16th Mar 2020 11:19
(Alliance News) - Recruiter SThree PLC on Monday said its net fees edged lower year-on-year during its "quietest quarter".
In the period to February 29, its first quarter, group net fees were down 3.6% to GBP75.3 million.
Excluding the DACH region in Europe, which refers to Germany, Austria and Switzerland, group net fees were down 8.4% to GBP31.5 million. In DACH, they rose 4.1% to GBP25.2 million.
Contract net fees alone rose 2% annually during the quarter.
The first quarter is its quietest, the company said.
Chief Executive Mark Dorman said: "We have delivered these results despite a backdrop of significant and increasing global macro-economic uncertainties and challenges. The performance of our businesses in Germany and the Netherlands was particularly impressive and demonstrates the benefits of our strategy.
"The uncertainties the market faces are, however, potentially very significant, given the fast-developing situation with Covid-19, recent large falls in oil prices, and increasing concerns about global confidence and GDP growth."
Shares in the company fell 10% to 225.18 pence each in London on Monday morning.
By Eric Cunha; [email protected]
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