SThree posts jump in full-year profits, hikes dividend payout by nearly half
By Alexander Bueso
Date: Monday 30 Jan 2023
(Sharecast News) - SThree posted a sharp jump in full-year and hiked its final dividend by nearly two-fifths.
For the year ending on 30 November, the staffing agency focused on Science, Technology, Engineering and Mathematics professionals reported a 23% jump in sales to reach £1.4bn.
Like-for-like growth in net fees meanwhile was 19% to reach £430.6m, for a second consecutive record performance, which resulted in a 24% rise in profits before tax to reach £77m.
Basic earnings per share were ahead by 24% to 41.0p.
For the year, the total dividend was raised by 45% to 11.0p and the half-year payout by 38% to 8.0p.
Commenting on the company's results, its boss, Timo Lehne, credited SThree's focus on STEM roles and flexible talent for the record outcome, saying that it was in a unique position "to win".
He also said that trading was still tracking in line with expectations, helped by a "healthy" contract orderbook.
"The macro landscape remains consistent with the softer conditions seen toward the end of the year," Lehne said.
"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."
Net fees in Germany, USA and the Netherlands grew at a year-on-year pace of 14%, 13% and 34%, respectively, and when combined accounted for 73% of the total.
The company's cash flow from operating activities meanwhile improved by nearly 29% to approximately £77.03m.
Net cash at year stood at £65m, against £58m one year before.
As of 1022 GMT, shares of SThree were slipping 0.38% to 413.43.
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