SThree plc, the only global specialist talent partner focused on roles in Science, Technology, Engineering and Mathematics (‘STEM’), is pleased to announce in today’s FY 2022 trading update, that the Group’s net fees for the financial year ended 30 November 2022 are up 19% YoY(1), driven by the execution of our strategy and demand for STEM skills.
The Group’s three largest countries represent 73% of the Group net fees, with Germany up 14%, USA up 13% and Netherlands up 34% YoY. Core sectors have also seen strong growth across Technology, up 23% and Engineering, up 27%, with Life Sciences continuing to grow 6% against a very strong prior year comparator.
In line with our strategic focus on flexible talent, Contract net fees are up 23% with Permanent net fees up 6%. Our contract net fees represent 78% of Group net fees, up from 75% in 2021.
Out strong contractor order book(2) is up 19% YoY, providing strong visibility. Meanwhile, productivity(3) is up 7% YoY, reflecting continued strong net fee growth and the quality of our staff and internal recruitment strategy
The balance sheet is robust, with net cash of £65m at 30 November 2022, compared with £58m at 30 November 2021.
Timo Lehne, Chief Executive, commented:
“We have delivered an exceptional performance throughout the period, materially ahead of initial expectations with full year net fee growth of 19% year on year. After my first year as CEO, it is clear that our well-established strategy, focused on STEM and flexible talent, puts us in a unique position to win.
“During the year we continued to make progress in the implementation of our strategy with targeted investment in our people, talent acquisition and digital infrastructure moving forward as planned. This investment is designed to reinforce our long-term sustainable growth, with most of the year’s costs incurred in the second half as planned.
“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.”
(1) All YoY growth rates in this announcement are expressed at constant currency.
(2) The contractor order book represents value of net fees until contractual end dates, assuming all contractual hours are worked.
(3) Productivity represents value of net fees divided by total headcount.View our financial results
Notes to editors
SThree plc brings skilled people together to build the future. We are the only global STEM specialist talent partner focused on roles in Science, Technology, Engineering, and Mathematics (‘STEM’), providing permanent and flexible contract talent to a diverse base of over 8,200 clients across 14 countries. Our Group’s c.3,100 staff cover the Technology, Life Sciences, and Engineering sectors. SThree is part of the Industrial Services sector. We are listed on the Premium Segment of the London Stock Exchange’s Main Market, trading with ticker code STEM.
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