STOCKS NEWS EUROPE-Spring jumps after update

Shares in Spring SPGR.L jumps 13.6 percent after the recruitment company issues a first-quarter trading update which Altium Securities says highlights the group's resilience, with the broker keeping its "buy" recommendation.

Spring says it experienced a total reduction of 12 percent in net fee income (NFI) year on year, and that it continues to maintain strong cash balances.

"One would naturally assume that with approximately four-fifths of NFI generated from temporary placements that the company would be trading more resiliently than its peers and so it proved," Altium says in a note.

"We remain comfortable with our year-end net cash expectation, which represents about 30 pence per share, underpinning the current share price," says the broker.

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