Despite the global downturn in the second half of the year, international multi-sector recruiter SThree has announced improved results for 2008.

In the group’s preliminary results for the year ended 30 November 2008:

- Revenue rose 20.8% to £631.5m (2007: £522.7m)

- Gross profit (Fee income) was up 19.8% to £218.9m (2007: £182.7m)

- Profit before taxation increased 11.3% to £56m (2007: £50.3m)

- The group’s international business  grew  by 64% to £97.4m (2007: £59.3m), representing 45% of the group total revenue (2007: 32% ).

- Headcount increased to 2,274 (2007: 2,035), up 11.7%.

Commenting on the results Russell Clements, chief executive at SThree, says: “2008 was, by any standards, an extraordinary year. In particular, the second half of the year was influenced by the enormous upheavals in global financial markets and the inevitable uncertainty that such events bring to the recruitment market place.

“Given these exceptional circumstances, it is pleasing to be once again in a position to report on another year of growth and significant further progress towards the group’s strategic objectives. SThree ends the 2008 financial year a more international and more diversified business than at any time in its twenty-two year history.

“We enter 2009 with our eyes open, mindful of the risks and challenges ahead. Nonetheless, we are confident that as a business we are particularly well suited to emerge from the current difficult period in excellent shape to take advantage of the inevitable market recovery, whenever it may materialise.”