Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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SThree plc (STHR)

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Friday 05 June, 2009

SThree plc

Trading Update

RNS Number : 4121T
SThree plc
05 June 2009
 




SThree plc


Trading Update


SThree plc ('SThree' or the 'Group'), the international specialist staffing business, today issues an update on trading for the six month period ended 31 May 2009


The financial and operational data relates to the six month period ended 31 May 2009, being the first half of the financial year ending 29 November 2009


As expected, the Group experienced an overall decline in demand for its services during the period, particularly for permanent placements, with contract hiring proving somewhat more resilient in all territoriesGroup gross profit in the period declined by circa 9% year on year to £93m (2008: £102.5m). On a constant currency basis, Group gross profit declined by circa 15% and Non UK gross profit grew by circa 4% year on year. This result reflects a significant decline in volume being partially mitigated by further value improvement.


At 31 May 2009 SThree had 4,494 contract runners, a decrease of 21.8% on the year end number of 5,745 runners. Average contractor gross profit per day rates were up overall with continued strength in Non UK rates offset in part by a slight softening in rates in the UK ICT business. During the period, SThree made a total of 3,302 permanent placements, a reduction of 34.1% over the previous year (2008: 5,008). However, average permanent placement fees have continued to improve across all geographies versus last year.


At 31 May 2009 UK contract runners were down 28.2% versus the prior year. However the UK gross profit per day contract rate was down only slightly versus the previous year. During the periodUK permanent placements were down 54.2%, reflecting a 60.8% reduction in UK ICT placements and a 37.8% reduction in UK non-ICT placements. Average UK placement fees were up slightly versus last year.


The Non UK business slowed further in the period. Contract runners reduced versus last year by 7.4%, but this was offset by growth in gross profit per day rates. During the period, permanent placements declined by 7.5%, but again this was offset by strong growth in average fees


The Group's strong cash position improved further during the period with net cash of circa £45m at 31 May 2009 (1 December 2008 £24.6m). The Group has no debt. The cash position continues to be managed proactively with Days Sales Outstanding reducing to 39 days at the period end (1 December 2008: 43 days). 


Given the very challenging conditions experienced during the period, the Group took steps to proactively manage its headcount. Total Group headcount over the period was reduced by circa 25%, with UK sales headcount being down by circa 33% and non UK sales headcount down by circa 17%. The Group believes that headcount is now at an appropriate level in light of the current market conditions and opportunities.    


This action resulted in exceptional costs of circa £8m, comprising staff restructuring costs and the costs of an office network rationalisationWe expect pay back on these measures within the current financial year ending 29 November 2009.

 

SThree CEO Russell Clements commented: 'The first half of 2009 has seen exceptionally challenging market conditions. By contrast, during the same period in 2008, all of our markets were still growing, making the year on year comparatives particularly tough.


'In response to the difficult trading environment we took decisive and proactive action during the second quarter to realign our headcount with prevailing market conditions and ensure that the business stayed fit for purpose in the short term. However we are equally committed to ensuring that we do not compromise the Group's capacity for a strong bounce back as markets recover.


'In this respect our exceptionally strong cash position gives us the capacity to make prudent investments for the future, whilst at the same time continuing to support our dividend.'


SThree will be announcing its interim results for the six months ended 31 May 2009 on 20 July 2009.

 

SThree is hosting an analyst conference call today at 0800 BST. The dial in number is + 44 (0)20 3003 2666 and the password is SThree. 

   

- Ends -


Enquiries: 

 

SThree plc 020 7292 3838 

Russell Clements, Chief Executive Officer 

Alex Smith, Chief Financial Officer 


Citigate Dewe Rogerson 020 7638 9571 

Kevin Smith / Nicola Smith 








This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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