SThree delivers 'record' FY performance
By Iain Gilbert
Date: Wednesday 14 Dec 2022
(Sharecast News) - Staffing firm SThree said on Wednesday that it had delivered a "record performance" for the year ended 30 November, with double-digit growth across all regions.
SThree stated group net fees were up 19% year-on-year, driven by demand for science, technology, engineering, and mathematics skills.
On a regional basis, US net fees were 13% higher, while Germany saw a 14% increase in net fee income and the Netherlands a 34% year-on-year improvement.
Contract net fees were said to have represented 78% of group net fees in the year, up from 75% in the prior year, while the group's "strong contractor order book" was up 19%, providing SThree with "strong visibility" going forward.
SThree also said it had retained a "robust balance sheet", with £65.0m in net cash as of 30 November, up from £58.0m at the same time in 2021.
Looking ahead, chief executive Timo Lehne said: "Towards the end of the year we started to see a softer trading environment, reflecting the uncertain macro-economic conditions, and we continue to monitor the trends across our regions. However, the strength of our contract order book, robust balance sheet and a diverse customer base underpins our business.
"Our well-established strategy focused on STEM skills and flexible talent is supported by global megatrends, reaffirming our belief that we have the right vision with a unique and resilient business model for the mid to long-term."
Separately, SThree announced it will host the second in a series of investor briefings via a virtual webinar on 30 January, with the briefing set to be focused on the group's technology improvement programme.
As of 0835 GMT, SThree shares were down 1.51% at 391.50p.
Reporting by Iain Gilbert at Sharecast.com
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