FINANCIALS: SThree overall rise in NFI despite decline in UK & Ireland

International STEM staffing business SThree has seen net fee income climb 4% year-on-year, according to a trading update for the period 1 June 2019 to date.

The update, released this morning, reveal NFI rose from £82.7m to £87.8m, with NFI up 14% for the group’s Asia Pac and Middle East division, and up 5% for its Continental Europe and US divisions respectively. The firm’s UK & Ireland division reported a 7% decline in NFI.

NFI was up across the group’s sector divisions with the exception of its banking and finance division, which posted a 12% decline in NFI year-on-year. The group’s technology and energy divisions posted the biggest increase in NFI, up 8% year-on-year respectively.

While the group’s contract division saw NFI increase 7%, its perm division saw NFI decline 5% year-on-year.

SThree CEO Mark Dorma said: “The group’s unique and specialised business model has continued to deliver year-on-year growth in the third quarter, driven by a strong performance across all of the group’s international markets, which constitute the majority of the group…

“Our robust financial position, specialised STEM and contract focus with international reach provides the group with a well-established and resilient platform as we enter the final quarter of the year. Whilst we remain cognisant of significant macro-market uncertainties, we remain confident that we have the right niche focus, vision and teams to deliver continued growth, and our expectations for the full year remain unchanged.”

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