FINANCIALS: SThree profits up but down in UK & Ireland

International STEM staffing business SThree has seen net fee income climb 5% year-on-year in constant currency.

According to final results for the year ended 30 November 2019, released this morning, group revenue was up 6% in constant currency, from £1.25bn to £1.34bn, with NFI up from £321.1m to £342.4m, amid strong NFI growth in the US, Continental Europe and Asia Pacific & Middle East. 

The firm’s UK & Ireland division reported a 9% decline in NFI following a challenging 2019 brought about by uncertainty surrounding Brexit.

NFI was up across the group’s sector divisions, with the exception of its banking & finance division, which posted a 13% decline in NFI year-on-year. The group’s engineering & energy division posted the biggest increase in NFI, up 14% on the previous year.

SThree CEO Mark Dorman said the group’s performance was a result of the hard work delivered throughout the business over the period.

“Our focus on STEM and flexible working is delivering good overall growth, despite a challenging trading background.

“Looking to the year ahead, we will continue to build our scalable platform. Whilst early in the year, we can see that broader macro-economic and political uncertainties may well persist, and the trading environment remains similar to Q4. We have the right strategy, are in the right sectors and geographies, and our Contract focus will allow us to drive another year of progress towards our ambitions.

“We have a unique position at the centre of long-term secular global trends and are focused on the right markets, which will stand us in good stead for the future.”

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