LONDON (ShareCast) - SThree (LSE: STHR.L - news) just managed to stay in profit after the recruitment firm saw revenues hit by tough
global economic conditions.
In the year to May 31, pre-tax profits fell to £2.7m from £21.8m over the same period the previous year as revenues dropped to £280.6m from £295.4m.
Permanent placements fell 34.1% to 3,302 and the number of active contractors fell 21.8% to 4,494.
However, the firm kept its interim dividend at 4p and chief executive Russell Clements said it is well placed to survive amid difficult conditions.
"The group performed very satisfactorily in the first half in extremely challenging market conditions," he said.
"With a strong cash position and healthy balance sheet the group is well positioned to ride out the current downturn and capture the opportunities of the recovery when it arrives."
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