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Leading contract recruitment agency defies downturn
Posted Feb 3, 2009
SThree, one of the leading contract recruitment agencies announced good financial results for the last year, with a 20% increase in gross profits and with nearly 6,000 contractors on its books by year end.
In its results to 30th November 2008, the recruitment giant announced a 19.8% increase in gross profit to £218.9m. Operating profit for the year was up 8.6% to £56.8m.
Contracting vs. Permanent
Permanent placements were up 7% to 10,236, and the number of active contractors increased by 1.5% to 5,745 with average day rate profits increasing by nearly 10%.
SThree say that they make similar profits from its contract and permanent arms, "providing us with an excellent 'cash hedge' in challenging market conditions".
Bit of History
SThree, founded in 1986, is one of the leading international specialist staffing businesses, providing permanent and contract specialist staff to a diverse client base of well over 7,000 clients.
The company currently has 8 operating brands, the five largest being FS Group (Computer Futures), Huxley Associates, Progressive, Real Resourcing and Pathway.
Company Outlook
CEO Russell Clements, said:
"2008 was, by any standards, an extraordinary year. In particular, the second half of the year was influenced by the enormous upheavals in global financial markets and the inevitable uncertainty that such events bring to the recruitment market place.
"Given these exceptional circumstances, it is pleasing to be once again in a position to report on another year of growth and significant further progress towards the Group's strategic objectives. SThree ends the 2008 financial year a more international and more diversified business than at any time in its twenty-two year history.
"We enter 2009 with our eyes open, mindful of the risks and challenges ahead. Nonetheless, we are confident that as a business we are particularly well suited to emerge from the current difficult period in excellent shape to take advantage of the inevitable market recovery, whenever it may materialise."
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