Specialist STEM staffing business SThree issued a trading update on Friday for the financial year ended 30 November. Shares in the company rose almost 7% in early trading on Friday morning following the announcement.
Full year adjusted profit is expected to be ahead of the current market consensus range.
Adjusted pre-tax profit is predicted to lie within the range of £49-£51.4 million.
Additionally, the company has announced that Gary Elden OBE will be stepping down from his position as Chief Executive Officer in the new year.
Gary Elden commented on the announcement:
“We are pleased to have delivered another strong quarter in Q4 continuing the momentum from Q2 and Q3, resulting in an overall GP result for the year of +12%. The Group is benefiting both from the broad geographic reach of its operations, with 83% of GP now generated in international markets, and from its focus on the best STEM markets, where the demand for niche, skilled candidates continues to be driven by a shortage of supply.”
“Strong performances in Continental Europe, particularly from our market-leading businesses in the Netherlands and Germany, as well as the USA were key to the delivery of this result. Our Contract businesses continued to perform well, with GP increasing by 14% year on year and with Contract runners at the period end reaching a record level for the Group. We expect full year profit to be ahead of consensus.”
“At the start of 2018 I stated that after two years of turbulent political, market and economic pressure, we entered the year in good shape. That turbulence and pressure has increased throughout the year and yet we have delivered strong results. Looking ahead to 2019, we are in better shape, and well positioned to continue to benefit from the growth opportunities in our chosen STEM markets.”
“I have been privileged to be part of SThree for almost 30 years and am proud to have led the Group as CEO during a major period of growth and development. As today’s results demonstrate, the Company is in great shape to make further progress and I look forward to following its continued development as a shareholder. I am grateful to the Board for their support and encouragement, and to SThree staff around the world for all their commitment and hard work.”
Other stock market headlines on Friday include ReNeuron shares rallying amid the company’s first-half loss announcement.
At 09:42 GMT today, shares in SThree plc (LON:STHR) were up 4.20%.
