09/13/2021 | News release | Distributed by Public on 09/13/2021 00:09
SThree, the only global pure-play specialist staffing business focused on roles in STEM, has posted a strong set of results for the third quarter (Q3) of 2021 with Group net fees up 29% year-on-year (YoY).
The results, which cover the period 1 June 2021 to 31 August 2021, also show considerable growth in our three largest countries with net fees up 35% in Germany, 31% in the USA and 24% in the Netherlands.
Similarly, our top five countries account for 87% of Group net fees, with Germany representing 33% and the USA 26%.
Other highlights include Contract and Permanent net fees up 27% and 36% YoY, respectively. And our contractor order book is also up 41% compared to the same period in 2020, which emphasises the ongoing high demand for skilled contractors across the STEM markets we serve.
We have also provided comparisons against the pre-pandemic levels of 2019, given Q3 2020 was the most significantly impacted quarter due to COVID-19. Net fees (11%) and our contractor order book (20%) are both up vs 2019. Net fees in Germany (22%), the USA (28%) and Netherlands (8%) are also up compared to the same period two years ago.
The Group's growth in 2021 vs 2019 demonstrates our very strong underlying performance as well as the relevance of our differentiated, STEM-focused offering.
Mark Dorman, CEO, said:'The momentum in our performance from the start of the financial year has continued through the third quarter with net fees up 11% on 2019. Our strategy, positioned at the centre of the secular trends of STEM and flexible working, alongside a strengthening staffing market, has contributed to this strong performance.
'The planned acceleration of investment into our people, talent acquisition, infrastructure and go-to-market proposition to drive long term sustainable growth will gather pace through the remainder of the financial year but the full effect is now likely to be felt in FY22. This, together with the strong net fees performance delivered in the quarter, and the impact of a potential return to more normal working and annual leave patterns not having been felt as yet, means that we now anticipate being [significantly] ahead of consensus profit expectations for the full year, following the upwards revision provided in June 2021.
Our rigorous focus on strategic execution has not wavered and we remain fully committed to the ongoing delivery of our long-term ambitions for all of our stakeholders, whatever the external circumstances.'
You can read our full results here.