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Recruiter SThree sees annual profit above estimates on science, tech job demand

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

(Reuters) -British recruiting firm SThree Plc forecast a higher-than-expected annual profit on Tuesday, helped by continued demand for hiring in the science, technology and related sectors.

The company, which hires employees for finance, energy, banking, pharmaceutical, engineering and tech sectors, said it expected profit before tax for the year ended Nov. 30 to be at least 7% ahead of market expectations.

As candidates moved jobs, the recruitment industry saw a boom from soaring wage inflation and talent shortages but the looming recession brings back the cracks in the job market with jobseekers taking a back seat as demands cool down.

Last month, larger peer PageGroup had flagged slower hiring in some markets, as companies grapple with higher costs.

"Whilst we remain mindful of the macro-economic uncertainty across global markets, with all developments and lead indicators of the Group's performance monitored closely, our strong market position underpins our confidence in the medium to long-term future of the Group," SThree Chief Executive Officer Timo Lehne said in a statement.

The London-headquartered company sees a 19% rise in group net fees for the third quarter.

(Reporting by Amna Karimi in Bengaluru; Editing by Rashmi Aich)