Business
FY24 Half Year Results
FY24 Half Year Results.
About this update from Sthree Plc
[{"type":"text","content":"\n\nSThree plc\n \nRESULTS FOR THE six months ENDED 31 MAY 2024\n \nResilient performance in H1 driven by our contract business\n \nSThree plc ('SThree' or the 'Group'), the only global specialist talent partner focused on roles in Science, Technology, Engineering and Mathematics (STEM), today announces its financial results for the six months ended 31 May 2024.\n \nFINANCIAL HIGHLIGHTS\n \n\n\n\n\n \nContinuing operations\n\n\nH1 FY24\n\n\n \nH1 FY23\n\n\nVariance\n\n\n\n\nReported\n\n\nLike-for-like(1)\n\n\n\n\nRevenue (£ million)\n\n\n763.4\n\n\n825.2\n\n\n-7%\n\n\n-5%\n\n\n\n\nNet fees (£ million)\n\n\n188.7\n\n\n208.6\n\n\n-10%\n\n\n-7%\n\n\n\n\nOperating profit (£ million)\n\n\n37.7\n\n\n38.1\n\n\n-1%\n\n\n+3%\n\n\n\n\nOperating profit conversion ratio\n\n\n20.0%\n\n\n18.3%\n\n\n+1.7% pts\n\n\n+1.9% pts\n\n\n\n\nProfit before tax (£ million)\n\n\n39.0\n\n\n38.5\n\n\n+1%\n\n\n+5%\n\n\n\n\nBasic earnings per share (pence)\n\n\n21.2\n\n\n21.0\n\n\n+1%\n\n\n+5%\n\n\n\n\nInterim dividend per share (pence)\n\n\n5.1\n\n\n5.0\n\n\n+2%\n\n\n+2%\n\n\n\n\nNet cash (£ million)(2)\n\n\n90.0\n\n\n72.4\n\n\n+24%\n\n\n+24%\n\n\n\n\n \n \nHALF-YEAR HIGHLIGHTS \n\n\n\n\n· \n\n\nThe Group delivered net fees of £188.7 million, down 7% YoY(3), despite the ongoing challenging backdrop and against a strong prior year performance.\n\n\n\n\n\n\n\no \n\n\nWithin our core skill verticals Engineering was up 8% driven primarily by the Energy sector, whilst Technology was down 9% and Life Sciences was down 16% driven by global sector trends.\n\n\n\n\n\n\n\no \n\n\nNet fees across our three largest countries, representing 72% of Group: Netherlands up 3%, Germany down 12% and USA down 13%.\n\n\n\n\n· \n\n\nContract net fees, now representing 84% of Group net fees (H1 FY23: 81%), were down 4% as the ongoing softness in new business activity continues to be partially offset by strong client extensions; a demonstration of our clients' need to retain critical STEM skills and flexible talent.\n\n\n\n\n· \n\n\nContractor order book(4) of £182.1 million, down only 2% YoY despite a very strong prior year comparator, represents sector-leading visibility with the equivalent of circa four months' net fees.\n\n\n\n\n· \n\n\nProfit before tax of £39.0 million (up 5% YoY(3)) due to lo...