LONDON (Alliance News) - Specialist recruiter SThree PLC on Friday said it made an "encouraging start to the new financial year" with its first quarter gross profit up 9%.
For the three months between December 1 and February 28, the company posted gross profit of GBP78.1 million, increased from GBP70.3 million in the comparative period a year ago.
Of this, GBP57.6 million was generated by the recruiter's Contract unit, up 12% year-on-year, while GBP20.5 million was generated from its Permanent unit, rising 1%.
By geography, most of the company's profit is generated outside the UK & Ireland which saw a 7% gross profit drop to GBP11.7 million. Continental Europe's gross profit was up 12% year-on-year to GBP45.5 million.
In the US gross profit rose 17% to GBP16.4 million while Asia Pacific & Middle East saw a 5% rise to GBP4.5 million.
Furthermore, SThree added that its new Chief Executive Officer Mark Dorman will join the company on Monday. Dorman was appointed at the end of February.
Current CEO Gary Elden will be stepping down from his role on Monday but will remain with the until the firm's annual general meeting on April 24 to ensure a smooth and orderly handover.
SThree shares were trading up 3.2% at 301.50 pence each early Friday morning.
