SThree plc, a UK-based professional staffing provider focused on STEM skills, reported net fees, or gross profit, in the third quarter ended Aug. 31 rose 19% year over year in constant currency.

The Group also noted continued growth across the technology, engineering and life sciences sectors.

SThree now expects profit before tax for the year ended Nov. 30 to be at least 7% ahead of market expectations.

“Our group has delivered another excellent quarter of growth, driven by successes across all key regions and STEM disciplines. As a result of this strong performance, together with contractor order visibility, we are again trading ahead of market expectations for the 2022 full year,” Chief Executive Timo Lehne said.

Lehne was named the CEO in April.

Gross Profit

Lehne noted the year-over-year growth for the third quarter builds on the strong performance delivered in the first half of the year and the further period of growth is driven by strategic focus on STEM and flexible working, through independent and employed contractors.

SThree reported gross profit in its contract staffing business rose 21% in constant currency, while permanent placement gross profit was up 10%.

In the US, revenue rose 9% year over year in constant currency, with strong growth of 16% in contract. However, revenue fell 10% in permanent, following the company’s strategic focus on contract and very strong prior year comparatives.

Engineering gross profit in the US was up 37% in constant currency, while technology gross profit rose by 15%, driven by increased demand in Adobe, Microsoft.Net Developers, mobile applications, and infrastructure.

Top five countries’ gross profit

Share price and market cap

Shares in SThree closed up 4.14% £ 364.50 (US $363.82) today in London; they were 16.64% above their 52-week low. The company had a market cap of £468.26 million.