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Recruiter SThree's profit rises on rising contract hires

Reuters - UK Focus

March 14 (Reuters) - Recruiter SThree Plc said first-quarter gross profit rose 9 percent helped by higher contract placements as companies shied away from making full-time hires amid a shaky pickup in Europe.

The staffing (OTC BB: TSGL - news) company recruits for a range of sectors, including information technology, financial, energy and pharmaceuticals industries in continental Europe and the UK.

At constant currency, gross profit or net fee income - a relevant performance indicator for recruitment companies - rose to 47.8 million pounds ($79.7 million) in the quarter ended March 2 from 44.3 million pounds a year earlier.

Shares in the company, which trades under brands such as Huxley Associates, Progressive (NYSE: PGR - news) and Computer Futures, closed at 405.25 pence on the London Stock Exchange (Other OTC: LDNXF - news) on Thursday.