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Spring profit up 11.7%

September 12 2007

Spring Group PLC, a London-based information technology recruiting firm, posted net income of GBP2.0 million (US$4.0 million) in the first half of its fiscal year ended June 30, up 11.7% from GBP1.8 million in the same period last year.

Revenue at Spring fell 8.3% to GBP190.5 million (US$381.8 million) in the first half of the year fromGBP207.9 million in the same period last year. Gross margin rose to 12.3% from 11.1%.

Spring struck a deal in June to buy Glotel PLC for GBP27.2 million (US$54.4 million). Glotel is a London-based telecommunications and IT staffing company that generated 86% of its profit in the United States, according to Spring.

Spring Group PLC

For the first half of fiscal year 2007 ended June 30, 2007, compared with the same period in the prior year.

Revenue: GBP190.5 million (US$381.8 million), -8.3%

Net income: GBP2.0 million (US$4.0 million), +11.7%

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