SThree plc, the global specialist talent partner focused on roles in science, technology, engineering and mathematics, has announced a second consecutive year of record net-fees and profits. This is driven by successful execution of our well-established strategy, momentum in demand for STEM and flexible talent, supported by global megatrends.
Financial results for 2022 are materially ahead of initial expectations for the year ended 30 November 2022, with net fees up 19% YoY(1). The Group has achieved strong growth in our three largest countries, with Germany up 14%, USA up 13% and the Netherlands up 34% YoY, together accounting for 73% of Group net fees. Core sectors have also seen strong growth across Technology, up 23%, and Engineering, up 27%, with Life Sciences growing 6% against a very strong prior year comparator.
In line with our strategic focus on flexible talent, contract net fees were up 23% with permanent net fees up 6% YoY. Our contract net fees represent 78% of Group net fees, up from 75% in 2021. Our contractor order book(2) with a value of £186m is up 19% YoY, reflecting the high demand for skilled contractors across our markets, and provides good visibility going into 2023.
The Group has reported record profit before tax of £77 million, up 24% YoY(1). The balance sheet is robust, with £65 million in net cash at year end, compared with £58 million in 2021.
We continue to deliver sustainable business practice and commitments to ESG, through our renewables business (7% of net fees) which is up 29% versus 2021, and is ahead of our target to double the share of this business from 2019 to 2024. We’ve also positively impacted over 32,900 lives in 2022 and delivered a 44% carbon reduction in 2022 in comparison with 2019.
Timo Lehne, Chief Executive Officer, commented:
“The exceptional, record-breaking, full year performance reported today demonstrates that our well-established strategy, focused on STEM and flexible talent, has continued to deliver and puts us in a unique position to win now and in the future.
“Our relentless focus on the implementation of our strategy has not wavered. We have a clear strategic vision and an execution plan centred on an analytical and fact-based approach which is widely bought-in to across the Group with our technology improvement programme at the heart of this to drive a future step change in the business.
“We are focused and committed on building a business of scale with sustainable margins and the targeted investment in our people, talent acquisition and digital infrastructure is moving forward as planned. I would like to thank everyone within our Group for their dedication and hard work throughout the year.”
(1) Excludes the impact of £0.2 million in net exceptional income recognised in 2021.
(2) Variance compares reported 2022 against adjusted 2021 to provide a like-for-like view. There were no adjusting items in 2022.View our Full-Year 2022 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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