Robert Walters

RWA · Main Market · Industrial Goods and Services · mcap £89m · 132.0p 2 open situations →

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20252026 Cost savings and portfolio management Market recovery and 2026 NFI 2 directors buying 2 directors buying 1 director buying

Open · 2

Turnaround plan with targets◷ in 83 days

Cost savings and portfolio management

Run rate c.£22m; cash lower, facilities added

Cost reduction has run since the 2025 downturn, with the monthly run rate falling from £25.5m at the 2024 exit to c.£23m in Q2 2026. H1 results confirm £5m of structural savings secured, £7m more on track for 2026, and line of sight to a c.£22m exit run rate. A review of non-leading specialist country businesses should conclude later in 2026. Net cash is £17.2m, and local financing facilities are at an advanced stage.

Cost run rate: H1 2026 £23.0m monthly; line of sight to c.£22m at 2026 exit
Headcount: 2,782 total, down 3% quarter on quarter and 11% year on year
Fee earners: 1,648, down 4% quarter on quarter, down 9% year on year
Net cash: £17.2m at 30 June 2026 (30 June 2025: £30.1m)
Next milestone: Q3 trading update on 14 October 2026
Structural savings: £12m target vs 2023 base; £5m secured in 2024-25, £7m to secure in 2026

Next: Q4 trading update · 15 Jan 2027

14 Oct 2026 Run rate c.£22m; cash lower, facilities added
30 Jul 2026 £7m of £12m savings still to deliver in 2026
14 Jul 2026 Run rate c.£23m; headcount down 3% in Q2
15 Apr 2026 Cost run rate cut further; headcount flat

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Upgrade / downgrade cycle◷ in 83 days

Market recovery and 2026 NFI

Q3 net fees up 1%; result at least in line

Fees fell 14% in 2025 and 2026 net fees are planned slightly below 2025. H1 was down 3% cc, in line with the Board, after Q1 -2% and Q2 -4%. The Board now expects the full-year financial result towards the upper end of market expectations (operating loss range £(14.2)m to £(8.1)m) and still expects net fees slightly below 2025.

Q2 net fees: £69.4m, down 4% constant currency
H1 net fees: £134.6m, down 3% constant currency
June: Group net fees up 1% year on year
Europe: H1 net fees down 16% constant currency
Next milestone: Q3 trading update on 14 October 2026
2026 guidance: Group net fees slightly below 2025

Next: Q4 trading update · 15 Jan 2027

14 Oct 2026 Q3 net fees up 1%; result at least in line
30 Jul 2026 H1 in line; profit now seen at upper end
14 Jul 2026 H1 in line; Q2 slipped to -4%
15 Apr 2026 Q1 in line; guidance unchanged, March fees up

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Closed · 3

Insider conviction2 directors buying £77k in 3 buys · 28 Apr 2026 – 11 Aug 2026 +30% Insider conviction2 directors buying £63k in 2 buys · 7 Mar 2025 – 10 Jun 2025 −37% Insider conviction1 director buying £169k in 3 buys · 2 Aug 2024 – 21 Jan 2025 −21%

Company filings. Not investment advice.