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Risk Warning
08/03/2010
Shares in SThree rise 5.2 percent, hitting their highest level in 2-and-a-half-years, after the recruiter's first-quarter trading update prompts Investec to raise its price target and repeat its "buy" rating on the stock.
SThree says, in an Interim Management Statement, that first-quarter group gross profit came in at 36 million pounds, down from 49.5 million a year earlier, but adds the banking and finance sectors in particular were showing significant improvement year-on-year.
"Whilst the Q1 is down year on year, the group has seen meaningful signs of improvement in the period," says Investec, upping its target price for SThree to 390 pence from 370 pence.
"Investment in headcount and new office openings are likely to hold back recovery in the current year, but thereafter a pick up in the global economy should drive a substantial recovery in profitability," Investec says.
Meanwhile, analysts at Prime CFDs say: "With its markets stabilising and strong net cash position, SThree looks well placed as a buy for continuing recovery."
Securities and Derivatives markets may be subject to rapid and unexpected price movements and past performance is not necessarily a guide to future performance. Trading in these markets is generally considered to be suitable only for the more experienced investor as it carries a high degree of risk. An investor may not receive back the amount of their original investment and in certain circumstances may be liable for a sum that is greater than their original investment. If in any doubt, please seek independent financial advice.