Spring Group leads market into 2004

Spring Group reports 93% increase in IT contractor numbers

Strong revenue growth and operating profit of 3.6million in second half of 2003*

Major account wins in 2004

Spring Group plc (www.spring.com ) is driving forward its position as the UK’s leading IT staffing and technology recruitment company, reporting substantial revenue growth of 26% to 348.4m for 2003.

Spring Group has also noted a significant increase of 93% in IT contractor numbers. This reflects the general upturn in the recruitment industry as businesses start new, long overdue IT projects and update systems.

Richard Barfield, Spring’s Chief Executive Officer, said: We have strengthened our position as market leader, delivering economies of scale, and achieving significant growth in both our IT Staffing and General Staffing businesses. Spring Group has started 2004 with record contractor numbers and we are well positioned to take advantage of the current market upturn.

The successful integration of the trading subsidiaries of Best International into the Group’s technology staffing businesses, renamed as Spring Technology Staffing Services, has enabled the company to establish a more substantial presence in the local/regional and permanent technology staffing markets. Triage, the Group’s specialist technology recruitment business, increased its revenues by 77%.

The General Staffing business which comprises Spring Personnel, Elizabeth Hunt, Spring Accountancy Personnel and Best Financial, recorded a rise in turnover to 56.5m, an increase in fee-earning recruitment staff, and strengthened its High Street presence across the UK.

* Before goodwill amortisation and exceptional items