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Recruiter SThree half-year profit, revenue surge on hiring boom

·1-min read
Illustration shows smartphone with SThree's logo displayed

(Reuters) -British recruiter SThree Plc reported on Monday a jump in its first-half revenue and operating profit, supported by strong hiring demand and as people move jobs in a competitive market.

The global hiring sector has seen a boom as recruiters benefit from soaring wage inflation, increased fee rates resulting from the high demand and short supply of candidates.

SThree, which hires employees for finance, energy, banking, pharmaceutical, engineering and tech sectors, said adjusted operating profit for the period ended May 31 stood at 44.6 million pounds ($53.39 million), as compared with 28.1 million pounds last year.

"The macro challenges that we face globally - the need for digital transformation, climate change, supply chain disruption - drive an ever-increasing need for people with STEM skills," Chief Executive Officer Timo Lehne said in a statement.

The London-headquartered company saw a 25% rise in group net fees in the first half of the year, while revenue came in at 772.2 million pounds, up 27% year-on-year.

SThree's peers Hays and PageGroup also reported a jump in their quarterly earnings.

($1 = 0.8354 pounds)

(Reporting by Amna Karimi and Eva Mathews in Bengaluru; Editing by Sherry Jacob-Phillips)

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