IT, Human Resources and Finance recruiter The ReThink Group PLC (AIM: RTC) said visibility for the medium term remains poor, but it is beginning to see signs that the market is nearing a floor.
In a trading update, the company said net fee income from contract recruitment was nearly 17 percent higher than in the first quarter of 2008 and represented 56 percent of its total net fee income for the quarter.
“Net fee income from permanent recruitment was 40.6 percent lower on the same comparable basis, reflecting the difficult economic conditions we are operating in.”
It has renewed its main banking facilities in March 2009 and cash resources and headroom remain sufficient for the foreseeable future.
“Although the company anticipates the half year results to be behind those for the same period in 2008, it expects this shortfall to be recovered in the second half of the year and to deliver full year pre-tax profits ahead of those for 2008,” chairman John Sadiq said.