While revenue has fallen at international recruiter SThree, the group says it is “cautiously optimistic” on future prospects, according to interim results for the six months ended 30 May 2010.   

The group’s results reveal:

• Revenue of £221.7m, down 21% year-on-year to £280.6m
• gross profit of £74.3m, down 20.3% year-on-year to £93.3m.
• operating profit before exceptional items of £7.1m, down 35.3% year-on-year to £11m*
• profit before tax after exceptional items of £7.3m, down 170.3% year-on-year to £2.7m*

* Exceptional items relate to a charge for corporate restructuring announced on 15 April 2009 of £8.5m.

Chief executive Russell Clements says: “We are satisfied with a very creditable first half performance achieved in a market which, although much improved on the same period last year, is still some way from being fully recovered. Our year-on-year comparatives remain challenging given our average consultant headcount during H1 is still some way down on the same period last year.

“However, the fact that our current consultant headcount is 11% up on the end of 2009 reflects both the sequential improvements seen in recent months, which have allowed us to begin to rebuild established teams, as well as the staffing of our new international offices and teams addressing new market segments.

“Having a strong sense of where the market is heading remains difficult, but on the basis of the currently available data we remain cautiously optimistic.

“We are also a more diversified business by geography and by sector than at any time in our 24-year history, increasingly exposed to markets with strong structural growth characteristics. This positions us extremely well both for the short and the longer term.”