SThree overcomes weak UK market

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Date: Monday 21 Jul 2008

LONDON (ShareCast) - A “robust” performance from its international business has helped recruitment group SThree offset weakness in the UK banking and finance sector during the six months to 1 June.

Profit before tax and exceptional items jumped 24% and by 14% after exceptionals on revenue up almost 23% to £295.4m. A “satisfactory” performance in line with the firm’s expectations, it said.

The international unit ramped up gross profit by 58% to £42.2m, while UK profits grew 8% to £60.1m. Some 41% of the company’s business now comes from outside of the UK.

“The UK market has seen a significant impact from the fall out of the credit crunch with the investment banking market being the worst affected sector by some way,” said the group. “As a relatively mature market the UK is in principal more sensitive to the effects of a slowdown.”

But chief executive Russell Clements remains upbeat. “We believe we remain on course to make good progress for the year as a whole,” he said Monday.
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