International specialist staffing group SThree expects to deliver full-year pretax profits in line with consensus market expectations, however, UK volumes saw a further year-on-year decline and a modest slowing in the strong non-UK growth.
In a trading update for the year ending November 30 2008, SThree said the period saw further significant growth, and the recent share buyback bolstered the net cash balance to £24 million at the year-end from £3.5 million a year earlier.
SThree made 10,236 permanent placements that started in the year, an increase of 7.0 percent, and closed the year with 5,745 contractors, up 1.5 percent on last year.
The business has continued to become more diversified, with non-UK gross profit now representing circa 45 percent of group gross profit, compared with 32 percent a year earlier. UK volumes for permanent placements in the final quarter were down circa 25 percent year-on- year and UK contract runners were down circa 7 percent. This was offset by non-UK volumes for permanent placements in the final quarter increasing by circa 29 percent year-on-year and non-UK contract runners ahead by circa 22 percent.