6th Jun 2007 07:00
SThree plc06 June 2007 Trading Update SThree, the international specialist staffing business, is today issuing anupdate on trading for the six month period ended 3rd June 2007. The Group continued to perform strongly in the first half, with tradingconditions in the specialist staffing markets it services supporting healthygrowth across the business. The Board is pleased with the Group's overallperformance in the period. SThree made 4,580 permanent placements during the first half, an increase of31.8% over the same period last year (2006: 3,475). The Group continued tobenefit from both underlying wage inflation and an increase in the proportion ofhigher salaried candidates within the sales mix. As a consequence average feesachieved continue to improve. At 3rd June 2007, SThree had 4,974 active contractors, an increase of 14.7% overthe prior year (2006: 4,335). Contractor gross profit per day rates increasedstrongly as a result of a continuing move up the candidate value chain and asthe benefits of the management actions taken in the second half of the prioryear continued to impact positively on contract rates. Russell Clements, Chief Executive, commented: "Trading conditions remainpositive and I am pleased to report that the Group has maintained its stronggrowth momentum during the first half. Growth in both the volume and value ofbusiness transacted has been robust, supported by our increased geographical andsector representation. In particular, the initial performance of the Group'sfirst US office, in New York, has been very encouraging and has underlined thescale of the potential opportunity that exists for SThree in that market.Similarly, results from our nascent Far Eastern business have prompted us tobring forward the opening of our planned Hong Kong office to H2 2007. Overall,the first half has given us a strong foundation on which to build and leaves theGroup well-positioned to make further progress for the full year." SThree will be announcing its interim results for the six month period ended 3rdJune 2007 on 23rd July 2007. - Ends - Enquiries: SThree plc 020 7292 3838Russell Clements, Chief Executive OfficerMichael Nelson, Chief Financial Officer Citigate Dewe Rogerson 020 7638 9571Kevin Smith / Nicola Smith Notes to editors SThree, founded in 1986, is one of the leading specialist staffing businesses inthe UK and Europe, providing permanent and contract specialist staff to adiverse, international client base of well over 4,000 clients. From its wellestablished position as a major player in the information and communicationstechnology ("ICT") sector the Group is now broadening the base of its operationsby building fast growing businesses serving the banking and finance,accountancy, human resources, engineering and pharmaceuticals sectors. Following the establishment of its first business, Computer Futures, in 1986,the Group adopted a multi-brand strategy, establishing new operations to addressgrowth opportunities. SThree currently operates 12 brands, the four largestbeing Computer Futures, Huxley Associates, Progressive and Pathway, and has 33offices in the UK and 14 offices internationally; 13 in Europe, in Belgium, TheNetherlands, France, Germany and Ireland, and one office in New York. SThree has a selective approach to clients and focuses on high marginopportunities, predominantly within the small to medium-sized enterprises("SME") market. From its inception the Group has avoided the high volume/lowmargin business model in favour of a focus on high quality business. SThree plc is quoted on the Official List of the UK Listing Authority under theticker symbol STHR. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SThree