SThree plc, a UK-based staffing firm focused on STEM skills, reported contract and permanent net fees, or gross profit, rose 29% year over year when adjusted for working days and currency in its fiscal first quarter ended Aug. 31.

The third quarter of 2020 was the quarter most significantly impacted by Covid-19; however, third-quarter 2021 net fees were still up 11% when compared to the same period in 2019.

“The planned acceleration of investment into our people, talent acquisition, infrastructure and go-to-market proposition to drive long term sustainable growth will gather pace through the remainder of the financial year but the full effect is now likely to be felt in FY22,” said Chief Executive Mark Dorman. “This, together with the strong net fees performance delivered in the quarter, and the impact of a potential return to more normal working and annual leave patterns not having been felt as yet, means that we now anticipate being significantly ahead of consensus profit expectations for the full year, following the upwards revision provided in June 2021.”

Gross profit

SThree noted gross profit in the US recorded a strong performance in Q3, up 31%. US gross profit grew by 28% in the life sciences sector alone — the company’s largest segment served in the US — driven by increased placements in quality assurance and clinical operations. Technology was up 44%, driven by Adobe, mobile applications and Salesforce. Engineering was up 10%, driven by increased demand in project management.

Gross profit in five largest countries served

Share price and market cap

Shares in SThree set a new 52-week high during trading today in London when they reached £594.00 (US$821.53); they closed up 3.83% to £570.000 (US$788.34), according to FT.com. The company had a market cap of £732.97 million (US$1,013.73 million).