Recruiter SThree PLC on Monday said annual net fee growth quickened in its first quarter.

In the first quarter ended February 28, the London-based company’s net fees rose 24% annually to £93.8 million from £75.5 million. At constant currency, net fees rose 29% annually. A year earlier, net fees had fallen 1% at constant currency.

In the final quarter of the previous financial year, net fees had risen 25% annually on a constant currency basis.

First quarter constant currency growth was driven by a 32% annual rise in contract recruitment net fees. There was an 18% constant currency increase in net fees stemming from permanent recruitment, the STEM-focused company explained.

‘The strong momentum of FY 2021 has continued into the first quarter of FY 2022, in line with the board’s expectations, with robust performances across all our core markets and sectors. In addition, the previously guided investment in our people, talent acquisition and infrastructure to drive long-term sustainable growth is progressing and will gather pace through 2022,’ Chief Executive Timo Lehne commented.

‘Our well-established strategy, positioned at the centre of the secular trends of STEM and flexible working, continues to drive this encouraging performance. 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.’

CEO Lehne noted the company is mindful of a potential macro-economic hit from the Russian invasion of Ukraine. However, Lehne added the company’s direct exposure is ‘minimal’.

SThree shares were 1.4% higher at 418.38 pence each in London on Monday morning.

Looking ahead, the company will on June 20 report a trading update for its first half ending May 31.

Copyright 2022 Alliance News Limited. All Rights Reserved.