International strength offsets UK & Ireland weakness at SThree
By Michele Maatouk
Date: Monday 22 Jul 2019
(Sharecast News) - Recruiter SThree reported a rise in interim profit on Monday as international strength offset weakness in the UK and Ireland.
In the half year to the end of May 2019, adjusted pre-tax profit increased 18% from the same period last year to £24m on revenue of £653.3m, up 12%. Total net fees grew 10% to £163m during the period and the company lifted its dividend to 5.1p a share from 4.7p.
Net fees in Continental Europe, which is SThree's biggest region, rose 13% and accounted for 58% of total net fees. This was driven by strong growth in Germany, Austria and Switzerland.
In the US, where net fees represent 22% of the group total, there was 13% growth, but the UK and Ireland - one of the group's smaller regions - saw a 9% decline due to continued macroeconomic and political uncertainty.
In Asia Pacific and the Middle East, net fees grew 13% and represented 6% of group net fees.
Chief executive officer Mark Dorman said: "Notwithstanding the macro-economic backdrop in certain regions, the group remains well positioned as we enter the second half, and the board's expectations for the full year remain unchanged."
At 0920 BST, the shares were up 3% at 279p.
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