For the three months ended February, the science, technology and engineering-focused recruitment firm reported gross profit rose 8.0% to
Growth was primarily driven by continental
In contrast, gross profit for its
"While Q1 is our least significant quarter, we've made an encouraging start to the new financial year", SThree Chief Executive Officer Gary Elden said.
"Our Contract business continues to go from strength to strength," Elden added, "with gross profit increased by 11% in Q1, driven by continued strong growth in Continental Europe, especially key markets such as
"As anticipated," Elden continued, "the growth rate in our US business reflected the tough prior year comparatives from Q1 2017. The market opportunity in the
In the US, gross profit was just 1% higher in constant currencies, but US contract gross profit was 10% higher. On a reported basis, US gross profit fell to
"Our Permanent gross profit increased by 2%, driven by strong performances in
"Looking ahead," Elden explained, "we will continue to invest in our highest performing teams, consistent with our vision to be the number one STEM talent provider in the best STEM markets. Our focus on Contract and the continued strength of our performance in Continental Europe and across key sectors leave us confident that there are good growth opportunities available for us this year."
Shares in SThree were 0.4% higher at
