FINANCIALS: SThree profits hit by Brexit uncertainty in the UK
SThree has seen gross profit (GP) fall 16% year-on-year, with performance in the UK adversely affected by the UK’s Brexit vote.
In a trading update for the half year ended 31 May 2017, released this morning, the international science, technical, engineering and maths staffing specialist also revealed 80% of its group GP is now generated outside the UK, with group GP increasing 2% year-on-year.
Stand-out performers included the group’s US business posting a 16% increase in GP, Continental Europe – up 7%, and life sciences – up 6% over the period.
CEO Gary Elden said: "We are encouraged by the improvement in momentum across the business in the period, particularly the strong performances in Continental Europe and the US, which is now our second largest region.
“Our contract business continues to deliver good growth across almost all regions, with Continental Europe and the US again being the highlights.
“Looking ahead, 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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