13th Sep 2019 07:55
(Alliance News) - Recruiter SThree PLC's international business has offset continued weakness in the UK & Ireland, the company said on Friday.
For the three months to August 31, SThree's third quarter, group net fees rose 4% year-on-year to GBP87.8 million. This pace of growth had slowed from the 9% year-on-year achieved in the first two quarters.
Adjusted for a change in the number of working days, SThree's net fees for the third quarter were 6% higher than a year before.
Continental Europe, which makes up over half of SThree's net fees, achieved a 5% rise to GBP50.1 million, slowing from 14% the quarter before. In the US, net fees rose 5% to GBP20.4 million, slowing from the second quarter's 10% and the first quarter's 17%.
Asia Pacific & Middle East climbed 14% to GBP5.2 million, after 20% growth in the second quarter and 5% in the first.
However, the UK & Ireland registered a 7% decline to GBP12.1 million. In the first and second quarters, net fees had declined 7% and 12% respectively.
Contract net fees were up 7% on the year before, with Permanent falling 5%.
"The group's unique and specialised business model has continued to deliver year-on-year growth in the third quarter, driven by a strong performance across all of the group's international markets which constitute the majority of the group," said Chief Executive Mark Dorman.
"Furthermore, our deliberate focus on Contract, a natural function of our STEM specialism, continues to be a strong contributor to group performance and remains a key strategic priority for the group."
Looking ahead, Dorman said the firm is well placed going into its final quarter, and it has left expectations for its year ending November unchanged.