SThree offers special divi as profit surges

18th Jul 2011 07:45

Staffing business SThree reported a 52% surge in pre-tax profit for the six months ended 29 May 2011 and has offered a special dividend of 11p. The group reported a robust first half performance as its markets improved. Pre-tax profit rose to £11.2m during the six months from £7.3m the year before. Revenue rose to £254.9m from £221.7m previously. Like for like gross profit was up 23%. CEO Russell Clements commented, "The group has entered the second half in good shape, notwithstanding some evidence of a softening of UK demand in recent weeks, and our expectations for the full year remain unchanged." SThree said it had benefited from a continued improvement in market conditions across all of its territories. "We are targeting for the second half to be a very significant contributor to our results for 2011 as a whole, as has historically been the case," it added. The interim dividend has increased by 17.5% to 4.7p while a special dividend of 11p per share is payable on 2 December 2011.---CJ