International recruitment firm, SThree (STHR: LSE) reported revenue for the half year ending 31 May 2017 of £521 million, an increase of 7% in constant currency compared to last year.

"We are encouraged by our first half performance, with a step up in growth achieved in Q2 against a background of mixed trading conditions,” Gary Elden, CEO, said. “The growing breadth and scale of our international operations, which now account for four fifths of gross profit, underline how far the Group has grown from its UK roots, with particularly strong performances in Continental Europe and the USA, which is now our second largest region.

The company stated that group gross profit growth was driven by positive results from the group’s continued investment in Contract, their drive to build productivity in Permanent and the “ability to capitalise on opportunities in key markets, especially Continental Europe and the US”. Group Contract gross profit was up 8% over the year, in constant currency, while permanent Gross Profit was down 10%, in constant currency.

Gross Profit growth in the UK and Ireland was down 17%, in constant currency due to the adverse impact of the UK’s decision to leave the EU, as well as Public Sector reforms. Gross Profit growth in Continental Europe was up 7%, in constant currency.  Gross Profit in the APAC and MENA region was down 4% in constant currency. In the US, gross profit was up 16%, in constant currency.

"Our strategic focus on Contract business continues to deliver good growth across almost all regions, as well as a greater resilience in more uncertain economic conditions. Our Permanent business made good progress in increasing productivity and remains focused on achieving further gains in the balance of the year.

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

Among the sectors, gross profit in the ICT sector, which represented 44% of group gross profit, was up 1%, in constant currency, year-on-year. The performance of ICT was mixed by market with strong growth in ICT in Continental Europe up 13%, in constant currency, offset with weak growth in the UK & Ireland, down 19%, in constant currency, driven by a challenging UK Public Sector (specifically IR35 and rate caps). In the Engineering sector, gross profit was also up 1% for the same period. In Energy, gross profit was up 7% in constant currency, year-on-year, due to stabilizing conditions in the oil and gas market.

Meanwhile, the Life Sciences sector saw a growth of 6% on the year, in constant currency. Banking and Finance saw a decrease of 5% in constant currency, over the year, due to uncertainty in the global banking markets.

“Looking ahead to our seasonally more important second half, the continued momentum of our Contract business and improved Permanent yields give us a solid base from which to grow in a macro-economic environment which remains uncertain,” Elden said.

In trading today, SThree traded at £291.00, up 2.11% and 13.91% below its 52-week high of £338.00, set on 9 February 2017. Based on its current share price the company has a market value of £366.06 million.