23 November 2020
Upgrade to market expectations
SThree plc ("SThree" or the "Group"), the leading global pure-play specialist staffing business focused on roles in Science, Technology, Engineering and Mathematics ('STEM'), is pleased to announce an upwards revision of its profit before tax expectations for the financial year 2020.
The Board has been encouraged by the increasing levels of activity it has seen during the quarter, despite continuing uncertainties surrounding the pandemic. There has been a notable improvement in the performance of the US and German businesses, with high levels of demand in Life Sciences and Technology through October and early November. As a result, the Group now expects profit before tax for the 12 months to 30 November 2020, after including the costs associated with the previously announced closure of the Australian business, to be marginally above the top end of the range of market expectations*.
SThree will announce its FY20 Trading Update on 14 December 2020.
Mark Dorman, CEO, commented:
"I am pleased to report that trading in the final quarter of the year is coming in ahead of expectations, with our purpose of "bringing skilled people together to build the future" and our strategy focused on STEM skills and flexible working continuing to serve us well. This performance has been driven by hard work and dedication from our teams throughout the business, alongside learning to operate better in whatever environment we are in. This has enabled us to capitalise on current opportunities and to continue to build a strong platform for the future. With this confidence in our purpose and strategy, we will continue to execute against our plans as we look to deliver the Group's long-term ambitions."
*Current Analyst PBT expectations range from £23.2m - £27.7m. Source: Reuters
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The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (Regulation (EU) No.596/2014).
Notes to editors
SThree plc brings skilled people together to build the future. It is the only global pure-play specialist staffing business focused on roles in Science, Technology, Engineering and Mathematics ('STEM'), providing permanent and flexible contract talent to a diverse base of over 9,000 clients in 15 countries.
The Group's c.2,700 staff cover the Technology, Life Sciences, Engineering and Banking & Finance sectors.
SThree plc is quoted on the Premium Segment of the Official List of the FCA under the ticker symbol STEM and also has a US level one ADR facility, symbol SERTY.
Certain statements in this announcement are forward looking statements. By their nature, forward looking statements involve a number of risks, uncertainties or assumptions that could cause actual results or events to differ materially from those expressed or implied by those statements. Forward looking statements regarding past trends or activities should not be taken as representation that such trends or activities will continue in the future. Certain data from the announcement is sourced from unaudited internal management information and is before any exceptional items. Accordingly, undue reliance should not be placed on forward looking statements.
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