LONDON (Alliance News) - Staffing firm SThree PLC said Monday its profit for the first half of its financial year slipped marginally despite an increase in revenue.
For the six months to May 31, pretax profit narrowed to GBP17.8 million compared to GBP19.2 million in the same period a year ago. Revenue increased 12% to GBP585.9 million from GBP521.0 million year-on-year.
Higher administrative expenses amounting to GBP130.4 million led to the profit tumble.
The company described the six-month performance as "an encouraging start to the year". Its international operations, accounting for 82% of the company's gross profit, "underline how far the group has grown from its UK roots".
"Market conditions are strong across our international business, especially the USA and Continental Europe, and we are maximising our opportunities with selective headcount growth in these markets," Chief Executive Officer Gary Elden said.
"We continue to actively manage our business in the UK where Brexit continues to cast an uncertain political shadow," he added.
The company kept its interim dividend unchanged at 4.7 pence per share.
The company said trading in the weeks since the period end has continued the positive trend, and it is now "well-positioned" to enter the "seasonally more significant second half".
SThree shares were trading up 0.7% at 350.00 pence each.
