Staffing business SThree Plc. (STHR.L) Friday said that on a constant currency basis, group gross profit for the first quarter fell 3 percent year on year to 45.5 million pounds from 47.7 million pounds. Contract gross profit was up 6 percent.
In an interim management statement, the firm said 68 percent of group gross profit is now generated in markets outside UK&I, compared to 65 percent in 2012.
Permanent gross profit dropped 12 percent to 20.9 million pounds, driven by continued weakness in the UK&I, Benelux and France, with average permanent consultant headcount down 14 percent from last year. Permanent deal pipeline volume declined 13 percent.
Contract gross profit climbed 6 percent to 24.5 million pounds, benefiting from a greater strategic focus. The company saw continued strong performance from newer sector disciplines with Energy & Engineering growing 16 percent and Pharmaceuticals & Biotechnology increasing 21 percent from last year.
Gary Elden, Chief Executive, said, “Our balanced business model and experienced management team give us confidence that we will make the best of the market opportunity in 2013, whilst managing the business prudently for the medium term.”
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by RTT Staff Writer
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