Headhunter sees end of City slump

ACCOUNTANCY and legal headhunter Robert Walters is calling - albeit tentatively - the end of the City recruitment slump, today announcing plans to start hiring more of his own staff to place candidates.

Walters, who heads the quoted recruitment firm that bears his name, said: 'The supply and demand curves have begun to alter. After the last two to three years of savage cutbacks, over the last two to three months the banks and corporates are now coming back into the market hiring young professionals.

'We ourselves are now seeking to increase our headcount. However it is just too early to say how fragile or robust this recovery is.'

Lack of jobs and a sharp cut in fees led to a £6000 loss in the UK, its major market. A strong performance in the Asia Pacific region, where earnings more than quadrupled, sent group pre-tax profits rising to £3.4m for 2003 against the previous year when it struggled to a £857,000 profit.

The full-year dividend is pegged at 3.15p.