Daily News
View All NewsUK's SThree CEO, Gary Elden, to step down; gross profit up 12%
December 14, 2018
Global staffing provider SThree plc reported CEO Gary Elden will step down next year after leading the company for six years. The exact date of Elden’s departure is yet to be announced, but a search for his successor is underway. The London-based company also reported gross profit rose 12% in its fiscal year ended Nov. 30.
Gross profit
| (£ millions) | FY 2018 | FY 2017 | % change constant currency | FY 2018 (US$ thousands) |
| Contract | £232.0 | £203.4 | 14% | £296.9 |
| Permanent | £88.9 | £84.2 | 6% | £113.8 |
| SThree total | £320.9 | £287.6 | 12% | £410.6 |
Contract staffing gross profit rose 14%, while permanent placement gross profit rose 6%.
Gross profit by geography
| (£ millions) | FY 2018 | FY 2017 | % change constant currency | FY 2018 (US$ thousands) |
| Continental Europe | £183.3 | £150.6 | 20% | $234.6 |
| USA | £66.6 | £64.4 | 8% | $85.2 |
| UK and Ireland | £53.0 | £55.6 | -5% | $67.8 |
| Asia Pacific and Middle East | £18.0 | £17.0 | 11% | $23.0 |
Gross profit by industry
| (£ millions) | FY 2018 | FY 2017 | % change constant currency | FY 2018 (US$ thousands) |
| Information and Communication Technology | £141.9 | £124.6 | 12% | $181.6 |
| Life Sciences | £66.3 | £62.4 | 8% | $84.8 |
| Banking and Finance | £42.4 | £43.5 | -1% | $54.3 |
| Energy | £33.5 | £26.5 | 30% | $42.9 |
| Engineering | £30.5 | £25.9 | 16% | $39.0 |
| Other | £6.3 | £4.7 | 28% | $8.1 |
Looking ahead, SThree now expects adjusted pre-tax profit for the year to be slightly ahead of the top end of the current market consensus range of £49.0 million to £51.4 million.
Share price and market cap
SThree shares closed up 3.85% in London to £270.00; the company had a market cap of £340.12 million, according to FT.com.