Robert Walters profit falls, looks for cost savings

Net fee income, however, edged upwards to 65.2m, from 63.5m in 2000. Robert Walters, the firm's founder and CEO, said its permanent business had suffered from headcount freezes at clients but that its large contract business had performed well.

He said net fee income in the first quarter of this year was running at a similar rate to the last quarter of 2001. The firm had reduced staff numbers in its core business by 15% since April 2001.

The share price barely moved on the announcement. It has fallen 54% from its peak 18 months ago.