Recruiter has record year as companies race to hire workers

RECRUITER Robert Walters posted a record year after a tight labour market left companies scrambling to hire staff.

The London-listed company also announced that its eponymous founder will be stepping down after nearly four decades leading the business.

Robert Walters will resign from the board at the end of April and will be replaced by Toby Fowlston, an executive who has worked at the company for 23 years.

Leslie Van de Walle, the company’s chairman, said of Mr Walters: “During his tenure, he has helped the group successfully navigate the dotcom bust, the global financial crisis and a global pandemic and he will leave the group next month in great shape to continue its growth story. I know I speak on behalf of the board and all of the group’s employees in thanking Rob for all his years of leadership.”

Last month, bigger London-listed rival Hays also said it was looking for a successor to long-serving chief executive Alistair Cox. It came as Robert Walters reported a record pre-tax profit of £55.6m in 2022, a jump of more than a 10th on the previous year. Revenues also climbed 13pc to break the £1bn mark.

Recruiting firms enjoyed a lucrative boom last year as employers rushed to fill vacancies caused by pandemic-induced lockdowns.

Robert Walters specialises in the recruitment of staff in the legal, accountancy and tech sectors, which experienced a significant hiring boom last year.

Mr Walters said: “The Ukraine conflict, a high inflation and high interest rate environment, significant cutbacks across the global technology market and Covid-enforced lockdowns in mainland China all had a cumulative effect on market confidence.”

However, Mr Walters warned that growing economic uncertainty has caused the market to cool in recent months.

He added that it was “too early to tell whether this is a short-lived correction or a more prolonged economic slowdown”.

Shares rose 4pc to 513p in late trade, valuing the company at £385m.