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Spring bounces back after good start to '08

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Date: Thursday 08 May 2008

LONDON (ShareCast) - IT staff specialist Spring Group is at its best in weeks as first quarter revenue grew 23% on last year and net fee income leapt 47%.

The company said it remains on track following the in line figures that revealed an improved financial performance from each of its divisions. Operating profit is also up across the group.

Spring, which now employs in excess of 700 sales consultants versus 450 a year ago, reported “solid” demand for both IT contract and UK temp numbers, up on 2007.

Boss Peter Searle called it a “good” start to the year. “With 80% of our income derived from contract business, we have a better visibility of our forward earnings than some of our competitors,” he said.

“At this stage, we see continued demand for our services supporting the planned expansion of the business and the continued execution of our growth strategy.”

Searle, who remains confident about the firm’s long-term outlook, will report results for the first six months of the year in August.

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