By Elena Vardon
SThree, a London-listed recruitment company, announced on Tuesday that it expects its fiscal 2023 results to be in line with market expectations. The company reported a decline in pretax profit for the first half of the year, which can be attributed to planned investment and headcount growth.
For the six months ended May 31, SThree’s pretax profit decreased to £38.5 million ($49.4 million) compared to £44.3 million in the first half of fiscal 2022. Despite this, the company experienced a rise in revenue, reaching £825.2 million compared to £615.1 million in the previous year. However, on a constant currency basis, group net fees slipped 2% to £208.6 million due to a focus on contract services, which accounted for 81% of net fees.
SThree announced an interim dividend of 5.0 pence per share, consistent with the previous year. The company’s contractor order book remained steady at £190.3 million, providing visibility for the remainder of the fiscal year.
“We are trading in line with market expectations for the full year, supported by strong contract extensions and robust pricing, leading to continued resilience of our contractor order book,” stated SThree.
