Headhunter Walters sees profits tumble

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Along with other headhunting firms, the chief executive after whom the business is named has slashed the number of executives in its financial services arm in a desperate attempt to "manage the downturn".

More than one in five staff in permanent banking recruitment has been axed at the firm, which, in January and February alone has seen its net fee income crash 21%.

Pre-tax profits for the year to 31 December came in at £18.2 million against £24.9 million 12 months earlier on net fee income up 7% at £138.6 million.

The total dividend is 4.75p against 4.7p a year earlier, meaning Walters himself will get a payout of about £106,000.