International recruitment group SThree has reported that it expects a 20% rise in gross profit to roughly £220m for the year ending 30 November 2008, from £182.7m in 2007.

In its trading statement it said that the year ending  30 November 2008 had been one of “significant growth” for the company.

The company reported that it had net cash in excess of £24m (2007: £3.5m),  and that during the year it had bought back £31.1m of shares.

The company said it had reduced debtor days to 43 from 59 in 2007.

Permanent places reached record levels , up 7% on this time last year (10,236) and contractors were up 1.5% on the same period (5,745).

The group’s business has continued to become more diversified. For the full year, the board estimates that non-UK gross profit now represents circa 45% of group gross profit (2007: 32%).

During 2008, SThree opened offices in Sydney, Dubai, Paris and Amsterdam, bringing the total to 54 offices in 10 countries. At the start of 2009, it will open a new office in Singapore. During the forthcoming year, SThree anticipates further office openings in Europe (Germany and France), subject to market conditions.

Commenting on the trading update, Russell Clements, SThree’s chief executive, said: “It is pleasing to be able to report that, despite very difficult conditions in some of our markets, the group will once again demonstrate significant year-on-year growth. Our well established programme of rolling out into newer sectors and geographies sees the group more diversified and more international than at any other time in its history.”
 
SThree added that the forthcoming year is likely to be the toughest it has faced for some time.

SThree will be announcing its preliminary results for the year ended 30 November 2008 on Monday 2 February 2009.