City Briefs: Robert Walters; Thomas Cook; Alumasc

RECRUITMENT group Robert Walters, which has a large office in Birmingham, has seen fourth quarter gross profits rise 42% to £40.6m, compared with £28.6m in the same period of 2009.

In the UK, gross profits rose 37% to £11.6m while in Asia, Q4 results were up 54% to £19.7m. The group, which also has a base in Manchester, said its net cash position remained strong at £20m, while global headcount was up almost 500 compared with Q4 2009.
 
Robert Walters, chief executive, said: “Performance across the group has been strong, resulting in significantly increased net fee income year on year. Group net fee income for the year ended December 31 was up 49% to £155.3m (2009: £104.4m). Markets continued to be very active and China, in particular, has delivered excellent growth.”
 
He said the firm was looking to 2011 with confidence and would be continuing to invest in growth areas. New offices opened in Q4 included Beijing, Seoul and Dusseldorf.

“Notwithstanding an uncertain economic backdrop in the UK, we expect levels of activity across the group to remain strong,” added Mr Walters.
 
The group releases its final results for the year ended December 31, 2010 on March 2.
 
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THE Office of Fair Trading has been cleared by the European Commission to investigate the merger of UK travel retailers Thomas Cook, the Co-operative Group and Midlands Co-operative.

The OFT had asked for jurisdiction on the case on the grounds the merger solely relates to the UK. The European Commission has now notified Thomas Cook that it has granted the referral request and the OFT now has 45 working days to complete its investigation.

The travel firm has said it will continue to work closely with the OFT to obtain clearance for the merger to go ahead.

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MIDLAND-based building group Alumasc, which has large operations in Shropshire and Staffordshire, has announced it will publish its financial results for the six months to December 31, 2010 on February 3. The publication will be followed by a presentation to analysts and private client brokers at the London offices of Peel Hunt.

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