SThree PLC (LSE:STEM)’s strong momentum from 2021 continued into the first quarter of 2022, as expected, interim chief executive Timo Lehne highlighted in the specialist recruiter’s first-quarter trading update.
The company said that net fees for the quarter were up 29% year-on-year, thanks to the execution of its growth strategy and ongoing strength in new job placement activity.
Core markets are said to be showing very strong year-on-year growth – with Germany, USA and UK up 24%, 27% and 29% respectively, whilst Netherlands grew by 45% and SThree's Japanese business saw 78% growth. By sector, engineering was up 31% followed by technology at 30% whilst life sciences improved by 23%.
“Our well-established strategy, positioned at the centre of the secular trends of STEM [Science, Technology, Engineering and Math] and flexible working, continues to drive this encouraging performance,” Lehne said.
“New placement activity, as well as the strength of the contractor order book, gives us confidence in the outlook as we build on the positive start to the year. Our rigorous focus on strategic execution has not wavered and we remain fully committed to driving returns for all of our stakeholders.”
Lehne added: “We are encouraged by current trading and remain confident about our overall growth prospects as we continue to position ourselves as the leading STEM talent provider in the best global STEM markets."
SThree’s direct exposure to the war in Ukraine is minimal, Lehne noted.
In London, SThree shares opened positively to climb 3% to 425p in early deals.