- Net rates fell 7% year-on-year to £188.7m for the six months to 31 May.
SThree expects to be “in line with market expectations” for the financial year despite reporting a drop in net rates amid a “challenging market”.
The recruitment firm said net fees fell 7 per cent year-on-year to £188.7m for the six months to May 31.
The London-based group attributed the decline to a “consistently challenging context” and “strong performance in the previous year.”
The recruitment firm said net fees fell 7 per cent year-on-year to £188.7m for the six months to May 31.
The group’s largest region, comprising Germany, Austria and Switzerland, saw a 12 per cent drop to £64.2 million.
Territories such as the United Kingdom and the United States also fell by 9 percent and 13 percent respectively.
The company, which specializes in recruiting for STEM-related roles, said it continued to see strong demand for engineering roles, driven primarily by the energy sector.
The company added that “performance for fiscal 2024 is currently expected to be in line with market expectations.”
Timo Lehne, CEO of SThree, said: ‘Despite the challenges experienced by the sector, we are pleased with our trading performance over the past six months, with strong contract extensions partially offsetting continued weak new business trading activity. .
‘The group’s unique business model, focused on scarce STEM skills and flexible talent solutions, continues to be a source of strength, aligned with the strategic priorities of our clients and providing significant growth opportunities in all our key markets.
“We are well positioned to take full advantage when the market returns.”
In January, SThree recorded a net fees decline of 4 per cent on a like-for-like basis to £418.8 million in the year to November, following a record like-for-like performance the previous year.
Three actions They were down 0.71 per cent at 419.00 pence in early afternoon trading on Tuesday.