FINANCIALS: SThree reports positive update as NFI up

International recruitment firm SThree has presented a positive third-quarter trading update, reporting a 19% increase to £111.8m from £91m in group net fees year-on-year against the same period last year.

SThree is a specialist staffing business focused on science, technology, engineering and mathematics (STEM) skills. Other highlights of the trading update included:

  • Continued year-on-year growth in the company’s three largest operating countries with Germany up 13%, the US up 9% and Netherlands up 36%, together representing 73% of group net fees.
  • Continued strong growth across technology, up 25%, and engineering, up 25%, with life sciences growing 2% against a “very strong” prior year comparator.
  • Contract net fees are up 21%; permanent net fees up 10%.
  • Contractor order book is up 24% year-on-year, “underpinning continued confidence in our full-year performance”, the company said.
  • Strong balance sheet, with net cash of £57m at 31 August 2022, compared to £51m on the same date last year.

“The Board now expects that profit before tax for the 12 months to 30 November 2022 will be at least 7% ahead of market consensus,” the company statement said.

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