SThree reports strong Q2 trading update with double-digit net fee growth across all geographies

SThree, the global STEM-specialist talent partner, has posted a strong trading update for Q2 ended 31 May 2022, with double-digit net fee growth across all geographies and sectors.

The strong growth now means that SThree is trading ahead of market expectations for full-year 2022.

Not only are Group net fees for H1 up 25% year-on-year (YoY), Q2 net fees are up 23% YoY. The latter is particularly encouraging as Q2 figures are in comparison to a period in 2021 where our business had mostly recovered from the Covid-19 pandemic.

There has also been significant YoY growth in our largest three markets. Net fees for H1 are up in Germany (22%), the USA (21%) and the Netherlands (41%). Similarly, these three countries represent 73% of Group net fees.

Strong double-digit growth can also be seen across all of our key sectors, with net fees up 30% in technology, 16% in life sciences and 27% in engineering.

Other highlights include contract and permanent net fees for H1 being up 30% and 11%, respectively. And our contractor order book is up 35% YoY, which underpins continued confidence in the near-term outlook.

Timo Lehne, SThree CEO, said:

“Our Group has delivered another excellent quarter of growth, driven by successes across all key regions and STEM disciplines. As a result of this strong performance, we are now trading ahead of market expectations for the 2022 full year.

“Our business had largely recovered from the pandemic in Q2 last year, so this is the first period in which we have been able to provide a true like-for-like comparison; net fee growth of 23% in Q2 is therefore a significant achievement. Our focus on flexible working, both independent and employed contractors, is delivering, and for the second consecutive quarter we are delighted to be able to report that all regions, including the UK, have demonstrated clear positive momentum.

“Good progress has also been made in the execution of our strategy, with the planned investment in our people, talent acquisition and infrastructure moving forward as planned. This investment is designed to underpin our long-term success, with most of the cost in the current year falling in the second half of the year, as expected.

“We are mindful of the macro-economic uncertainties which are currently being felt across our key regions and beyond, with all developments monitored closely, alongside lead indicators of the Group’s performance. However, the demand from our clients for people with STEM skills, together with our strong contractor order book, underpins our confidence in the future.”

Read our full financial results

Notes to editors

SThree plc brings skilled people together to build the future. It is the only global pure-play specialist staffing business focused on roles in science, technology, engineering and mathematics (‘STEM’), providing permanent and flexible contract talent to a diverse base of more than 9,000 clients in 15 countries.

The Group’s c.2,700 staff cover the technology, life sciences, engineering, banking and finance sectors.

SThree plc is quoted on the Premium Segment of the Official List of the Financial Conduct Authority under the ticker symbol STEM and also has a US level one ADR facility, symbol SERTY.

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