Spring has issued an trading update ahead of a more detailed update due in early May.

At its Annual General Meeting held at 11am today, the chairman, Amir Eilon, said: “In our preliminary results for the year to 31 December 2008 announced on 26 February 2009 we reported that 2008 had been another year of profitable growth in a period of increasingly challenging trading conditions. The Group reported earnings before interest, taxes, depreciation and amortization (EBITDA) of £9.2m (2007: £8m) and finished the year with £40.3m cash (2007: £34.4m).  

“The global economic recession has continued in the first quarter of 2009 and whilst  trading conditions remain challenging, our markets  are performing broadly in line with what we anticipated in Q4. 

“With a bias toward contract recruitment, a strong RPO offering and a healthy balance sheet, we are well positioned to weather the current economic conditions and we will continue to look to take advantage of opportunities as they may arise.

“We will provide a more detailed update to the market in our interim management statement due in early May 2009.”