SThree to restructure property portfolio, save 8 mln pounds per year

July 15 Mon Jul 15, 2013 3:01am EDT

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July 15 (Reuters) - British recruitment company SThree Plc said it would restructure its property portfolio to reduce costs by about 8 million pounds ($12.09 million) per year.

The company said the restructuring, which would also include support functions, was expected to help save 3 million pounds in the second half of the year and reduce its annualised cost base by 8 million pounds per year.

"I think its fairly substantial. They have an annualised cost base savings of 8 million out of a cost base of 175 million," Numis Securities analyst Steve Woolf told Reuters.

Gross profit fell to 94 million pounds for the six months ended May 26, from 99.9 million pounds a year earlier.

Shares in the company were expected to open lower on Monday on the London Stock Exchange. They closed at 362.50 pence on Friday.

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