FINANCIALS: SThree reveals rise in profits and CEO succession plan ‘underway’

The process for finding CEO Gary Elden’s successor at SThree is “well underway”, according to a statement on the group’s final results, which also revealed a 12% increase in group gross profit year-on-year.

According to the statement for the year ended 30 November 2018, group GP rose from £287.7m in 2017 to £321.1m, driven by the group’s Continental European and US operations, while revenue rose 13% – from £1,114.5m to £1,258.2m over the same period.

In the UK & Ireland, GP was down 5% year-on-year from £55.7m to £53.1m. While the group reported continued uncertainty around Brexit, it had made “very good” progress in laying the foundations for maximising performance in 2019. In 2018, the group revealed it had significantly reduced its permanent division and moved to a specialist hub and onshore delivery model, which had resulted in increased productivity in its UK & Ireland division.

Gary Elden, who the group revealed would be stepping down late last year in early 2019, said the process of finding his successor was “well underway”.

Commenting on the group’s performance, he added: “The group continued to make good progress throughout 2018. This resulted in a strong financial performance, which, demonstrating our resilience, was delivered despite the ongoing macro-economic and political uncertainties.

“Looking forward to the year ahead, our post-year end trading is in line with expectations and we remain well positioned to benefit from the growth opportunities in our chosen STEM markets.”

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