13th Mar 2015 08:05
LONDON (Alliance News) - SThree PLC on Friday reported a rise in gross profit in the first quarter but said its performance was held back by adverse currency translation and by weakness in its permanent staffing business due to a slowdown in energy sector activity.
The recruitment company said its group gross profit was up in the quarter to the end of February to GBP53.5 million from GBP47.8 million, but increased 17% in constant currencies.
Contract gross profit increased to GBP34.9 million from GBP29 million a year earlier, increasing the division's contribution to gross profit to 65% from 61%. At constant currencies, contract gross profit rose 24%.
Permanent gross profit fell to GBP18.6 million from GBP18.8 million a year earlier, dragged lower by weaker activity in the energy sector. Constant currency gross profit rose 6%.
It said gross profit from the Americas grew by 38% at constant currencies, while UK and Ireland gross profit increased 13% and Continental Europe gross profit 14% by the same measure.
By Sam Unsted; [email protected]; @SamUAtAlliance
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