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(Alliance News) - Shares dropped in SThree PLC on Monday, despite a positive net fee performance for its recently ended financial year, as the company said Chief Executive Officer Mark Dorman will step down at the end of December.
Shares in the London-based staffing for science, technology, engineering and mathematics fell 12% at 481.50 pence on Monday in London.
Dorman will be replaced on an interim basis by Timo Lehne, senior managing director for Germany, Austria and Switzerland, from January 1, 2022, while Dorman remains to assist with the handover process until April 1.
Dorman has been in his role for two years since 2019, replacing Gary Elden. SThree said it will conduct a search for a permanent successor as CEO.
"The board expresses its appreciation to Mark for his service to the group over the past nearly three years. He has steered the group through the complexities of the Covid-19 pandemic, developed a clear strategy and overseen the delivery of strong financial results. We wish him every success for the future," said Non-Executive Chair James Bilefield.
For the financial year that ended November 30, SThree said net fees grew 19% to GBP355.7 million from GBP308.6 million, driven by higher demand for staff with skills in science and mathematics. The figure reflected a 9% rise compared to the 2019 financial year.
For the fourth quarter, SThree's net fees increased by 25% year-on-year, reflecting the third consecutive quarter of growth for the company, with strong performances from all regions.
"We are very well positioned moving into 2022, underpinned by our contractor order book which is up 43% year-on-year and provides excellent visibility. In the year ahead, we will focus on investing in our infrastructure, talent acquisition and our global go-to-market propositions. We aim to maintain our profit margin at current levels, whilst investing in the business to drive long-term sustainable growth," Bilefield added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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