September 15, 2017 / 6:30 AM / a year ago

Recruiter SThree sees higher profit as Europe and U.S. shine

Sept 15 (Reuters) - British recruiting firm SThree expects full-year adjusted pretax profit to be ahead of the consensus, helped by a strong performance in continental Europe and the United States, its two biggest markets, the company said on Friday.

The consensus forecast for its adjusted pretax profit in the year ending on Nov. 30 is 42.4 million pounds ($56.9 million), with a range of 39.3 million pounds to 45.6 million, SThree said. Its adjusted pretax profit was 40.8 million last year.

SThree, which places people with financial, energy, banking and pharmaceutical companies, also said in a trading update that its gross profit at constant currencies rose 5 percent to 73.7 million pounds for the quarter to June 1.

Gross profit at constant currencies for the United Kingdom and Ireland fell 10 percent to 14.5 million pounds as conditions remained challenging in the market following Britain’s vote to leave the European Union and public sector reforms.

Gross profit is a key performance indicator for staffing companies as it represents total fees earned from all recruitment activities. ($1 = 0.7457 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; editing by David Clarke)

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