January 31, 2022
SThree, a STEM staffing provider, said its revenue grew 14% in constant currency in its financial year ended November 30, 2021. The UK-based company, which operates in the US, has noted its contractor backlog—which represents the value of net fees through contractual end dates, assuming all contractual hours are worked—is up 43% year-over-year, and net contractual and permanent fees increased by 17% and 24%, respectively.
The group also noted growth in the technology, life sciences and engineering sectors.
|Adjusted revenue (continuing operations)|
|(in millions of £)||FISCAL YEAR 2021||FY2020||% cash||% change constant currency||H1 2021 (in millions of dollars)|
|Gross profit (net fees)||£355.7||£308.6||15%||19%||$473.9|
|Profit before tax*||£60.2||£30.6||97%||111%||$80.2|
|*Excludes discontinued operations in Australia|
|**Adjusted for exceptional items|
“Our record annual performance released today demonstrates that we have a strong strategy focused on STEM and flexible working, delivered by a talented management team, and the hard work of our employees globally,” said said Timo Lehne, who became interim CEO. the 31st of December. “As the market rebounded in 2021 from the impact of Covid-19, we saw demand for STEM skills increase in all of our key markets.”
The United States, SThree’s third-largest region, accounted for 25% of its net fees. In the US, net fees were up 24% year-over-year, with one contract up 16% – driven by its technology sector – and one permanent contract up 53%.
“[The US] remains a key focus area for the group, and we will continue to invest strategically in the region while aligning our resources with the best long-term opportunities,” the company said.
Stock price and market capitalization
Shares of SThree closed 12.57% higher at £470.00 (US$626.13) today in London, but were still 22.95% below their 52-week high. The company had a market cap of £557.91 million (US$743.25 million).