UPDATE 1-SThree says market recovering, Q1 profits down

* Q1 gross profit 36 mln stg vs 49.5 mln

* CEO says market in recovery

* Shares up 1.7 percent

(Adds CEO comments, shares)

LONDON, March 8 (BestGrowthStock) – British recruiter SThree
(STHR.L: ) said on Monday first-quarter profit (Read more your timing to make a profit.)s were down 27
percent and that while conditions were improving they had some
way to go before reaching a more normal level.

“We see the market as being in recovery, rather than as
having recovered,” Chief Executive Russell Clements told
Reuters.

The firm, which counts finance, oil & gas and pharma
recruitment among its niche areas, said first-quarter group
gross profit came in at 36 million pounds ($55 million), down
from 49.5 million one year previously.

Finance Director Alex Smith told Reuters the banking and
finance sectors in particular were showing significant
improvement year-on-year.

SThree said the deal pipeline, which includes placements
agreed which are yet to start, looked encouraging and was up 13
percent in the first quarter.
Larger rival Michael Page (MPI.L: ) said on Friday it was
hiring again and markets had stabilised with most outside of the
UK showing growth, adding to positive comments from European
rivals Adecco (ADEN.VX: ) and USG People (USGP.AS: ).
[ID:nLDE623221] [ID:nLDE622065]

SThree’s shares were up 1.6 percent at 314 pence at 0805
GMT, their highest level in almost five weeks.

Investment

(Reporting by Victoria Bryan; Editing by Matt Scuffham)
($1=.6590 Pound)

UPDATE 1-SThree says market recovering, Q1 profits down