- Recruitment firm SThree reported a 3.6% fall in fee revenue in the first quarter of its financial year, as its UK and Japanese divisions weighed.

Fee revenue for the three months through February fell to £75.3m, down from £78.1m on-year, which the company described as a 'flat' performance in its seasonally quietest quarter.

Strong growth in Germany and the Netherlands was offset by falling growth in the UK and Japan.

'We have delivered these results despite a backdrop of significant and increasing global macro-economic uncertainties and challenges,' chief executive Mark Dorman said.

The uncertainties the market faces are, however, potentially very significant, given the fast-developing situation with Covid-19, recent large falls in oil prices, and increasing concerns about global confidence and GDP growth,' he added.

'Notwithstanding this, demand for key STEM skills remains robust.'

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