FINANCIALS: SThree Group reports rise in profits

International STEM staffing business SThree has seen net fee income climb 5% year-on-year, according to a trading update for the financial year ended 30 November 2019.

The update, released this morning, reveal NFI rose from £321.1m to £342.2m, with NFI up 12% for the group’s Asia Pacific and Middle East division, and up 8% for its Continental Europe and 9% for its US divisions respectively. The firm’s UK & Ireland division reported a 9% decline in NFI.

NFI was up across the group’s sector divisions with the exception of its banking and finance division, which posted a 13% decline in NFI year-on-year. The group’s engineering and energy divisions posted the biggest increase in NFI, up 11% and 16% year-on-year respectively.

While the group’s contract division saw NFI increase 8%, its perm division saw NFI decline 3% year-on-year.

SThree CEO Mark Dorma said: “SThree has continued to deliver year-on-year growth materially ahead of the wider market. This is driven by our robust performance across all of our international regions, which constitute the majority of the group, and supportive long-term market dynamics with the well documented growth in both STEM and flexible working (Contract), giving us confidence in our delivery. 

“Our deliberate focus on Contract, a natural function of our STEM specialism, continues to be a strong driver of group performance and remains a key strategic priority for the group.

“Looking ahead is difficult at the best of times and even more so now, given the significant macro market and political uncertainties. Notwithstanding this, I am pleased that in our key growth markets, the new financial year has started well with good demand, and this gives us confidence that we will continue to outperform materially in our international markets.”

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