IT recruitment firm Spring Group has announced a 37% growth in revenues and returned a healthy profit in its full-year results.

Revenues were £476.4m for the year ended 31 December 2004, up from £348.4m in 2003. Operating profit increased almost five-fold to £9m, while pre-tax profits were £5.8m, a significant achievement given the £18.9m losses in 2003. This is the strongest sign yet that the IT recruitment market is recovering.

Spring chief executive Richard Barfield said last year witnessed “a resurgence in demand for IT professionals after almost three years of declining demand”.

He added: “This was due to the resurrection of projects delayed during the economic downturn, to an increase in new IT projects, major integration projects arising from merger and acquisition activity and investment in the integration of the internet into core business practices.”