(Alliance News) - SThree PLC on Monday reported first-half revenue declines across geographies and business lines as the staffing firm felt the bite of the Covid-19 pandemic.
In the six months to May 31, net fees were about 7.8% lower year-on-year at GBP151.2 million from GBP163.0 million, the London-based company said in an update.
The contagion soured a promising start to the year. Net fees in the first-quarter were flat annually, before sinking 12% in the second-quarter.
The Asia-Pacific region was among the worst hit for SThree. Net fees there fell 28% to GBP5.1 million from GBP7.1 million.
In Europe, Middle East & Africa - which for SThree does not include, Germany, Austria and Switzerland - net fees plunged 12% to GBP60.6 million. In the DACH region - Germany, Austria and Switzerland - first-half net fees were about 2.1% lower.
In the US, net fees slipped 0.3% to GBP35.4 million.
By business line, Contract net fees declined by 5% in the first half to GBP114.6 million from GBP121.1 million a year before, falling 11% in the second quarter after rising 2% in the first. Permanent net fees fared even worse, falling 7% in the first half to GBP36.6 million from GBP41.9 million, down 6% in the first quarter and 17% in the second.
"The first half results are a combination of a robust first quarter, with a number of key markets delivering strong growth, and a second quarter defined by a global health pandemic and the economic impacts of government responses to it," SThree Chief Executive Mark Dorman said.
"Whilst lockdowns are currently being eased to differing extents globally, we still see heightened uncertainty continuing for some time. As such our guidance remains withdrawn."
Shares in the company were 3.3% lower at 261.00 pence each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.