LONDON (Alliance News) - Recruiter Sthree PLC on Friday said its gross profit increased in the third quarter despite a continued drag from its energy business, which has been hit by the downturn in oil and gas markets.
Gross profit for the quarter to the end of February increased 10% year-on-year, though this would have been up 17% excluding the energy division, where gross profit fell 34% in the quarter.
ICT and life sciences remained robust, Sthree said, while growth in Europe remained strong. US gross profit increased, but was significantly held back by the weaker energy activity.
"Overall, we've made an encouraging start to the year in what is our seasonally least significant quarter," said Gary Elden, chief executive of Sthree.
"Looking ahead, the expanded Contract book and improved Permanent performance give us a solid base from which to grow. While the macro economic outlook has become increasingly uncertain, with signs of slowing growth in our UK Permanent business in particular, we remain confident that there are good growth opportunities for us this year across the diverse geographies and sectors that we serve," he said.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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