By Ron Coates, 16 March 2004 17:40
NEWS Staffing group Spring has been boosted by a boom in IT contractor numbers, up 93 per cent to over 5,500 this February.
And the boom in contractor numbers has helped fuel company revenues, jumping 26 per cent to £348.8m with profits up to £1.9m after a string of losses.
Richard Barfield, Spring CEO, said in a statement: "We have delivered a strong second half performance with revenues up 50 per cent and operating profit in continuing operations of £3.6m."
Spring bought in 31 per cent of its increase in contractors with its acquisition of Best last year. The rest of the growth it considers organic.
But Spring had to take a certain number of punches. Integrating Best cost it around £4.3m and the disposal of Spring IT Training cost £1.8m in operating losses, £1.6m in exceptionals and a £12.7m loss on disposal.
Barfield says that the company is well positioned to take advantage of the upturn in the market, if it continues.
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1. john jackson
You don't normally take straight PR.
CAN WE TAKE 93% as a national average or an individual company? What is the marketplace really like?
Silicon don't operate like this
What is happening?