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Full-year 2007 profit rose 23.4% at Spring Group PLC, a London-based staffing firm with operations in the United States, according to the company's annual report released this week. Spring reported profit of GBP5.9 million (US$11.9 million), compared with GBP4.8 million in 2006.
Revenue rose 6.3% to GBP432.8 million (US$864.5 million), from GBP407.3 million in 2006. Gross margin improved to 13.0% from 11.2%.
Spring had North American revenue of GBP19.3 million (US$38.5 million) in 2007, but none in the prior year. Spring entered the U.S. market in 2007 with its acquisition of Glotel PLC, a London-based telecommunications and information technology staffing firm that generated most of its operating profit from the U.S.
Spring Group PLC
For full-year 2007 ended Dec. 31, 2007, compared with the previous year.
Revenue: GBP432.8 million (US$864.5 million), +6.3%
Net income: GBP5.9 million (US$11.9 million), +23.4%