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View All NewsSThree CEO stepping down, company reports gross profit up 19%
SThree plc, a UK-based global staffing firm focused on STEM skills, announced Chief Executive Mark Dorman will step down from both his CEO and board member roles effective Dec. 31. Timo Lehne will serve as interim CEO. Lehne is senior managing director of SThree’s largest region — the DACH region, which covers Germany, Austria and Switzerland. Dorman will assist the company in facilitating a smooth handover and transition until April 1.
“I have agreed with the board that this is the right time for a change for both SThree and me, due to personal reasons,” Dorman said. “It has been a privilege to lead SThree through such extraordinary times, working with talented, dedicated and values-driven people for nearly three years.”
SThree also announced today that net fees, or gross profit, rose 19% in constant currency in its fiscal year ended Nov. 30. The company reported increased demand in STEM skills.
Gross profit
| (£ millions) | FY 2021 | FY 2020 | % change constant currency | FY 2021 (US$ millions) |
| Contract | £266.1 | £233.4 | 17% | $354.5 |
| Permanent | £89.6 | £75.2 | 24% | $119.4 |
| Total | £355.7 | £308.6 | 19% | $473.9 |
“The group expects to deliver record profits for the full year, in line with consensus expectations, which were materially upgraded in September 2021,” Dorman said.
The fastest gross profit growth was in Germany, followed by Japan and the US. Looking at just the US, SThree reported gross profit is up 24% in constant currency.
Gross profit by geography
| (£ millions) | FY 2021 | FY 2020 | % change constant currency | FY 2021 (US$ millions) |
| Germany | £117.8 | £96.9 | 23% | $156.9 |
| Netherlands | £55.6 | £47.3 | 19% | $74.1 |
| UK | £37.8 | £35.1 | 8% | $50.4 |
| US | £89.3 | £77.2 | 24% | $119.0 |
| Japan | £6.9 | £5.9 | 27% | $9.2 |
| Rest of world | £48.3 | £46.2 | 7% | $64.3 |
SThree noted technology gross profit in the US was up 35% driven by significant demand in software development, Salesforce skills and mobile applications. Life sciences, the company’s largest sector in the US, saw gross profit rise 25% with roles in clinical operations, biometrics and quality assurance in demand. Engineering gross profit rose 11% driven by increased roles in renewable sectors such as wind and solar farms as well as battery storage.
SThree is not related to Detroit-based Strategic Staffing Solutions (S3).
Share price and market cap
Shares in SThree closed down 13.19% to £474.00 (US$628.60) in London today; they were 22.30% below their 52-week high, according to FT.com. The company had a market cap of £729.6 million (US$967.6 million).