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SThree annual fee revenue falls 8% as pandemic weighs on job markets
StockMarketWire.com
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Recruitment firm SThree said its annual fee revenue had fallen 8% after a positive performance in the US was more than offset by weakness in Europe and Asia.
SThree, which caters to the science, technology, engineering and math (STEM) sectors, said its net fee revenue for the year through November had declined to £310.9 million, down from £342.4 million year-on-year.
Annual net fee revenue in the US rose 2%, including an 11% rise in the fourth quarter -- a bright spot compared to falls in other places, such as the UK, where annual revenue fell 19%.
The company said performance across all of its markets had been impacted by declines in aggregate demand as a result of the Covid-19 pandemic.
However, it said a sequential trend for the fourth quarter versus the third showed an improvement in performance.
SThree said it recognised the importance of dividends to shareholders and was keeping future dividend payments 'under active review'.
'The 2020 financial year has been far from what was expected when we entered the year,' chief executive Mark Dorman said.
'However, guided by our purpose and our strategy, we have responded thoughtfully and executed well. I am proud to be reporting today on a resilient performance.'
'Our unique position at the centre of STEM and flexible working means we are perfectly poised to capitalise on the opportunities available to us.'
Story provided by StockMarketWire.com
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