SThree Lifts Profit Outlook 20% on Cost Cuts and US Strength
CIRC is trading near its 52-week low of $0.383 (12% above the low) on light trading volume (0.1× avg).
Summary
SThree raised its full-year pretax profit forecast to around £12 million from £10 million, citing cost cuts and continued US growth. The London-listed recruiter reported Q3 net fees of £79.2 million, down 2% year-over-year. This follows SThree's rejection of Circle8's unsolicited takeover approach earlier this month, which the board said undervalued the company. The improved outlook strengthens SThree's standalone case and may pressure Circle8 to raise its bid or walk away. Watch for any response from Circle8 or further bid developments.
At the time of this announcement, CIRC was trading at $0.43 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $48.5M. The 52-week trading range was $0.38 to $5.20. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.