International recruitment firm, SThree (STHR: LSE) published a trading update for the six months ended 31 May 2018 with group gross profit up 11% in constant currency when compared to the same period last year. 

Second-quarter gross profit was up 13% in constant currency when compared to the previous year.

SThree reported group gross profit for H1 was as follows.

Contract and Permanent split for H1 2018 was 72% for Contract and 28% for Permanent. The group stated that growth in Contract was driven by Continental Europe and USA while growth in Permanent was driven by Continental Europe and Japan. The growth in these markets more than compensated for the weakness in the UK & Ireland where gross profit declined by 2%.

Gross Profit by region was as follows.

Gross Profit by sector was as follows.

"We are pleased to have delivered an encouraging first half performance, with our Continental Europe and USA businesses, in particular, showing strong growth through the second quarter,” Gary Elden, Chief Executive, said. "Our Contract business continues to grow robustly across all sectors, with Continental Europe and the USA both delivering double digit growth in gross profit.”

“Permanent achieved an improved performance during the first half, driven primarily by Continental Europe but also by our small and fast-growing business in Japan,” Elden said.

"We are continuing to invest in headcount in our high performing teams, consistent with our vision to be the number one STEM talent provider in the best STEM markets.  We remain on track with the delivery of our five-year growth strategy which we outlined at the Capital Markets Day in November 2017,” Elden said.

"Looking ahead, the continued momentum of our Contract business and improved Permanent yields leaves us well-positioned for the second half and our expectations for the full year remain unchanged,” Elden said.

As of last trade SThree traded at £341.00, up 3.33% on the day and 12.56% below its 52-week high of £390.00, set on 12 January 2018. Based on its current share price the company has a market value of £436.55 million.