LONDON (dpa-AFX) - SThree Plc (STHR.L), a British staffing company, reported Tuesday that its first-quarter Group net fees went up 4 percent to 102.6 million pounds from last year's 93.8 million pounds, in line with expectations.
Net fee growth was driven by Contract business, which recorded 8 percent increase in net fees from last year to 82.7 million pounds with growth across all regions. Contract now represents 81 percent of Group net fees, compared to 77 percent a year ago.
Meanwhile, Permanent net fees went down 12 percent to 19.9 million pounds, reflecting market conditions, performance in USA and Life Sciences, and the planned transition from Permanent to Contract in several markets.
In its largest three markets, which represent 73 percent of net fees, Germany and the Netherlands grew 7 percent and 4 percent respectively, while USA was down 6 percent.
Net fees in Technology grew 8 percent and Engineering went up 19 percent, while Life Sciences was down 15 percent.
Timo Lehne, Chief Executive, said, 'The macro-economic environment remains uncertain, and we continue to see varied effects across our markets impacting new placements, offset by strong Contract extensions. . Our long-term opportunity is unchanged, underpinned by structural megatrends which drive the acute need for scarce STEM talent.'
The company will issue its trading update for the six months ending May 31 on June 20.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2023 AFX News
