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SThree Q1 profit rises as international strength offsets UK weakness

Fri, 15th Mar 2019 10:22

(Sharecast News) - First-quarter profit at recruiter SThree rose as strength in the international divisions offset a weaker UK performance.In the period from 1 December to date, group profit - 85% of which is generated from markets outside the UK and Ireland - increased 9% to £78.1m. Profit in the contract business was up 12% to £57.6m while the permanent division saw profits nudge up 1% to £20.5m.Profit in the USA and Continental Europe jumped 17% and 12% to £16.4m and £45.5m, respectively, while profit in Asia Pacific and the Middle East was 5% higher at £4.5m. In the UK & Ireland, however, it fell 7% to £11.7m.SThree said profit in Europe was driven by Benelux and DACH (Germany, Austria and Switzerland), up 11% and 12%, respectively.Chief executive Gary Elden said: "We have made an encouraging start to the year, with robust group gross profit growth in what is our seasonally least significant quarter."It is pleasing to see growth in both contract and permanent, with a particularly strong performance in contract, driven by continued progress in our key markets, Continental Europe and the USA."Our focus on contract and the continued strength of our performance across key regions and sectors provides resilience in today's more turbulent market conditions. Set against this context, we remain confident in achieving good growth in the current year."Liberum said profit growth of 9% was marginally better than it had hoped for, but the fall in UK profit was "far worse" than it expected, in part reflecting lower levels of confidence amongst multi-nationals in recent weeks."We continue to see SThree as well positioned to capitalise on long term trends within the professional recruitment space, given its contract bias and geographic exposures. As a result, we reiterate our buy rating and 475p target price," it said.At 1000 GMT, the shares were up 3.2% to 301.25p.
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9 Dec 2016 11:10

UPDATE 1-Recruiter SThree says annual profit to beat consensus

(Adds CEO comments, peer performance, share movement) By Esha Vaish Dec 9 (Reuters) - Recruiter SThree said annual profit would exceed market expectations as strong growth in the United States and Europe more than made up for a slowdown in hiring in its domestic business following Bri

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9 Dec 2016 08:36

SThree sees FY profit touch above top end of market views

(ShareCast News) - Specialist staffing business SThree said on Friday that it expects pre-tax profit for the year to be slightly above the top end of the range of current market expectations of between £37.3m and £39m. In a trading update for the year to the end of November, the company said group p

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9 Dec 2016 08:24

CORRECTED-Recruiter SThree blames Brexit uncertainty for UK profit fall

(Corrects to show full-year rise and to specify 12 pct fall refers to UK and Ireland, paragraphs 1,3) Dec 9 (Reuters) - Recruiter SThree posted a 2 percent rise its full-year gross profit on Friday weighed by an 8 percent fall in Britain and Ireland hurt by a slowdown in finance and the pub

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21 Nov 2016 15:01

Broker tips: European recruiters, Mitie, WS Atkins

(ShareCast News) - HSBC upgraded staffing groups Page, Hays and SThree to 'buy' ratings as the sector is seen as a key beneficiary of impending inflation. Trading down at the low end of where they would expect to be in the cycle compared to industrial stocks, HSBC said recruiters are cheaper relativ

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21 Nov 2016 10:23

HSBC upgrades recruiters on likely inflation boost

(ShareCast News) - HSBC upgraded staffing groups Page, Hays and SThree to 'buy' ratings as the sector is seen as a key beneficiary of impending inflation. Trading down at the low end of where they would expect to be in the cycle compared to industrial stocks, HSBC said recruiters are cheaper relativ

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21 Nov 2016 08:23

LONDON BRIEFING: Essentra And Mitie Woes Sink Midcap Index

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11 Oct 2016 10:48

UPDATE 2-Staffing firm PageGroup says UK market 'fragile' after Brexit

* Says more caution in UK hiring among multinationals * Hiring for finance jobs, higher paid positions most hit * UK Q3 gross profit fell 4.7 pct, less than expected * Group Q3 gross profit up 1.3 pct * Stock up over 4 pct, positive read across for peers (Adds CEO, analy

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9 Sep 2016 09:09

SThree has mixed Q3 due to EU referendum

(ShareCast News) - Recruitment firm SThree experienced a successive mixed quarter as sales in continental Europe grew, but was affected by the EU referendum and a downturn in the energy sector. For the third quarter ended 31 August, gross profit was down 2% to £66m year-on-year, but was ahead by 2%

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2 Sep 2016 15:04

UK Earnings, Trading Statements Calendar - Next 7 Days

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11 Jul 2016 10:09

Lead-up to Brexit vote hits SThree profits

(ShareCast News) - Recruitment company SThree posted first-half numbers on Monday, with an 8% fall in profits being attributed to managers putting hiring decisions on ice in the lead-up to the EU referendum. The London-listed recruiter said group gross profit from permanent placements fell 2% on con

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11 Jul 2016 09:48

WINNERS & LOSERS SUMMARY: CLS Holdings Up As It Buys In Germany

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11 Jul 2016 06:48

SThree Interim Profit Dips On One-Off Costs And Slowdown In UK Market

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6 Jul 2016 08:32

BROKER RATINGS SUMMARY: Macquarie Raises Banks, HSBC Lowers Grocers

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4 Jul 2016 15:16

UK Earnings, Trading Statements Calendar - Next 7 Days

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24 Jun 2016 11:49

Recruiters Hit By Brexit As Industry Body Expects "Challenging Period"

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