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(Alliance News) - SThree PLC on Monday reported a drop in annual fees and profit but said its performance showed the "resilience" of the company.
In the 12 months to November 30, the staffing firm recorded pretax profit of GBP30.6 million, down 49% year on year from GBP56.8 million.
Revenue slipped 9% to GBP1.20 billion from GBP1.32 billion, while net fees fell to GBP308.6 million from GBP338.0 million.
Sthree has proposed a final dividend of 5.0 pence after foregoing an interim payout amid the "prevailing uncertainty" caused by the pandemic. The company distributed an 5.0p interim dividend the year before.
Chief Executive Mark Dorman said: "In 2020 we faced a once in a century event that provided a series of unprecedented tests. SThree not only dealt with those challenges but is emerging as a stronger business; I am proud of the many achievements we are able to list today. Through our unrelenting focus on our strategy, and guided by our purpose, we have taken market share in several of our key regions and delivered robust financial results which underscore our differentiation from non-specialist staffing businesses.
"Our US business, for example, has managed to grow net fees 2% this year against an overall staffing market decline, which is a testament to the quality of our teams there and the strength of our targeted STEM strategy."
"Our focus on improving the way we operate, no matter the environment, has delivered increased sales activity, contractor retention rates and the average productivity of our consultants steadily improving since the third quarter," Dorman continued.
Sthree noted it made market share gains in the US, Germany, the Netherlands and the UK - which is in line with its 2024 strategic ambitions - and proved its "resilience".
Dorman added: "Whilst uncertainty remains, we are confident we have the right strategy in place to continue to drive the Group forward towards our long-term ambitions and are highly focused on ensuring we execute on it. Over the coming year we will continue to invest in our people, data, technology, and our go-to market approach, leveraging the power of our platform to reduce the cost of customer and candidate acquisition.
"Our aim remains to continue taking market share, working towards our ultimate goal of becoming the number one STEM talent provider in the best STEM markets."
Shares in SThree were 0.8% higher in London on Monday at 330.50 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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