HALF-YEARLY FINANCIAL RESULTS 2014 ROBERT WALTERS PLC

Financial Highlights
Interim Management Report
Condensed Consolidated Income Statement
Condensed Consolidated Statement of Comprehensive Income and Expense
Condensed Consolidated Balance Sheet
Condensed Consolidated Cash Flow Statement
Condensed Consolidated Statement of Changes in Equity
Notes to the Condensed Set of Financial Statements
Responsibility Statement
Independent Review Report to Robert Walters plc
Our Offices

ROBERT WALTERS

Over the last 29 years Robert Walters has grown and so have our ambitions. We now have 53 offices in 24 countries.

Businesses worldwide rely on us to find the very best specialist professionals to drive their business forward. Why? Because those same professionals trust us to manage their long‑term careers.

OUR CORE DISCIPLINES

Accounting & Finance
Banking & Financial Services
Engineering
Human Resources
Information Technology
Legal
Sales & Marketing
Secretarial & Support
Supply Chain & Procurement
Recruitment Process Outsourcing

FINANCIAL HIGHLIGHTS

Revenue (2013: £288.8m)

£310.0m

Net fee income (2013: £97.8m)

£101.9m

Operating profit

(2013: £3.8m) £5.3m

Profit before taxation (2013: £3.7m)

£5.0m

Basic earnings per share (2013: 3.3p)

4.5p

INTERIM MANAGEMENT REPORT

The Group delivered a strong performance in the first half, increasing profit before taxation by 36% (53%*) year-on-year. This is particularly encouraging given that tough market conditions continued to prevail in Australia and France, two of the Group's largest markets.

Revenue was up 7% (14%*) to £310.0m (2013: £288.8m) and gross profit (net fee income) increased by 4% (12%*) to £101.9m (2013: £97.8m). Operating profit increased by 41% (57%*) to £5.3m (2013: £3.8m) delivering a profit before taxation increase of 36% (53%*) to £5.0m (2013: £3.7m). The Group maintained a strong balance sheet and improved its net cash position to £14.7m as at 30 June 2014 (30 June 2013: £6.9m). Permanent recruitment represents 70% (2013: 70%) of the Group's recruitment net fee income.

Whilst client and candidate confidence remains some way short of the highs seen prior to the downturn, candidate shortages are beginning to emerge in some markets and disciplines. The Group is already performing strongly, continues to take market share and is well positioned to further leverage our operational gearing as confidence levels improve and candidate shortages become more widespread and acute.

Seven successive quarters of net fee income growth, in constant currency, and a sharp increase in profits clearly highlights the Group's strength, depth and diversity by both geography and discipline and furthermore is testament to our strategic decision to invest in the business throughout the downturn.

We are already seeing the benefits of this investment, particularly in emerging recruitment markets such as Thailand, Malaysia, Taiwan and Vietnam; across a number of our more mature and market-leading businesses such as Japan, Hong Kong and the UK; and in Resource Solutions our recruitment process outsourcing division.

Group headcount now stands at 2,496 (2013: 2,212). Our global footprint of 53 offices spans 24 countries.

Asia Pacific (42% of net fee income)

Revenue was £113.3m (2013: £133.9m) and net fee income was £43.3m (£49.2m*) (2013: £46.5m) delivering an operating profit of £3.4m (£4.0m*) (2013: £3.3m).

Japan, Hong Kong and Malaysia produced the strongest performances, further cementing our market-leading positions in these markets. Our business in Japan continues to go from strength to strength. With Japanese organisations continuing to internationalise and an acute shortage of bilingual professionals, the opportunity for further growth is significant.

In Australia, market conditions remained challenging particularly in the major metropolitan hubs of Sydney, Melbourne, Brisbane and Perth, however it has been encouraging to see a number of our smaller satellite offices which typically service the corporate and SME markets, return to growth. Our business in New Zealand continues to perform well across both Auckland and Wellington.

Elsewhere across the region, Singapore and China produced solid results and it has been particularly pleasing to see our recent investments in some of the region's emerging recruitment markets begin to bear fruit with our operations in Thailand, Taiwan and Vietnam all delivering excellent net fee income growth. Resource Solutions in Asia continues to win new business and to extend engagements with existing clients.

United Kingdom (32% of net fee income)

Revenue in the UK was £140.3m (2013: £105.1m) and net fee income increased by 21% to £32.2m (2013: £26.7m) delivering an operating profit of £1.3m (2013: £0.4m).

Our UK business has performed well, benefiting from a broad-based recovery in most disciplines with accountancy, finance and legal the standout performers across both London and the regions. We are yet to see a meaningful recovery in the financial services recruitment market; however we retain a strong presence in the sector and will take advantage of any return of confidence.

Resource Solutions delivered an excellent performance during the first half of the year, growing net fee income strongly across both the financial services and corporate sectors.

Europe (22% of net fee income)

Revenue was £51.9m (2013: £46.1m) and net fee income increased by 5% (8%*) to £21.9m (£22.7m*) (2013: £20.9m) delivering an operating profit of £0.5m (£0.6m*) (2013: £0.2m).

In France, the region's largest business, permanent recruitment activity remained subdued but contract grew strongly. Our operations across Benelux continued to perform well, with Belgium in particular delivering strong results across both the permanent and contract markets.

Germany produced a robust performance whilst in Spain, perhaps the Group's toughest market over the last five years, we continued to see a rebound in activity with net fee income doubling year-on-year. This bounce-back of performance is testament to our strategy of not withdrawing from markets in difficult times.

Other International (4% of net fee income)

Revenue was £4.6m (2013: £3.8m), net fee income increased by 22% (37%*) to £4.5m (£5.1m*) (2013: £3.7m) producing a break-even result (2013: operating loss of £0.1m).

Our recently opened offices in San Francisco and Dubai produced encouraging performances, both more than doubling net fee income year-on-year; building on the investment we have made. San Francisco's results combined with those of our New York office, which also saw a pick-up in activity, ensured a strong first half across our US operations.

South Africa delivered another strong performance, whilst in Brazil, market conditions remained very tough.

Cash flow

The Group maintained a strong net cash position of £14.7m as at 30 June 2014 (30 June 2013: £6.9m). Working capital in the period has increased by £6.7m and notable cash outflows included a dividend of £2.9m, £1.1m of tax payments and capital expenditure of £1.7m.

Dividend

The interim dividend will be increased by 7% to 1.65p per share (2013: 1.54p) and will be paid on 17 October 2014 to those shareholders on the Company's register as at 5 September 2014.

Treasury management, currency risk and other principal risks and uncertainties affecting the business

The Group does not have material transactional exposures although is exposed to translation differences on the profits and cash flows generated in its overseas operations. Overseas currency balances that are surplus to local working capital requirements are converted on a regular basis to Pounds Sterling. The main functional currencies of the Group are Pounds Sterling, the Euro, Australian Dollar and the Japanese Yen.

The other principal risks and uncertainties affecting the Group's business activities remain those detailed within the Principal Risks and Uncertainties section of the Annual Report and Accounts for the year ended 31 December 2013, namely the economic environment, people management, brand and reputation, laws and regulation and technology. The Board does not foresee a material change in respect of these factors for the remainder of the year.

Outlook

Trading since the half-year has been in line with our expectations and the Group remains confident of its prospects for the full year.

Leslie Van de Walle Chairman 31 July 2014

Robert Walters Chief Executive

* Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.

04 ROBERT WALTERS PLC

HALF-YEARLY FINANCIAL RESULTS 2014

CONDENSED CONSOLIDATED INCOME STATEMENT

	Note	2014 6 months to 30 June Unaudited £'000	2013 6 months to 30 June Unaudited £'000	2013 12 months to 31 December Audited £'000
Continuing operations Revenue Cost of sales	4	309,988 (208,063)	288,839 (191,059)	597,719 (398,525)
Gross profit Administrative expenses	4	101,925 (96,577)	97,780 (93,984)	199,194 (188,360)
Operating profit Finance income Finance costs (Loss) profit on foreign exchange	4	5,348 77 (297) (151)	3,796 37 (365) 185	10,834 121 (797) (87)
Profit before taxation Taxation	5	4,977 (1,667)	3,653 (1,295)	10,071 (3,915)
Profit for the period		3,310	2,358	6,156
Attributable to: Owners of the Company		3,310	2,358	6,156
Earnings per share (pence): Basic Diluted	7	4.5 4.0	3.3 2.9	8.4 7.7

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AND EXPENSE

		2013
6 months to	6 months to	12 months to
30 June	30 June	31 December
		Audited
		£'000
		6,156

(617)	(606)	(5,164)
2,693	1,752	992


2,693	1,752	992
	2014 Unaudited £'000 3,310	2013 Unaudited £'000 2,358

CONDENSED CONSOLIDATED BALANCE SHEET

	Note	2014 30 June Unaudited £'000	2013 30 June Unaudited £'000	2013 31 December Audited £'000
Non-current assets Intangible assets Property, plant and equipment Deferred tax assets		9,529 9,019 8,572	9,715 10,760 7,389	9,517 9,300 8,998
		27,120	27,864	27,815
Current assets Trade and other receivables Corporation tax receivables Cash and cash equivalents		159,298 1,397 15,216	130,415 3,594 26,201	153,700 1,949 30,071
		175,911	160,210	185,720
Total assets		203,031	188,074	213,535
Current liabilities Trade and other payables Corporation tax liabilities Bank overdrafts and loans Provisions	9	(123,326) (2,076) (476) (260)	(93,604) (1,018) (19,279) (552)	(124,149) (2,314) (11,496) (606)
		(126,138)	(114,453)	(138,565)
Net current assets		49,773	45,757	47,155
Non-current liabilities Deferred tax liabilities Provisions		(29) (1,443) (1,472)	(38) (914) (952)	(39) (1,049) (1,088)
Total liabilities		(127,610)	(115,405)	(139,653)
Net assets		75,421	72,669	73,882
Equity Share capital Share premium Other reserves Own shares held Treasury shares held Foreign exchange reserves Retained earnings		17,192 21,753 (73,410) (4,787) (19,860) 3,368 131,165	17,122 21,321 (73,410) (6,121) (19,860) 8,543 125,074	17,177 21,753 (73,410) (5,876) (19,860) 3,985 130,113
Total equity		75,421	72,669	73,882

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

	Note	2014 6 months to 30 June Unaudited £'000	2013 6 months to 30 June Unaudited £'000	2013 12 months to 31 December Audited £'000
Cash generated from operating activities Income taxes paid	8	2,327 (1,056)	2,033 (1,927)	19,240 (2,798)
Net cash generated from operating activities		1,271	106	16,442
Investing activities Interest received Purchases of computer software Purchases of property, plant and equipment Purchase of non-controlling interest		77 (447) (1,292) –	37 (538) (617) (715)	121 (1,096) (1,351) (715)
Net cash used in investing activities		(1,662)	(1,833)	(3,041)
Financing activities Equity dividends paid Proceeds from issue of equity Interest paid Proceeds from bank loans Repayment of bank loans Proceeds from exercise of share options		(2,866) 14 (297) – (11,000) 408	(2,695) 83 (365) 4,688 – –	(3,826) 567 (797) – (3,061) –
Net cash (used) generated in financing activities		(13,741)	1,711	(7,117)
Net (decrease) increase in cash and cash equivalents		(14,132)	(16)	6,284
Cash and cash equivalents at beginning of the period Effect of foreign exchange rate changes		30,071 (723)	26,022 195	26,022 (2,235)
Cash and cash equivalents at end of the period		15,216	26,201	30,071

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Unaudited balance at 30 June 2014	17,192	21,753	(73,410)	(4,787)	(19,860)	3,368	131,165	75,421
Transfer to own shares held on exercise of equity incentives New shares issued	– 15	– –	– –	1,089 –	– –	– –	(681) –	408 15
Deferred tax on share-based payment transactions	–	–	–	–	–	–	(455)	(455)
Dividends paid Credit to equity for equity-settled share-based payments	– –	– –	– –	– –	– –	– –	(2,866) 1,744	(2,866) 1,744
Total comprehensive income and expense for the period	–	–	–	–	–	(617)	3,310	2,693
Profit for the period Foreign currency translation differences	– –	– –	– –	– –	– –	– (617)	3,310 –	3,310 (617)
Balance at 31 December 2013	17,177	21,753	(73,410)	(5,876)	(19,860)	3,985	130,113	73,882
Transfer to own shares held on exercise of equity incentives New shares issued	– 55	– 432	– –	245 –	– –	– –	(245) –	– 487
payments Deferred tax on share-based payment transactions	– –	– –	– –	– –	– –	– –	1,927 690	1,927 690
Total comprehensive income and expense for the period Dividends paid Credit to equity for equity-settled share-based	– –	– –	– –	– –	– –	(4,558) –	3,798 (1,131)	(760) (1,131)
Profit for the period Foreign currency translation differences	– –	– –	– –	– –	– –	– (4,558)	3,798 –	3,798 (4,558)
Unaudited balance at 30 June 2013	17,122	21,321	(73,410)	(6,121)	(19,860)	8,543	125,074	72,669
Transfer to own shares held on exercise of equity incentives New shares issued	– 8	– 72	– –	3,000 –	– –	– –	(3,000) –	– 80
Deferred tax on share-based payment transactions	–	–	–	–	–	–	86	86
Dividends paid Credit to equity for equity-settled share-based payments	– –	– –	– –	– –	–	– –	(2,695) 1,928	(2,695) 1,928
Total comprehensive income and expense for the period	–	–	–	–	–	(606)	2,358	1,752
Balance at 1 January 2013 Profit for the period Foreign currency translation differences	17,114 – –	21,249 – –	(73,410) – –	(9,121) – –	(19,860) – –	9,149 – (606)	126,397 2,358 –	71,518 2,358 (606)
	Share capital £'000	Share premium £'000	Other reserves £'000	shares held £'000	shares held £'000	exchange reserves £'000	Retained earnings £'000	Total equity £'000
				Own	Treasury	Foreign

NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS

1. Statement of accounting policies Basis of preparation

The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards ('IFRSs') as adopted by the European Union. The condensed set of financial statements has been prepared in accordance with the International Accounting Standard 34 'Interim Financial Reporting', as adopted by the European Union.

The accounting policies applied by the Group are as set out in detail in the Annual Report for the year ended 31 December 2013. In the current year, the Group has for the first time adopted the package of five accounting standards on consolidation, joint arrangements, associates and disclosures as issued in May 2011 together with recent amendments. Their adoption has not had any impact on the condensed set of financial statements.

The Group was profitable for the period and has considerable financial resources, including £14.7m of net cash at 30 June 2014, together with a diverse range of clients and suppliers across different geographic locations and sectors. As a consequence, the Directors believe the Group is well placed to manage its business risks successfully.

After making enquiries, the Directors have formed a judgement, at the time of approving the half-yearly financial results, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the forseeable future, a period of not less than 12 months. For this reason the Directors continue to adopt the going concern basis in preparing the condensed set of financial statements.

2. Financial information

The financial information on pages 4 to 11 was formally approved by the Board of Directors on 31 July 2014. The financial information set out in this document does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.

Statutory accounts prepared under IFRSs for the year ended 31 December 2013 for Robert Walters plc have been delivered to the Registrar of Companies. The auditor's report on these accounts was not qualified, did not draw attention to any matters by way of emphasis and did not contain statements under section 498(2) or (3) of the Companies Act 2006.

The financial information in respect of the period ended 30 June 2014 is unaudited but has been reviewed by the Company's auditor. Their report is included on page 12. The financial information in respect of the period ended 30 June 2013 is also unaudited.

3. Currency conversion

The reporting currency of the Group is Pounds Sterling and the condensed set of financial statements has been prepared on this basis.

The condensed consolidated income statement for the period ended 30 June 2014 has been prepared using, among other currencies, the average exchange rate of €1.2125 to the Pound (period ended 30 June 2013: €1.1762; year ended 31 December 2013: €1.1781); ¥171.0413 to the Pound (30 June 2013: ¥147.4530; 31 December 2013: ¥152.6994) and AU\$1.8304 to the Pound (30 June 2013: AU\$1.5240; 31 December 2013: AU\$1.6222).

The condensed consolidated balance sheet as at 30 June 2014 has been prepared using the exchange rates on that day of €1.2492 to the Pound (30 June 2013: €1.1698; 31 December 2013: €1.1979); ¥172.8960 to the Pound (30 June 2013: ¥150.8710; 31 December 2013: ¥173.5340) and AU\$1.8099 to the Pound (30 June 2013: AU\$1.6661; 31 December 2013: AU\$1.8586).

ROBERT WALTERS PLC 09 HALF-YEARLY FINANCIAL RESULTS 2014

4. Segmental Information ²⁰¹⁴

	6 months to 30 June Unaudited £'000	2013 6 months to 30 June Unaudited £'000	2013 12 months to 31 December Audited £'000
i) Revenue: Asia Pacific UK Europe Other International	113,266 140,268 51,902 4,552	133,871 105,128 46,090 3,750	260,145 235,734 93,855 7,985
	309,988	288,839	597,719
ii) Gross profit: Asia Pacific UK Europe Other International	43,273 32,225 21,900 4,527	46,462 26,663 20,934 3,721	92,069 57,161 42,036 7,928
	101,925	97,780	199,194
iii) Profit before taxation: Asia Pacific UK Europe Other International	3,431 1,348 533 36	3,259 390 218 (71)	7,242 2,540 1,258 (206)
Operating profit Net finance costs	5,348 (371)	3,796 (143)	10,834 (763)
Profit before taxation	4,977	3,653	10,071
iv) Total assets: Asia Pacific UK Europe Other International Unallocated corporate assets*	50,079 96,970 26,235 4,563 25,184	50,358 73,134 22,688 4,710 37,184	49,077 96,075 23,883 3,482 41,018
	203,031	188,074	213,535
v) Total liabilities: Asia Pacific UK Europe Other International Unallocated corporate liabilities*	(22,545) (83,425) (15,781) (2,792) (3,067)	(21,749) (56,154) (13,856) (3,311) (20,335)	(22,148) (84,766) (15,784) (3,106) (13,849)
	(127,610)	(115,405)	(139,653)
vi) Revenue by business grouping: Robert Walters Resource Solutions	215,560 94,428	228,366 60,473	454,375 143,344
	309,988	288,839	597,719

* For the purpose of segmental information, unallocated corporate assets and liabilities include cash, bank loans, corporation and deferred tax balances.

NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS CONTINUED

Current tax Deferred tax	(119)	685	(571)
	1,786	610	4,486
5. Taxation	2014 6 months to 30 June Unaudited £'000	2013 6 months to 30 June Unaudited £'000	2013 12 months to 31 December Audited £'000

The tax charge is based on the expected annual tax rate of 33.5% (2013: 35.5%) on profit before taxation.

6. Dividends	2014 6 months to 30 June Unaudited £'000	2013 6 months to 30 June Unaudited £'000	2013 12 months to 31 December Audited £'000
Amounts recognised as distributions to equity holders in the period: Final dividend for 2013 of 3.86p (2012: 3.68p) Interim dividend for 2013 of 1.54p (2012: 1.47p)	2,866 –	2,695 –	2,710 1,116
	2,866	2,695	3,826
Proposed interim dividend for 2014 of 1.65p (2013: 1.54p)	1,227	1,128	n/a

The proposed interim dividend was approved by the Board on 31 July 2014 and has not been included as a liability at 30 June 2014.

7. Earnings per share

The calculation of earnings per ordinary share is based on the profit for the period attributable to equity holders of the parent and the weighted average number of shares of the Company.

	2014	2013	2013
	6 months to	6 months to	12 months to
	30 June	30 June	31 December
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Profit for the period attributable to equity holders of the parent	3,310	2,358	6,156
	Number	Number	Number
	of shares	of shares	of shares
Weighted average number of shares: Shares in issue throughout the period Shares issued in the period Treasury and own shares held	85,886,614 38,322 (11,879,901)	85,570,741 22,241 (13,064,261)	85,570,741 107,243 (12,682,876)
For basic earnings per share	74,045,035	72,528,721	72,995,108
Outstanding share options	8,042,278	8,088,635	7,206,147
For diluted earnings per share	82,087,313	80,617,356	80,201,255

8. Notes to the cash flow statement ²⁰¹⁴

	6 months to 30 June Unaudited	2013 6 months to 30 June Unaudited	2013 12 months to 31 December Audited
Operating profit for the period	£'000	£'000	£'000
Adjustments for:	5,348	3,796	10,834
Depreciation and amortisation charges	1,799	2,006	4,024
Loss on disposal of property, plant and equipment and computer software	125	35	378
Movement in share scheme balance	1,744	1,927	3,855
Operating cash flows before movements in working capital	9,016	7,764	19,091
Increase in receivables	(6,519)	(5,137)	(33,151)
(Decrease) increase in payables	(170)	(594)	33,300
Cash generated from operating activities	2,327	2,033	19,240

9. Bank loans

In January 2014, the Group renewed and extended its three-year committed financing facility to £35m, which expires in November 2016. At 30 June 2014, there was no draw down under this facility.

10. Related party transactions

There have been no related party transactions or changes in the related party relationships, described in the latest Annual Report, that have had a material effect on the financial position or performance of the Group in the first six months of the financial year.

11. Registered office

The Company's registered office is located at 11 Slingsby Place, St Martin's Courtyard, London, WC2E 9AB.

RESPONSIBILITY STATEMENT

We confirm to the best of our knowledge:

a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';
b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
c) the interim management report and note 10 includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

By order of the Board,

Alan Bannatyne Chief Financial Officer 31 July 2014

INDEPENDENT REVIEW REPORT TO ROBERT WALTERS PLC

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2014 which comprises the Condensed Consolidated Income Statement, the Condensed Consolidated Statement of Comprehensive Income and Expense, the Condensed Consolidated Balance Sheet, the Condensed Consolidated Cash Flow Statement, the Condensed Consolidated Statement of Changes in Equity, and related notes 1 to 11. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state to it in an independent review 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 Company, for our review work, for this report, or for the conclusions we have formed.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting,' as adopted by the European Union.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2014 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Deloitte LLP Chartered Accountants and Statutory Auditor London United Kingdom 31 July 2014

ROBERT WALTERS PLC 13 HALF-YEARLY FINANCIAL RESULTS 2014

OUR OFFICES

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36th Floor, Tower 2, Jing An Kerry Centre No. 1539 West Nanjing Road Shanghai 200040 PR China t: +86 25 5153 5888

Suzhou

Suite 2106 Zhongyin Huilong Building No. 8 Suhua Road Suzhou Industrial Park Jiangsu 215021 PR China t: +86 512 6873 5888

France Lyon

63 quai Charles de Gaulle 69006 Lyon Cedex 06 France t: +33 (0) 4 72 44 04 18

Paris 25 rue Balzac Paris 75008 France t: +33 (0) 1 40 67 88 00

Walters People 16 rue Washington Paris 75008 France t: +33 (0) 1 40 76 05 05

St Quentin Walters People 43 Avenue Du Centre 78180 Montigny-le-Bretonneux France t: +33 (0) 1 30 48 21 80

Strasbourg 3rd Floor Centre d'Affaire Delta Bleu 5 Place du Corbeau 67000 Strasbourg France t: +33 (0) 3 88 65 58 25

Germany

Düsseldorf Benrather Straße 12 40213 Düsseldorf Germany t: +49 (0) 211 30180 000

Frankfurt

Taunusanlage 1 60329 Frankfurt am Main Germany t: +49 (0) 69 95798 985

Hong Kong 20/F Nexxus Building 41 Connaught Road Central Central Hong Kong t: +852 2103 5300

Indonesia

Jakarta World Trade Centre 1 9th Floor Ji. Jend. Sudirman Kav, 29–31 Jakarta 12920 Indonesia t: +62 (21) 2965 1500

Ireland

Dublin Level 3 Custom House Plaza 2 IFSC Dublin 1 Ireland t: +353 (0) 1 633 4111

Japan

Osaka Pias Tower 15th Floor 3-19-3 Toyosaki Kita-ku, Osaka-shi Osaka 531-0072 Japan t: +81 (0) 6 4560 3100

Tokyo

Shibuya Minami Tokyu Building 14th Floor 3-12-18 Shibuya Shibuya-ku Tokyo 150-0002 Japan t: +81 (0) 3 4570 1500

Luxembourg

5th Floor 26a Boulevard Royal L-2449 Luxembourg t: +352 (0) 2647 8585

Malaysia

Kuala Lumpur Level 24, Menara 3 Petronas Persiaran KLCC 50088 Kuala Lumpur t: +603 2380 8700

Netherlands

Amsterdam WTC, Toren H Zuidplein 28 1077 XV Amsterdam Netherlands t: +31 (0) 20 644 4655

Eindhoven

Begijnenhof 4–6 5611 EL Eindhoven Netherlands t: +31 (0) 40 799 9910

Rotterdam

Groothandelsgebouw Ingang A, 3de verdieping Stationsplein 45 Postbus 746 3000 AS Rotterdam Netherlands t: +31 (0) 10 7998 090

New Zealand

Auckland Level 9 22 Fanshawe Street Auckland New Zealand t: +64 (0) 9 374 7300

Wellington

Level 8 Featherston House 119–123 Featherston Street Wellington New Zealand t: +64 (0) 4 471 9700

Singapore

6 Battery Road 22-01 Singapore 049909 t: +65 6228 0200

South Africa

Johannesburg 19th Floor World Trade Center Johannesburg Cnr West Road South and Lower Road Morningside, Sandton Johannesburg 2196 South Africa t: +27 (0) 11 881 2400

South Korea

Seoul 27F, West Center Center 1 Building 26 Euljiro 5 gil Jung-gu Seoul 100-210 Korea t: +82 (0) 2 6030 8811

Spain Madrid

Paseo de la Castellana nº13 4ª planta 28046 Madrid Spain t: +34 91 309 79 88

Switzerland

Zurich Brandschekestrasse 6 8001 Zurich Switzerland t: +41 (0) 44 809 35 00

Taiwan

Taipei Room F, 10th Floor No. 1 Songzhi Road Xin-yi District Taipei Taiwan t: +886 2 8758 0700

Thailand

Bangkok Q House Lumpini, 12th Floor, Unit 1201 1 South Sathorn Road Thungmahamek, Sathorn Bangkok 10120 Thailand t: +66 (0) 2 344 4800

UAE

Dubai Tower 2, Floor 33 All Fattan Currency House Dubai International Financial Centre/DIFC Dubai PO Box 506851 UAE t: +971 4 8180 100

United Kingdom

Birmingham 9th Floor 11 Brindley Place Birmingham B1 2LP United Kingdom t: +44 (0) 121 281 5000

Guildford

Bishops Wharf 1 Walnut Tree Close Guildford GU1 4RA United Kingdom t: +44 (0) 1483 510400

London (Head Office)

11 Slingsby Place St Martin's Courtyard London WC2E 9AB United Kingdom t: +44 (0) 20 7379 3333

Manchester

9th Floor 3 Hardman Street Manchester M3 3HF United Kingdom t: +44 (0) 161 214 7400

Milton Keynes

Ground Floor Luminous House 300 South Row Milton Keynes MK9 2FR United Kingdom t: +44 (0) 1908 933975

United States

New York Suite 1606 7 Times Square New York NY 10036 USA t: +1 212 704 9900

San Francisco

Vietnam Ho Chi Minh City #01, 12A F1, Empress Tower 138–142 Hai Ba Trung Street

District 1 Ho Chi Minh City Vietnam t: +84 8 3520 7900

101 Mission Street Suite 2000 San Francisco CA 94105 USA t: +1 415 549 2000

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