FINANCIALS: SThree’s overseas business offsets 16% fall in the UK

Overseas revenue growth has helped international SThree offset a 16% drop in year-on-year gross profits in the UK, according to interim results for the half year ended 31 May 2017.

The results, published this morning, reveal revenue grew 7% in constant currency year-on-year in H1 2017, from £443.5m to £521m, with GP up 2% in constant currency, up from £119.8m to £134.4m over the same period.

Across its international operations, the group’s US and Continental European businesses saw GP increase 16% and 7% respectively year on year, while the SThree’s life sciences business saw GP rise 6%.

However, the group’s UK business continued to be adversely affected by the UK’s vote to leave the EU, the General Election and public sector reforms, posting a 16% decline in GP year-on-year.

Commenting on the group’s performance, CEO Gary Elden said: "We are encouraged by our first half performance, with a step up in growth achieved in Q2 against a background of mixed trading conditions. The growing breadth and scale of our international operations, which now account for four fifths of GP, underline how far the group has grown from its UK roots, with particularly strong performances in Continental Europe and the US, which is now our second largest region.

"Our strategic focus on contract business continues to deliver good growth across almost all regions, as well as a greater resilience in more uncertain economic conditions. Our Permanent business made good progress in increasing productivity and remains focused on achieving further gains in the balance of the year.

“Looking ahead to our seasonally more important second half, the continued momentum of our contract business and improved permanent yields give us a solid base from which to grow in a macro-economic environment which remains uncertain.”

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