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SThree, the specialist recruitment agency, has suffered a fall in its share price by 9p to 179 ¾p following a medium term profit forecast by HSBC, The Times reports. The analysts predict that medium term profits of recruitment agencies would be driven down by an expected fall in average wage levels.
SThree's most recent profit figures have suffered from the current labour market conditions in the UK where 45% of its revenues come from. The agency, which specialises in providing information and communications technology staff, has had to make 500 people redundant. This figure accounts for 25% of its personnel.
SThree started off with one office in London in 1996 and has grown organically to 54 offices across the UK, Ireland, continental Europe, New York, Sydney, Asia and Dubai.
Earlier this year there were rumours that Adecco are interested in acquiring SThree in order to round up its international portfolio.