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Upbeat Hiring Message From SThree

Upbeat Hiring Message From SThree

Shares in SThree Plc reverse early losses to rise 3.5% after the staffing firm says during an analyst conference call that it is planning for an expected upturn in demand by hiring new staff.

Seymour Pierce analyst Kevin Lapwood says: 'Very upbeat comments from the CEO on the conference call. They are rehiring 120 consultants to meet anticipated upturn in demand and the comparatives are getting easier going forwards.'

Shares in SThree had earlier fallen 4% after the firm posted a 34% fall in gross profit for the third quarter, prompting Seymour Pierce in a note to downgrade the company's shares to 'hold' from 'buy' and cuts its full-year forecast to 15 million pounds from 23.5 million.

'This is a worse than expected outturn but at least the outlook does not appear to be getting worse and there is some evidence that the rate of decline is slowing,' Lapwood writes in the note.

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