Financials: SThree results show profits up by 25%

STEM recruiter SThree’s group net fees increased by 25% in the first half of 2022, compared with a non-Covid affected period.

The company announced these results in a half-year trading update this week.

Other half year highlights included:

  • Strong year-on-year growth in the company’s three largest markets: Germany up 22%, the US by 21% and the Netherlands by 41%
  • The largest three companies outlined above represent 73% of group net fees
  • Strong double-digit growth across the company’s key sectors: technology up 30%, life sciences by 16% and engineering up 27%
  • Contract and permanent net fees for H1 were up 30% and 11% respectively
  • Contractor order book was up 35% year-on-year, “underpinning continued confidence in the near-term outlook”, a company statement said.

The statement went on to say that profit before tax for the 12 months to 30 November 2022 is expected to be at least 5% ahead of market consensus.

SThree CEO Timo Lehne said: “Our business had largely recovered from the pandemic in Q2 last year, so this is the first period in which we have been able to provide a true like-for-life comparison; net fee growth of 23% in Q2 is therefore a significant achievement.

“Our focus on flexible working, both independent and employed contractors, is delivering, and for the second consecutive quarter, we are delighted to be able to report that all regions, including the UK, have demonstrated positive momentum.”

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