Recruiting in China

Robert Walters, the recruitment specialist, is buying its first business in China, a headhunter that provides a range of jobs in the commercial sector.

Walters, which also today announced operating profits up by a third to £26.1 million, is paying RMB 20 million (£1.4 million) for a 70 per cent stake in Talent Spotter, a consultancy with 49 staff and a head office in Shanghai and another in Suzhou, a city with a population of ten million, 75 miles inland from Shanghai.

Robert Walters, the chief executive, said that 62 per cent of fee income was generated outside the UK last year.

The company has a growing presence in the Far East and an office in Hong Kong. Alan Bannatyne, the finance director, told Times Online that the Chinese market was especially lucrative, paying fees representing 25 per cent of annual salary. "Shanghai is a very strong and growing market."

Talent Spotter typically provides a variety of commercial jobs such as sales and marketing and human resources, with a small involvement in accountancy.

During 2007 Walters opened offices in Madrid and Osaka, and an office in Kowloon was opened this year.

The trading statement for 2007 said that activity levels remained strong, with a healthy balance between permanent and contract recruitment.

A final dividend of 3.35p makes a total raised from 4p to 4.7p.