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The specialist recruitment firm SThree has reported a 53% fall in first half year adjusted profit due to higher administrative costs. Interim dividends are kept unchanged at 4 pence per share.
During the six month period ended 31st May pre-tax profits before one-off items amounted to £11.2 million compared to £23.8 million last year. Revenue decreased by 5% to £280.6 million.
"Whilst we took decisive restructuring action in the period to align our cost base with the market opportunity, we also continue to invest for the future - expanding our international network into new territories and adding or growing new disciplines such as Legal, Sales & Marketing and Public Sectorâ€¦ In the meantime, it is gratifying to once again be in a position to reward our shareholders' commitment with a strong dividend payment.â€VbCrLf said Russell Clements, CEO SThree plc.
Initial trading this morning saw a 5% drop in the share price.