Options is subject to the achievement of a percentage increase in earnings per share
which exceeds the percentage increase in inflation by at least an average 8% per annum, over a period of three
financial years of the Group.
On satisfaction of these performance targets, 33.33% of the options vest. Vesting then increases progressively with
the Executive Share Options fully vesting where earnings per share growth matches the UK retail price index plus an
average of 14% per annum.
The SAYE Option Scheme enables UK permanent employees to use the proceeds of a related SAYE contract to acquire
options over ordinary shares of the Company at a discount of up to 20% of their market price. Options granted under
the scheme can normally be exercised during a period of six months starting on the third anniversary of the start of the
relevant SAYE contract.
Exercise of an option is subject to continued employment.
Equity-settled Performance Share Plan (PSP)
As at 31 December 2024 the following share awards had been granted and remained outstanding in respect of the
Company's ordinary shares of 20p each under the Company's Executive PSP Scheme:
The movements within the balances of share awards and co-investment awards are indicated below.
2024 | 2023 | |||||
| Share | Co-investment | Share | Co-investment | |||
| awards | awards | Total | awards | awards | Total | |
At 1 January | 3,020,226 | 708,638 | 3,728,864 | 2,999,085 | 686,215 | 3,685,300 |
Granted during the year | 1,618,819 | 261,666 | 1,880,485 | 1,235,741 | 285,715 | 1,521,456 |
| Vested and exercised | - | - | - | (106,010) | - | (106,010) |
| during the year | ||||||
Lapsed during the year | (1,075,654) | (150,552) | (1,226,206) | (838,853) | (237,799) | (1,076,652) |
Forfeited during the year | (285,896) | (90,715) | (376,611) | (269,737) | (25,493) | (295,230) |
At 31 December | 3,277,495 | 729,037 | 4,006,532 | 3,020,226 | 708,638 | 3,728,864 |
The fair value of share awards and co-investment awards granted during the year was £6,327,000 (2023: £5,402,000).
The awards outstanding at 31 December 2024 had a weighted average remaining contractual life of 17 months
(2023: 15 months).
No awards expired during the year (2023: none).
Notes to the Group Accounts continued
For the year ended 31 December 2024
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 157
Corporate GovernanceOverview
Equity-settled Performance Share Plan (PSP) continued
2024 | 2023 | 2022 | 2021 | |
Weighted average share price | £4.07 | £5.24 | £6.65 | £5.52 |
Weighted average exercise price | nil | nil | nil | nil |
Expected volatility | 34.7% | 34.5% | 36.6% | 37.4% |
Expected life | 3 | 3 | 3 | 3 |
Risk free rate | 4.1% | 3.6% | 1.4% | 0.1% |
Expected dividend yield | nil | 4.6% | 3.5% | 2.8% |
Financial Statements
158 Robert Walters plc Annual Report and Accounts 2024
21. Reconciliation of net cash and debt position
| Bank | Cash and cash | |||
| borrowings | equivalents | Leases | Total | |
| £ millions | £ millions | £ millions | £ millions | |
Net cash (debt) as at 1 January 2023 | (26.1) | 123.2 | (76.4) | 20.7 |
Cash flows | 11.7 | (20.9) | 16.1 | 6.9 |
| Non cash flows: | ||||
New leases | - | - | (14.7) | (14.7) |
Interest | (1.4) | - | (3.4) | (4.8) |
Foreign exchange adjustments | - | (6.6) | 2.9 | (3.7) |
Other changes 1 | - | - | (3.7) | (3.7) |
Net cash (debt) as at 1 January 2024 | (15.8) | 95.7 | (79.2) | 0.7 |
| Cash flows | 1.4 | (23.5) | 18.0 | (4.1) |
| Non cash flows: | ||||
| New leases | - | - | (4.8) | (4.8) |
| Interest | (1.2) | - | (3.6) | (4.8) |
| Foreign exchange adjustments | - | (4.1) | 2.7 | (1.4) |
Other changes 1 | - | - | (5.5) | (5.5) |
| Net cash (debt) as at 31 December 2024 | (15.6) | 68.1 | (72.4) | (19.9) |
1. The other changes for leases totalling £5.5m in 2024 (2023: £3.7m) relate to lease modifications, further details can be found in note 10.
| 2024 | 2023 | |
| Total | Total | |
| £'000s | £'000s | |
Short-term employee benefits | 40.0 | 55.0 |
Post-employment benefits | - | - |
Other long-term benefits | 50.0 | 51.0 |
Termination benefits | - | - |
Share-based payment | - | - |
Total | 90.0 | 106.0 |
Notes to the Group Accounts continued
For the year ended 31 December 2024
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 159
Corporate GovernanceOverview
Note
2024
£ millions
2023
£ millions
Non-current assets
Investments 26 234.0 232.4
Current assets
Trade and other receivables 27 3.8 3.5
Cash and cash equivalents - -
Total assets 237.8 235.9
Current liabilities
Trade and other payables 28 (101.2) (116.2)
Net current liabilities (97.4) (112.7)
Net assets 136.6 119.7
Equity
Share capital 29 15.3 15.3
Share premium 22.6 22.6
Capital redemption reserve 3.1 3.1
Own shares held 20 (37.4) (37.8)
Treasury shares held 20 (9.1) (9.1)
Retained earnings 142.1 125.6
Shareholders’ funds 136.6 119.7
Robert Walters plc reported a profit for the year of £3 0.5 m (2023: £15. 3 m).
The accounts of Robert Walters plc, Company Number 03956083, on pages 159 to 162 were approved by the Board
of Directors on 6 March 2025 and signed on its behalf by:
David Bower
Chief Financial Officer
Company Balance Sheet
As at 31 December 2024
Financial Statements
160 Robert Walters plc Annual Report and Accounts 2024
Share
capital
£ millions
Share
premium
£ millions
Capital
redemption
reserve
£ millions
Own
shares
held
£ millions
Treasury
shares
held
£ millions
Retained
earnings
£ millions
Total
equity
£ millions
Balance at 1 January 2023 15.8 22.6 2.6 (40.5) (9.1) 137.3 128.7
Profit for the year - - - - - 15.3 15.3
Foreign currency translation
differences
- - - - - - -
Total comprehensive income
and expense for the year - - - - - 15.3 15.3
Dividends paid - - - - - (15.8) (15.8)
Credit to equity for equity-settled
share-based payments - - - - - 0.3 0.3
Transfer to own shares held on
exercise of equity incentives - - - 1.5 - (1.5) -
Shares repurchased for cancellation (0.5) - 0.5 - - (10.0) (10.0)
New shares issued and own
shares purchased
- - - 1.2 - - 1.2
Balance at 31 December 2023 15.3 22.6 3.1 (37.8) (9.1) 125.6 119.7
Profit for the year - - - - - 30.5 30.5
Foreign currency translation
differences
- - - - - - -
Total comprehensive income
and expense for the year - - - - - 30.5 30.5
Dividends paid - - - - - (15.5) (15.5)
Credit to equity for equity-settled
share-based payments - - - - - 1.7 1.7
Transfer to own shares held on
exercise of equity incentives - - - 0.2 - (0.2) -
Shares repurchased for cancellation - - - - - - -
New shares issued and own
shares purchased - - - 0.2 - - 0.2
Balance at 31 December 2024 15.3 22.6 3.1 (37.4) (9.1) 142.1 136.6
Company statement of changes in equity
For the year ended 31 December 2024
Strategic Report Financial Statements
Annual Report and Accounts 2024 Robert Walters plc 161
Corporate GovernanceOverview
24. Accounting policies
The principal accounting policies of the Company are summarised below and have been applied consistently in all
aspects throughout the current year and the preceding year.
(a) Basis of accounting
The separate Financial Statements of the Company are presented as required by the Companies Act 2006.
The Company meets the definition of a qualifying entity under FRS 100 (Financial Reporting Standard 100) issued by
the Financial Reporting Council.
The Financial Statements have therefore been prepared in accordance with FRS 101 (Financial Reporting Standard 101)
‘Reduced Disclosure Framework’ as issued by the Financial Reporting Council.
As permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available under the standard
in relation to share-based payment, financial instruments, capital management, presentation of comparative
information in respect of certain assets, presentation of a cash flow statement and certain related party transactions.
Where required, equivalent disclosures are given in the consolidated financial statements.
The financial statements have been prepared on the historical cost basis.
The principal accounting policies adopted are the same as those set out in the Statement of Accounting Policies to the
consolidated financial statements on page 127 except as noted below.
(b) Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of
exchange prevailing at that date.
(c) Investments
Investments are shown at cost less provision for impairment where appropriate.
(d) Employee Benefit Trust
The own shares are held by an Employee Benefit Trust (EBT) to satisfy the potential share obligations of the Group.
Own shares are recorded at cost and deducted from equity.
As the EBT is deemed to be an extension of the Company, the EBT’s assets (other than investments in the Company’s
shares), liabilities, income and expenses are included on a line-by-line basis in the Company Financial Statements.
25. Profit for the year
The Company has elected not to present its own profit and loss account as permitted by Section 408 of the
Companies Act 2006.
£37.1m (2023: £21.9m) of the retained earnings of the Company represent distributable reserves.
Details of the proposed final dividend are provided in note 6 to the accounts.
Details of share based payments are disclosed in note 19 to the accounts.
Details of Treasury and own shares held are disclosed in note 20 to the accounts.
There are no employees of Robert Walters plc.
26. Fixed asset investments
Total
£ millions
At 1 January 2024 232.4
Increase in the year due to equity incentive schemes 1.6
At 31 December 2024 234.0
There were no indicators to suggest an impairment review was required, as such there was no provision for
impairment (2023: £nil).
Please refer to note 11 for a list of the Company's principal investments.
Notes to the Company Accounts
For the year ended 31 December 2024
Financial Statements
162 Robert Walters plc Annual Report and Accounts 2024
27. Trade and other receivables
2024
£ millions
2023
£ millions
Amounts due from subsidiaries
3.8
3.5
3.8
3.5
Amounts owed by Group undertakings are unsecured, carry no interest and are repayable on demand.
28. Trade and other payables: amounts falling due within one year
2024
£ millions
2023
£ millions
Amounts due to subsidiaries
101.2
116.2
101.2
116.2
Amounts owed to Group undertakings are unsecured, carry no interest and are repayable on demand.
29. Share capital
2024
Number
2023
Number
2024
£ millions
2023
£ millions
Authorised
Ordinary shares of 20p each 200,000,000 200,000,000 40.0 40.0
Allotted, called-up and fully paid
Ordinary shares of 20p each 76,431,699 76,429,714 15.3 15.3
30. Commitments
The Company has no lease commitments (2023: £nil).
There are no capital commitments for the Company (2023: £nil).
31. Related party transactions
There are no disclosable related party transactions in the year to 31 December 2024 (2023: £nil) other than as
disclosed in the Directors' Remuneration Report and notes 27 and 28.
32. Contingent liabilities
The Company has no other contingent liabilities than those disclosed in note 23 as at 31 December 2024 (2023: £nil).
Notes to the Company Accounts continued
For the year ended 31 December 2024
Registered office
Registered number
03956083
Auditor
BDO LLP
Chartered Accountants
55 Baker Street
London W1U 7EU
Solicitors
Travers Smith LLP
10 Snow Hill
London EC1A 2AL
Principal bankers
Barclays
Level 28, 1 Churchill Place
Canary Wharf,
London E14 5HP
Registrars
MUFG Corporate Markets
10th Floor
Central Square
29 Wellington Street
Leeds, LS1 4DL
Company Secretary
Tony Hunter
11 Slingsby Place
St Martin’s Courtyard
London WC2E 9AB
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