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UK-based SThree reports gross profit up 9% in fiscal Q1

March 15 2019

SThree plc reported gross profit rose 9% in constant currency during its fiscal first quarter ended Feb. 28. Growth in Continental Europe and the US offset a decrease in the UK and Ireland, according to the London-based company’s trading update.

Gross profit rose 17% in the US and 12% in Continental Europe.

(£ millions) Q1 2019 Q1 2018 % change constant currency Q1 2019 (US$ millions)
Contract £57.6 £50.5 12% £76.5
Permanent £20.5 £19.8 1% £27.2
SThree total £78.1 £70.3 9% £103.8

SThree reported 85% of its first-quarter gross profit was generated from markets outside the UK and Ireland.

Gross profit by geography

(£ millions) Q1 2019 Q1 2018 % change constant currency Q1 2019 (US$ millions)
Continental Europe £45.5 £40.3 12% $60.5
USA £16.4 £13.1 17% $21.8
UK and Ireland £11.7 £12.7 -7% $15.5
Asia Pacific and Middle East £4.5 £4.2 5% $6.0

Gross profit by industry

(£ millions) Q1 2019 Q1 2018 % change constant currency Q1 2019 (US$ millions)
Information and Communication Technology £34.8 £31.8 10% $46.2
Life Sciences £15.8 £14.8 4% $21.0
Banking and Finance £9.6 £9.5 -3% $12.8
Energy £8.6 £6.1 25% $11.4
Engineering £7.8 £6.7 19% $10.4
Other £1.5 £1.4 8% $2.0

SThree, which ranks on Staffing Industry Analysts’ list of largest global staffing firms, in December reported CEO Gary Elden planned to step down this year after leading the company for six years. Last month, the company announced Mark Dorman will take over as CEO effective March 18. Elden will remain with the company until its annual general meeting on April 24 to help with the transition.

Quote

"We have made an encouraging start to the year, with robust Group GP growth in what is our seasonally least significant quarter,” Elden said. "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.”

Share price and market cap

SThree shares were up 1.37% to £296.00 in London as of 12:29 p.m. Eastern time; the company had a market cap of £382.17 million, according to FT.com.

SThree is not related to Detroit-based Strategic Staffing Solutions (S3).

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