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Spring Group plc., the international full service recruitment provider has just announced half year interim results for the six months ending June 30th 2009. Overall net fee income is down by 23%. At EBITDA level the group hopes to break even.
The Groupâ€™s contract business, which accounts for 85% of net fee income fell by 16%. The permanent placement business was hit even harder with a fall of 49% due to the much weaker market for permanent positions.
â€œWhilst the first half has been tough for the recruitment sector, our RPO (Recruitment Process Outsourcing) and contract offerings have provided us with some resilience in these difficult markets,â€VbCrLf Chief Executive Peter Searle said in a statement.
â€œWe believe that our strong bias towards temporary staffing, our robust cash position and our investment in infrastructure enable Spring to both weather current market conditions and to benefit from longer term growth opportunities.â€VbCrLf
The share price responded with cautious optimism to the announcement in early trading, increasing by 1.2% to £39.75