FINANCIALS: SThree posts consecutive record performance

International recruitment firm SThree has announced its financial results for the year ended 30 November 2022, posting a second consecutive record net fee performance.

With profit before tax of £77m, up 24% year-on-year, other highlights of the trading update for the specialist staffing business focused on science, technology, engineering and mathematics (STEM) skills include:

  • Strong growth achieved in SThree’s three largest countries: Germany up 14%, the US up 13% and the Netherlands up 34% year-on-year, together accounting for 73% of group net fees.
  • In line with its strategic focus on flexible talent, contract net fees were up 23%; permanent net fees up 6% year-on-year.
  • Contract net fees represent 78% of group net fees (2021: 75%), with the contractor order book value of £186m up 19% year-on-year, reflecting the high demand for skilled contractors across their markets, and providing good visibility going into 2023.
  • SThree’s renewables business (7% of net fees) up 29% versus 2021, ahead of the target to double the share of this business from 2019 to 2024. Also a 44% carbon reduction in 2022 in comparison to 2019.

“The exceptional, record-breaking, full year performance reported today demonstrates that our well-established strategy, focused on STEM and flexible talent, has continued to deliver and puts us in a unique position to win now and in the future,” said SThree CEO Timo Lehne.

“The macro landscape remains consistent with the softer conditions seen toward the end of the year. However, our global reach combined with a specialist niche focus in structural STEM disciplines is underpinned by a proven resilient business model and a robust balance sheet.”

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