Robert Walters (RWA): Cost savings and portfolio management

This situation live

RWA Robert Walters

£89m · 132.0p · −3% since the first step

15 Jan 2026 · Run rate below £24m; £10m target by 2027 · −27% until the next step Meanwhile, further progress made towards delivering at least £10m of annualised structural cost savings by 2027.

11 Mar 2026 · Savings target raised to at least £12m · −11% until the next step the level of targeted annualised structural cost savings has been raised to at least £12m (previously £10m) to benefit the income statement fully in 2027.

30 Mar 2026 · Interim CFO with transformation brief appointed · +8% until the next step Jonathan brings to the Company extensive experience of transformational change programmes, and will work closely with Chief Executive, Toby Fowlston, and the rest of the management team in this non-Bo

15 Apr 2026 · Cost run rate cut further; headcount flat · +6% until the next step Further progress on the Group cost base, with the underlying Q1 monthly run rate below £23.5m (Q4 2025 exit rate: below £24m).

14 Jul 2026 · Run rate c.£23m; headcount down 3% in Q2 · +23% until the next step Continued progress on the Group cost base, with the underlying Q2 monthly run rate at c.£23m (Q1 2026 monthly run rate: below £23.5m).

30 Jul 2026 · £7m of £12m savings still to deliver in 2026 · +13% until the next step the Group remains on track to secure a further £7m of savings in 2026 to realise the previously communicated target of £12m of savings (to fully benefit the P&L in 2027)

14 Oct 2026 · Run rate c.£22m; cash lower, facilities added · −2% since Continued progress on the Group cost base, with the underlying Q3 monthly run rate at c. £22m (Q2 2026 monthly run rate: c. £23m).

Turnaround plan with targets

Cost savings and portfolio management

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

JAN15 Next: Q4 trading update in 83 days

Every step · 7

15 Jan 2026 Run rate below £24m; £10m target by 2027 – Meanwhile, further progress made towards delivering at least £10m of annualised structural cost savings by 2027. ↗
11 Mar 2026 Savings target raised to at least £12m – the level of targeted annualised structural cost savings has been raised to at least £12m (previously £10m) to benefit the income statement fully in 2027. ↗
30 Mar 2026 Interim CFO with transformation brief appointed – Jonathan brings to the Company extensive experience of transformational change programmes, and will work closely with Chief Executive, Toby Fowlston, and... ↗
15 Apr 2026 Cost run rate cut further; headcount flat – Further progress on the Group cost base, with the underlying Q1 monthly run rate below £23.5m (Q4 2025 exit rate: below £24m). ↗
14 Jul 2026 Run rate c.£23m; headcount down 3% in Q2 – Continued progress on the Group cost base, with the underlying Q2 monthly run rate at c.£23m (Q1 2026 monthly run rate: below £23.5m). ↗
30 Jul 2026 £7m of £12m savings still to deliver in 2026 – the Group remains on track to secure a further £7m of savings in 2026 to realise the previously communicated target of £12m of savings (to fully benefit the... ↗
14 Oct 2026 Run rate c.£22m; cash lower, facilities added – Continued progress on the Group cost base, with the underlying Q3 monthly run rate at c. £22m (Q2 2026 monthly run rate: c. £23m). ↗

What is happening

Robert Walters: Cost savings and portfolio management – Run rate c.£22m; cash lower, facilities added. ['Run rate c.£22m; cash lower, facilities added']

In short: 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.
Announced: 15 Jan 2026 · Run rate below £24m; £10m target by 2027
Latest: 14 Oct 2026 · Run rate c.£22m; cash lower, facilities added
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
Portfolio review: Review of specialist country businesses without market leadership to conclude later in 2026
Local financing: Facilities in certain international markets at an advanced stage

What comes next

Q4 trading update (15 Jan 2027).

From the company's own announcements. Not investment advice.

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