International recruitment firm SThree (STHR: LSE) reported revenue of £959.9 million for the year ending 30 November 2016, an increase of 6% in constant currency compared with £848.8 million for the year ending 30 November 2015.

Group gross profit grew by 2% in constant currency for the year with Contract up by 8% and Permanent down by 8%, in constant currency. Contract now accounts for 67% of group gross profit, compared to 64% last year. Permanent represents 33%, which SThree says is in line with the group’s stated strategy of retaining a well-diversified business.

Gross profit in the UK and Ireland was down by 8% year-on-year and in constant currency. In the Asia Pacific and Middle East, gross profit was down by 15% in constant currency. Growth in the US was flat year-on-year. Meanwhile, Continental Europe showed group gross profit growth of 13%, in constant currency.

SThree is focused on five core sectors: Information & Communications Technology (ICT), Engineering, Life Sciences, Banking & Finance and Energy.

Among the sectors, ICT continued to be SThree’s biggest sector, accounting for 45% of the group’s gross profit in 2016 and growing by 12%. The Engineering sector also showed growth of 9%, year-on-year and in constant currency and Life Sciences grew by 8%. The Banking & Finance sector was down by 9%, year-on-year and in constant currency.

Meanwhile, the Energy division, which represents 8% of the group’s gross profit, was down 30%. SThree states that low oil prices have hampered growth in the division, especially in the US and Asia Pacific and Middle Eastern regions. The group also stated that they will continue to expect continuing challenges in the Energy sector.

Gary Elden, CEO, commented: “The Group delivered a solid overall performance in what was a challenging financial year. Our strategic approach of diversifying by region and sector, with a key focus on growing our Contract business, has added resilience to our earnings, enabling us to weather the political and economic uncertainties that we have faced through 2016.

 “Looking ahead, the heightened level of political and economic uncertainty remains the primary feature of our trading outlook. Against this backdrop we will continue to focus on the Contract market, where we see attractive growth opportunities and which is more resilient in periods of economic uncertainty. As we have done in 2016, we will pay close attention to productivity and underlying costs.”

We have shown in previous periods of uncertainty that we can optimise our performance. We will retain a prudent approach to planning and selective investment in growth, while preserving the agility to respond quickly to market opportunities as they arise, in the year ahead.”

However, Elden was rather candid on the status of City hiring after UK Brexit vote, where he was reported in the Financial Times as saying that “The investment banking market has been annihilated!”.

SThree ranks 30^th in SIA’s list of largest global staffing firms for 2016.

In trading today, SThree traded at £317.11, down 1.52% on the day and 10.67% below its 52-week high of £355.00, set on 3 June 2016. Based on its current share price on £413.9 million.